Gray Television, Inc. (NYSE:GTN) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 10:00 am ET

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Gray Television, Inc. (NYSE:GTN) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by and welcome to the Second Quarter 2020 Earnings Call. [Operator Instructions] I would now like to hand the conference over to your speaker, Mr. Hilton Howell. Thank you. Please go ahead.

Executive
Hilton H. Howell Jr.

Thank you, Nataya. Good morning, everyone. As our operator mentioned, I am Hilton Howell, the Chairman and CEO of Gray Television. Thank you for joining our second quarter 2020 earnings call. Today, as is expected this time of the year, we are all virtually present. So during Q&A, if we stumble over a couple of us please forgive us. On the line with me are our President and Co-CEO, Pat LaPlatney; our Chief Legal and Development Officer, Kevin Latek; our Chief Financial Officer, Jim Ryan; and our Chief Operating Officer, Bob Smith, who has been with us before, but I'm delighted to have with us today to add perhaps some color to what we're seeing in the field to all of our sessions. We will begin this morning with a disclaimer that Kevin will provide.

Executive
Kevin Latek

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

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

I'll now return the call to Hilton.

Executive
Hilton H. Howell Jr.

Thank you, Kevin, and thank all of you again for joining us this morning. But first, before we begin, I want to take a moment to wish Gordon Smith, our President and CEO of the National Association of Broadcasters, a swift recovery from the stroke he apparently suffered last night. Our thoughts and our prayers are with him and his family. We understand his prognosis is excellent and we look forward to his return to the NAB and wish him Godspeed in his imminent recovery and many more years leading the NAB organization. Second, I want to salute the truly amazing men and women of Gray Television for their extraordinary efforts during these extraordinary times. Learning to work from home, often