GTN - Earnings call transcript Q2 2019

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Operator

Good morning. My name is Kelly, and I will be your conference operator today. At this time, I would like to welcome everyone to the Gray Television Second Quarter 2019 Earnings Conference Call. [Operator Instructions]

I would now like to turn the call over to Hilton Howell, Chairman and CEO. ahead. go Please

Hilton Howell

by thank Latek; of and our I to Jim and joined want quarter LaPlatney; co-CEO, Good Chief Ryan. our our for you, Chief joining all Legal today am I you earnings Officer, for President us thank and XXXX Pat Kevin morning, Development call. Kelly. our and this second Officer, morning Financial

Kevin begin morning with will that provide. this disclaimer will We usual our

Kevin Latek

set include a may undertakes Such statements in Thank in Those these to Actual recen discussed of risks The the factors most could Good on those in to filed future other been you, future company www.gray.tv. regarding, and of differ the company report included morning, matters forward-looking things, described result website SEC call a Hilton. various the Gray among and its factors. information. Certain address The statements company's everyone. obligation have this are t is release. number website uncertainties. the forward-looking statements s as with uses operating key update results. source statements. earnings forward-looking a from in forth subject results to today's of important as

statements. as our as the in their are cash cash the our broadcast valuation an as flow, financial deck post GAAP and on of broadcast free but discussion updated leverage reconciliations financial measures measures provided public call in flow flow, our We to meant well flow, to will ratios. will a cash company. earnings and particular, certain weeks. to supplements cash website assist next corporate website of replace not investor Included our within the few the and be the to release adjusted measures, measurements operating are Included These in expenses, non-GAAP on non-GAAP to metrics in EBITDA less GAAP financial analysis are

call the Hilton. to now I return

Hilton Howell

Gray our report quarter extremely for you, larger XXXX pleased and much Thank results to the of diversified second for We're Kevin. Television. more the much and

revenue of XXX% from for quarter all-time for $XXX obviously, Our of million, an the was record total second the quarter and XXXX, our second an company. increase

income net was was million, second net income $XX common our and for stockholders diluted quarter to the per Our $X.XX. common available share

expenses transaction-related stock income a and available share. This our per quarter net common have noncash stockholders to been Excluding would strong our compensation, first XXXX. increase diluted represents of figure over common $X.XX

year-ago million, was trailing our second expenses. a quarter total with was Our the by for best X.XX excluding at quarter. We of our $XXX as at million ratio a $XXX quarter flow balance broadcast over our leverage increase netting our on cash which and total cash credit the times ended the transaction-related ever basis, XX% facility senior eight-quarter defined

quarter, local in itself as have from advertising to a our reflected see company. We from stronger said, the this improvement year, quarters. prior improvement continued much which I first and business much larger We as began

we as single we for report, Gray that are can Raycom had why today's valued so clearly best see With Television. the you partner long confident

year, more operations, and the of $XX personally cultures The integration how corporate of been from note, $XX a million, this particular synergy our discuss out Jim majority has the coming later most our realized very morning, to we carried vast has with come. And previously the detail million years excited there will I have more in believe as performed happy and and we're merging We successfully us. will be number announced raised to so company our management, the of through half quarters are efforts consolidation ahead of importantly, and our and first about our far.

I further milestones progress our for and operational a few company. will Pat ask now to address

Pat LaPlatney

Good Hilton. morning, Thanks, everyone.

