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  "documentTitle": "20190312 Deutsche Bank MIT Conference",
  "authorId": "DeutscheBank",
  "authorName": "Gray Television",
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  "notes": "Includes a bar chart showing FCF from 2007-2013 and a data table showing % of OCF and FCF/Share.",
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      "text": "Record free cash flow of $94 million in 2012",
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      "text": "(1) Free Cash Flow defined as Operating Cash Flow less cash interest, cash taxes and capital expenditures; historical \"as reported\" basis.\n(2) Based on weighted average basic shares outstanding\nIncludes stations under LMA or SSA agreements with Gray in 2013.",
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      "text": "Record free cash flow of $94 million in 2012\n2012 OCF conversion rate into FCF: 54%\nEquity value creation through strong free cash flow generation\nSignificant NOLs of $225 million expected to shield cash taxes in the near-term\nTrades at a discount to peers on a free cash flow basis with significant potential upside",
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