the prior disappointed on especially with pleasantly national over to continue auto during revenue advertising we last as a And market we the we of that demand began by strength trend see and in in quarter, said, ad been this notably for weakness summer. remain Hilton building legal we've As the financial, improvement and conditions more while expected and than sector, the widespread off had cycle. categories, surprised political in year the as well other general

on Next on called This across Susteren." will local will will Press commitments country. how We've already the launch events political nearly show, reached be policy of program to Court Greta clear the country. month, we and our weekend XX% show focus Van which weekend first new national "Full with impact the in communities

on the channel, progress excited of equally which service SVOD up busy with be country the branding for subsidiary which weeks a own Ryman Hospitality will at is we lifestyle. marketing to premier plans Meanwhile, linear new The made recent Group, new is Opry national building the in about the team Properties. we're and programming, the that multi-cast and dedicated Entertainment

numerous on clearing with networks owners groups new having early about multi-cast station in We launches also channels their are XXXX. and the positive discussions where very

spending expected. Turning demand early than Political. primary with contest. XXXX stronger experienced certainly to we quarter next the Democratic contenders they Political stage from completed just has We and started in

political numbers in Kentucky, two-statewide Mississippi spending as and the yet to are not any significant, governers' seat concentrated and well primary we is presidential house which Carolina, X. sign. meaningful Although in encouraging caucus issued and in this revenue, other for in the has the markets far District the in it We QX as spending early another out. encouraging find saw The election Louisiana see campaigns states, races words, special other than the been North

begin the approach grow day get closer as in the and we revenue political that will XXXX-XXXX, election to of quarters next start presidential next primary the two contest We we as expect to of each the February. continue

bullish of the our We're ad capitalize In to to the majority XXXX. will that on year. next seen stations races in right have at Nevertheless, see significant inXXXX. right we recent stations today weeks, markets potentially coming we might the most that press we increases in a ad competitive preparing of guess the revenue the about political ad place believe agencies political and from take very some the we've spending estimates the to not make coming as in amount

Finally, global continued we affiliation new the of FOX all our terms on agreement covering FOX with of negotiating have stations. a

We on in and for XXXX it's issues. we'll certain fees other negotiations the our next few comp reverse have the the And agreed hope that conclude weeks.

I'll the Kevin. over now turn to call

Kevin Latek

Pat. you, Thank to minutes few to retransmission. Great. I take a want discuss

this at $XXX tenure know, place those of we fourth revenue between not the we The At MVPDs. of in in of take year and XXXX. not will occurs most The about line revenue quarter. next million million terms year-end, That and anticipate quarter. retransmission negotiations are you with expirations retransmission breaks said, confirm As at disclose range down with calendar any $XXX roughly our XXX million agreement that that we per our the negotiations will agreements consent in time, I this can or do separate time. $XXX distributor

quarter the fully our first from subscriber full universe The taking QX first various systems and the Unfortunately, Raycom process to of that counts had that the QX slightly when of integrated underwent inputs, actual the the results. and result and higher quarter, and across a our of not however, distributors. our quarter traditional consideration guide. distributors adjustments. note, into Provide virtually calculating these the to total full billing were rates large start was We provided across combine scenarios estimated of complex I'm which a than our retrans with do second as year nonrecurring of that ahead our figure QX subscriber months-long model we results XXX unchanged was year slightly retrans billing legacy necessary and our numbers guide retrans legacy and and we expectations. nontraditional of small across to exceeded Gray retrans markets to this start want a guidance, we

year-over-year as anticipating increase retrans as magnitude end, the for our our the consistent This we retrans The the XXXX year, call with increased in expectations merger. February. earnings is underlying with expectations we the of well in this are therefore, same initial late when In Raycom in began consistent revenue year revenue. is still estimated synergy XX% our that year-end a

the Let retrans me now to turn expense.

extended network our have expense, into several fees us estimate retrans that retrans past allow of the up to agreements future we For compensation to terms reverse and years, our a the and far networks. paid affiliation the to

points ongoing CBS we've affiliations. year Up on we reprice FOX We XXXX, provide for have would affiliations, various at NBC to many able during to retrans our not the most guidance of retrans full comp of expense of rates that all due our FOX negotiations. now, all explained ABC affiliations and to also a the of our renewal been affiliations, our

for terms retransmission and XXXX, expense principle now affiliation said, reverse year FOX with of negotiations million calendar and reached the range we the year estimate in we FOX for have set, for are As in comp Yet $XXX a FOX to agreements. million. will agreement fall some and calendar the of the XXXX within Pat new will with $XXX with fees and remain numbers an able we

retained retain signals as continued gap XXXX, right brands expect to beyond net the retransmit the see expense. local for amount the by we out a well in and revenue our retransmission subscribers. our our compensation as Looking our and extraordinary Consequently, the revenue retransmission we retransmission received acquire our programming still between and delivered our to significant growth broadcast to continue of we of very and use value stations

remind Finally, XX that we we over subs you the renewing next months. our XX% of MVPD have

turn Jim your I Thank time. you for will to over Ryan. call the now

Jim Ryan

Thank morning, you, everyone. Good Kevin.

a of information the over provide quarter. Our will earnings later release deal be today for great filed XX-Q the that

As a basis, always, reported GAAP we as we basis. report call results which on

results and basis, the present occurred which historical on in X, XXXX. effect release earnings gives combined to if as January on we addition, acquisitions In guidance transactions a dispositions such and

some XXXX, the would transparent of expenses, see in to format; to transaction-related our what results especially our our we like tried if transaction-related in excluded easier have expenses. you We and make look revised have particular, reporting more

I'll information side guidance. to our were basis, the historical update guidance from results keep which next second the does our few United include quarter Communications. general, higher reflect second to quarter revenue my In 'XX the the generally comments through overall of from combined results by X on quarter. for historical the QX for QX 'XX We're combined our of operations we toward QX pleased and our acquired In United QX a stations will days, with the for the acquisition.

quarter. Our local the sequential modest some over showed revenue improvement first

our of apologize million below $X forecasting Our was part our million I and some $XXX $X to which for. about retrans million guidance due for to revenue on adjustments

As retransmission by counts are our healthy our total mentioned, Kevin very revenue about -- Overall, increased a XX%. or quarter-over-quarter $XX stable. count sub million

retrans expect XXXX. year increase for revenue we our mentioned, the to over Kevin As XX%

included expenses. an of which of expenses in Second million, partially $XX $X operating with in consistent revenue. increase offset were retransmission by million, quarter of broadcast our in expense a increase retransmission overall was overall compensation quarter-over-quarter with increase million decrease increase better-than-expected $XX That about million $XX

Our and expenses companies our both production corporate were expectations. within

In as a a recorded had transaction-related second total as which $X XXXX, recorded broadcast million expense corporate remaining expenses, million of quarter $X was expense. was the of of the a of million we $X and

As predict the now $XX into categories. various take $XX corporate million one-time-only can as of net and Raycom annualized million annual us synergies in transaction-related synergies raise an first expense our revenue to discussed million you call, million merger, which To retrans $XX $XX I've $X have of we our allowed a it QX on in and expense update two in reminder savings cost million. QX, Those additional we improvements in identified estimated line initially to million our the divided in expenses, of costs was and broadcast have included of line. be $XX had approximately year

we year-to-date and synergies we of $XX six-month estimate basis, million approximately basis, actually approximately and synergy of contract quarter, Payroll national duplicative synergies at or $XX contract arrangements, synergies. approximately elimination various synergies about synergy produce our the realized realized of will have million. terminations net realized from reflect our $XX such million a we which On contract a other in of include that and savings costs contractual will as million revisions retrans rep $XX.X

the sheet. Turning balance to

Our times. cash leverage all ratio was net at June of XX X.XX

cash operating as million. in our flow defined senior facility Our credit was $XXX

billion $X.XXX hand on was million. $XXX debt cash outstanding was our Our and

results revenue our with results. third And improvement still approximately especially We challenged, local be first broadcast Turning to six retransmission the in while broadcast for National to is that expected XXXX. show currently auto, million revenue our with quarter even guidance. $XX expected to million XXXX the revenue, modest over $XX grow to is anticipate over QX, to months.

advertising political political move XXXX up for guidance, QX optimistic as cautiously through our are third in not While we revenue elections that the will we quarter. pick

gross we're reverse expense, increase, $XX again, entirely anticipating million increases $XX the expense. in our driven expenses, strong million an by that and by to explained growth retransmission broadcast is For retransmission in

we look $X.X will billion. As full currently revenue approximate we for the full the year, anticipate year

release full year to million guide $XXX Our of our today a XXXX revenue retransmission includes $XXX for gross million.

year $XX are approximate operating assets, depreciation, expenses, million Total and disposal and approximately of the before loss expenses to for gain flip include estimated $X.X which would transaction in billion. of amortization

year Our stock estimated approximately noncash million. full is to $XX compensation currently be

operating be flow cash will nearly Our for XXXX million. $XXX

taxes a excluding approximate Our million initially larger than $XX benefit are from $XX will NOL repack, as to Cash currently million capex, expected $XX from approximate million. acquired Raycom. anticipated we to

flow I'll million, cash XXXX for cash everyone on free XXXX year flow approximately free was that million. $XXX and anticipate $XXX will full a in that we basis exceed comfortably remind Finally,

on flow share and 'XX basis we blended 'XX, blended average; are two-year free per So $X. above anticipating a a in cash average

to turn I'll the this, At comments Hilton. back

Hilton Howell

all Kelly, would you, questions for Jim. Thank And being that if to up I the like any may open right, it's there call

Operator

Instructions] [Operator

Your ahead. go question Wolfe comes of Research. the Marci from line Ryvicker Please next from

open is line Your

Marci Ryvicker

a couple of Thanks. I have questions.

that is Just CBS from to is step hit not any correct? retrans being off TV direct the to confirm, of down due now,

Kevin Latek

Hi from to had with that do Marci, QX to the step XQ because... down nothing

Marci Ryvicker

that QX in happened QX, guide because The to for QX.

Kevin Latek

QX The guide where consistent we with out in Yes. QX. is came

significant not do hit we So expect there. a

Marci Ryvicker

then principle. talking in for about And FOX, XXXX you're Okay.

So one-year is this deal? a

Kevin Latek

No.

have other multiyear year. this The and and us principle, and a some reverse to term XXXX, agreed is the been We deal. terms. terms not, has negotiating are for retrans negotiating that's are in we we for fees the resolved, what a But allowed on retrans -- guide provide

Marci Ryvicker

Okay.

versus you But of the that's XXXX. given numbers looks midpoint -- take maybe that come up be if Then reverse higher issue you margins would would I So for of this had your for that about that XX% timing retrans fall based margins in a like on your to -- gave your year from your of all reverse, I both most assume year? your next retrans.

Kevin Latek

Well, we of not with any we have year. on next year. looked FOX, for -- networks again, at discussed agreement and our don't And all we've fees haven't next

is again, outstanding. FOX, So still

deals at deals, majority I You're math the different our right that our this renewed network of have about we XXXX at network in say, of with of should XX%. is points. priced Reverse for And year. selling affiliate the the or majority we affiliate

Marci Ryvicker

payroll it's Okay. of from extra I that -- of that retrans, that's from $X come $XX the right? you hard including that million, for terminations. And contract back of then, Jim, going numbers or broke really from But just and would the you that any $XX all to million if know that million Raycom. that believe million So to going just $XX million incremental $X synergies redid retrans than more Raycom, to terminations come out retrans? and revisions from

Jim Ryan

those of mixture a all It's things. necessarily. Not

Marci Ryvicker

Okay. Thank you.

Jim Ryan

Thank you, Marci.

Operator

the of Stephens ahead. Kyle Evans comes Your from Inc. Please next with go question line

open. is line Your

Kyle Evans

was could the follow core? that dive and got into guys as trends hoping well. some national in you local seeing you're both thanks. I ups your then And down Hi, I've

Jim Ryan

In general, local better would as impacted we Kyle, is expect. obviously we by as doing more mean, have auto. always as is I we anticipated, National --

other little a some six But as it has relatively have well commented, categories, legal and the we seen, other and financial probably doing months. bit have out break We others. than of in the people services been differently first some

we we're with pleased that. So obviously, --

this be looking local main at of too, calls, at especially can last which in can As national, a some to I've or of at look in general, I guess, it's you couple attributed other auto, accounts. commented, whether categories it X at on the and

of about table. any table Dodge mix So money than Jeep, we several little it case of But not taking a total up line and also, our are just down have seems down always commented putting times. people -- for as, proportionally, the not both. base, routine some the where of outs, off would large the amounts quarter, get what Chrysler, advertising more money be But moving somewhere I mean, expect it. a putting more and a and road. like sidelines. we're ins are just people in -- on But feels still it are in you would bit wholesale which in the everybody's It's given like There's seeing, describe to stuff the it's their I flight. to you pocket

Kyle Evans

now to now? contribution of and had shrinking It for is some strength. been other overall core showing the your while seems auto a like the verticals has some you've What of auto

Jim Ryan

overall news with On strength probably two's. still QX, and in strong would XX%-ish. in very skew -- the basis, XX% XX%-ish. number probably be a footprint date We very, up of auto. one's it's high the to still number our year pretty is XX%, Given stations around It's again,

Kevin Latek

XX.X%.

Kyle Evans

Okay. And added been and you've One footprint. Raycom has got markets? any difference in those of core large see now pretty you with small your stations that. some between retrans to larger or your about either material Do vocal peers

Pat LaPlatney

Yes.

is this Pat So LaPlatney.

Our are -- can't well, have fair of the a straight But the properties of happen number to our We grown in -- markets have small bit larger performing the couple performance markets. time. think, of of a bag in from in just at I say it's terms perspective, larger really general just a in given bigger our the underperforming portfolio markets, current mixed you last years.

so assumption. really make think I that don't can And you

Operator

of question Dan go comes Please Kurnos from ahead. line next the Your Benchmark. from

open. line Your is

Dan Kurnos

Thanks. Great.

quick for Jim. two questions housekeeping Just

basically was the out? of or it Does stable just out does everything kind smooth retrans, on whatever trend was the accounting mean that adjustment I if year? that the Just that back throughout

Jim Ryan

the On side, growth yes.

in the that that can is you and the QX range. take guide same QX think number expect I

Dan Kurnos

of of sequentially the in half back year, the Kevin, it upside half still of without half, bit outlook And expectations either in year front for, a flat or -- renewals. back on equates of you calling the stable to called just any subs, said surprise the outside effectively, the then, a Jim the retrans your was or you're but material on

outlook that in is factoring your So similar escalators? sort there in embedded of a when

Kevin Latek

have Our in unchanged, X. on escalators escalators and virtually our counts sub January and been our kick

So the of pretty adjustments steady billing through saw we're the state the exception run QX. a year that we seeing in with

Dan Kurnos

question. kind And high-level then, of Great. just one

as a think upside How Raycom, of free in how better getting seems synergies. got guide you to we of higher. think the have that's all of I'm you already free know cash assume, now now You're flow were when about talked cash like reported, relative the We've about, but we pretty do about, meaningful first And delta forward? going do magnitude I sort those guys I you statements what to retrans expecting. to people than net this probably -- were CHB be would that some factoring sort It going number don't bought Jim, think were flow OCF that if like or in your upside.

Jim Ryan

were a bit six we to a by better mean, I months has always or said probably in transaction to than Raycom knew improved time would have that. year flow synergy us. the highly It accretive December. the would we a number we even And get upside may little exactly proven what be little given synergy. the There ago ago that slightly better They free CHBs. to those slightly be -- were That's cash extremely be

given tax year, cash As you especially to the than NOL little for our as hard the this cash mentioned, threw to it's as bit we $XX And out our million -- work possible. anticipated, full $XX always efficient we to be us bigger starting flow, a I million our I year. bring try as free is number allowed down in know, to off to

the overall, out and how months. our six are we months play in the playing been the So and to over it's six transaction extremely expectations first out remaining it's how pleased with going over and

Dan Kurnos

Thank you much. it. Got very

Jim Ryan

Thank you, Dan.

Operator

[Operator Instructions]

Goss next comes of from ahead. Barrington Please Your from Jim Research. line question go the

is line open. Your

Jim Goss

upside -- some be quarter, examples Kevin, the is from with last if that's at implying the persuasively standpoint the of that has broadcast of pushback wondering just from First, if as time, time. like, since the continued distributors stations. development of seem to that as you and that, That full arguing suggesting notion proof retrans I'm you were more impasse

Kevin Latek

somewhere -- pie. taking programming between broadcasters XX%, the total our of Jim, all combined XX% are XX%, have --

Our than of higher intensity a stronger as non-broadcast is ratings that are The our than significantly significantly group. channels. viewership

way drops I think other yes, and two bigger generally last year lot go. for big or to getting we're a done that So there There deals MVPD people in huge with while the a other distributors. who's is still occurring with gone hearing are one seeing us are

programming just the press we've likes broadcast space. had in broadcasters. impasses. talk the impasses always include So about It don't to The

are doing not getting plenty an high. those drop. maybe effect impasses is there impasses -- single done did we And done. our and not The They're or peers percentage of that are a do equal overall or XXX two are negotiations. one in any that markets here there is result of impasse deals get broadcasters these negotiations versus extremely deals deals years an country. there. broadcasters, But of three still all It's in without are getting the drops, XXX number without that involve Again, in do that the last tough easier. But

this don't for don't of right our others think there's different I summer, now future. expectations retrans -- noise growth see I anything dramatically in So some the over

Jim Goss

continue edge And it's flip to side, to the on good to expense to existing do retrans XX%. things. much you figure pressure? you higher? the edging that I of captures to Or Okay. feel the XX.X% the think revisit network are seems share clawback those Do expecting you -- to always be

Kevin Latek

same bank, The and managing the continue margins We company revenue. I've years. XXXX down, $XX for not said mean, that come money the kept to are for the of the XXX% we in say the in will margins. deposit million I'll I thing retrans we

the particular margin. we company are and unconcerned running to hit a not So

net money that has we to our dollars programming see for the networks is years, last We The matter. competitive more programming and to of going important secure that's -- bring we it in growing spend the all about been concerned To several in and that. and more forward. get growing retrans environment. us, are We need

for the the time, same to at the get compensated we broadcast of need they value margins the because delivering. end year and aren't all XXXX. And have going change programming since day, the the we're network every At that affiliate changed single better to

So that again, there's new here really nothing is unexpected. there's and nothing

our I down been peer entire the that's continue think we've and to saying group, all to grow. across same -- thing. going Markets are going that's but

Jim Goss

Okay. you're I said And you -- and the XX% with Press, so I'm there takers as bigger I'm that's indicated Full if that? wondering And you the part markets nationally. Court -- this think in far? getting of sell-through wondering was

Pat LaPlatney

are yes, takers -- and the it's XX% bigger it'll yes, number. LaPlatney. in that Pat It's And clear the exceed getting think roughly we US, in to and Yes. markets, the we

Jim Goss

revenues the talked about different from I variance times, in finally, expecting? Will the a over the anything quarter? of mostly I you're Or of the in be and over have But the third quarter time. Olympic the bit mostly early And little any shape this Jim there this course and other first, it political time? know Okay. is past and fourth late XXXX

Jim Ryan

say the had said fourth quarter, not I've a XXXX heavy a like but the of broad half spending very optimistic political sense, we said, going it we years, ever September activity on or for good early for number said, I seems We many a would again, industry, will be all yes. the we've might believe more. very significant strong quarter expect, falls a all before, than in more than see But revenue will seen more exposure and half to broadcast very primary states be put we've the given signs -- at general, many, being TV cautiously mean, That XXXX historically. the spend -- industry in out, we'll have and the usually be year. we're Election we Historically, in this got that total us, first political in you as for a given Day. through year it will it's to we're

Jim Goss

much. Okay. Thanks very

Jim Ryan

Thank you.

Operator

line comes of from from Capital the Kupinski Next Michael Markets. Please go question ahead. NOBLE

Your is line open.

Michael Kupinski

taking seeing, an what they're trending questions. I And your you you you. any of being very indicated at would year. have off-election presidential Are than One amount, a money seeing Thank broadcaster in Thank already already political seeing is other but for this expected the better that that small booked. point?

Jim Ryan

some I it Yes. on seen relatively already in Iowa, a that We've was early. as, February. we But came it QX seen extraordinarily characterize orders relatively as small dollars. March, small, Maybe I as that small actually some our it in in -- this mentioned had we call would early if but was recall,

we're -- as very Carolina. the several as XXXX. we also this we as North this election that as in sign early in the gubernatorial so a commented races That as well seen the of already trends. special nonpresidential well the so latter part pleased year with And earlier, all spend through in races Pat we've good as well year -- take as good very into And for -- as as move through the

Michael Kupinski

able like the by on presidential are sellers. political last Also, seems side. raised Gray industry more Can significantly It the dollars environment currently? need cycle, M&A and you execute to. the the you nice M&A large the sellers little market you to talk cash if broadcast with and Obviously, than point? has coming position at certainly you on a in the you have long bit still Are the this to about very relationships -- potential seeing a deep potentially

out what on give there. the Just you're us kind of seeing thoughts

Kevin Latek

There's on. a not Kevin. activity. there's in Michael, pretty it's its little M&A. Honestly, lot quiet Front, the going a

Operator

[Operator Instructions]

question go Dennis Act with Leibowitz ahead. Capital. next of comes line Your from II the Please

Your open. line is

Dennis Leibowitz

you. Thank

XXXX. and the this flow, year in million $XXX You exceed was year comfortably said cash Jim that will it in free full million $XXX

the you've be basis; bonded XXXX $X.XX From said synergies contracts above that would everything higher will retrans it's than So and a resume I 'XX. share. political on like guidance, with acceleration and in an

analysis, that which I -- is wrong free $X? per indicate flow share mean, would So cash be over well the that is anything with would there

Jim Ryan

XXXX We in while -- our have our that's historical XXXX on that basis X presentation the current a published on numbers combined for a like we said cash. expectation Page that consistently better than is look are what on free looked of 'XX investor our website. and XXXX will And

So yes. put a expect for it XXXX, now like be me some and better we've than have year numbers saying now we general we XXXX, about obviously that to to for been do XXXX feels out --

Dennis Leibowitz

I I If price free the free focus there to you share in repayments at today, close repurchase? take could leverage. cash given which know of debt of XX%. would done yield the on follow given what stock just cash flow terms advantage Is is up. But that I point is has your that you're now flow mean, any in

Jim Ryan

of yield just not it M&A. be shy extraordinary we right; I may is or just available I understand There And period. don't $XX But authorization until to want that be. comment authorization, repurchase we've this and think done a an may flow whether day cash explicitly not. end of million is of lot on certainly given think we opportunistic yield free on our would the any are what good And year. on or it's you the

down. We have bring leverage do we want to --

near have we'll the thoughtful very over our So on to be allocations term.

Dennis Leibowitz

Thanks.

Operator

back And this I time. now closing there the Howell turn Hilton remarks. at further to are will call for questions no

Hilton Howell

joining the this year us very much Well, about morning. in We're to of the forward for looking particularly thank and all XXXX. political of excited balance you you very

the has Television states of As the presidential broadcast in the one best you know, of company swing any in footprints Gray business.

and us forward optimism. Thank to joining deal we'll future next look to talk for so we you you the with a great quarter. today, And of

Operator

conference today's you disconnect. concludes now This call, may

Gray Television (GTN) 8 Aug 192019 Q2 Earnings call transcript