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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Sinclair Inc | NASDAQ:SBGI | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.08 | 0.55% | 14.72 | 14.21 | 15.19 | 15.10 | 14.50 | 14.75 | 141,528 | 23:00:20 |
From Jul 2024 to Jan 2025
Sinclair, Inc. (Nasdaq: SBGI), the "Company" or "Sinclair," today reported financial results for the three and six months ended June 30, 2024.
Highlights:
CEO Comment:
"Sinclair delivered solid second-quarter results, meeting our guidance expectations across major financial metrics, including a $105 million monetization of an investment in our Ventures portfolio," commented Chris Ripley, Sinclair's President and Chief Executive Officer. "Total advertising revenue was up 11% year-over-year and distribution revenues grew by 4%. With almost 60% of our Big 4 subscribers still to be renewed this year, we are confident in our ability to grow net retrans in line with our 2-year CAGR estimates. As we enter the second half of the year, we are buoyed by strong momentum and multiple cash flow drivers. Political advertising revenue is on track to be our largest ever, with expected double-digit growth rates over the 2020 presidential election year. Coupled with growth in distribution revenues, and continued strength in core advertising trends, we are well-positioned for a robust finish to the year."
Recent Company Developments:
Content and Distribution:
Community:
Investment Portfolio:
NextGen Broadcasting (ATSC 3.0):
Financial Results:
Three Months Ended June 30, 2024 Consolidated Financial Results:
Six Months Ended June 30, 2024 Consolidated Financial Results:
Segment financial information is included in the following tables for the periods presented. The Local Media segment consists primarily of broadcast television stations, which the Company owns, operates or to which the Company provides services, and includes multicast networks and original content. The Local Media segment assets are owned and operated by Sinclair Broadcast Group, LLC (SBG). The Tennis segment consists primarily of Tennis Channel, a cable network which includes coverage of most of tennis' top tournaments and original professional sport and tennis lifestyle shows; the Tennis Channel International subscription and streaming service; Tennis Channel Plus streaming service; T2 FAST, a 24-hours a day free ad-supported streaming television channel; and Tennis.com. Other includes non-broadcast digital solutions, technical services, and other non-media investments. For periods presented subsequent to June 1, 2023 (the date of the reorganization), the assets of the Tennis segment and Other are owned and operated by Sinclair Ventures, LLC (Ventures). The highlights below include the divestiture of Stadium (May 2, 2023).
Three months ended June 30, 2024
Local
Media
Tennis
Other
Corporate
and
Eliminations
Consolidated
($ in millions)
Distribution revenue
$
384
$
51
$
—
$
—
$
435
Core advertising revenue
285
14
9
(5
)
303
Political advertising revenue
40
—
—
—
40
Other media revenue
41
2
—
(2
)
41
Media revenues
$
750
$
67
$
9
$
(7
)
$
819
Non-media revenue
—
—
11
(1
)
10
Total revenues
$
750
$
67
$
20
$
(8
)
$
829
Media programming and production expenses
$
382
$
43
$
—
$
—
$
425
Media selling, general and administrative expenses
178
17
5
(6
)
194
Non-media expenses
2
—
12
(1
)
13
Amortization of program costs
18
—
—
—
18
Corporate general and administrative expenses
29
—
1
20
50
Stock-based compensation
10
—
—
—
10
Non-recurring and unusual transaction, implementation, legal, regulatory and other costs
12
—
1
6
19
Interest expense (net)(a)
71
—
(3
)
—
68
Capital expenditures
23
—
—
—
23
Distributions to the noncontrolling interests
3
—
—
—
3
Cash distributions from equity investments
—
—
109
—
109
Net cash taxes paid
1
Net income
19
Operating income (loss)
83
1
—
(20
)
64
Adjusted EBITDA(b)
163
7
3
(15
)
158
Note: Certain amounts may not summarize to totals due to rounding differences.
(a)
Interest expense (net) excludes deferred financing costs, original issue discount amortization, and other non-cash interest expense, and is net of interest income.
(b)
Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization, and non-recurring and unusual transaction, implementation, legal, regulatory and other costs, as well as certain non-cash items such as stock-based compensation expense and other gains and losses less amortization of program costs. Refer to the reconciliation at the end of this press release and the Company’s website.
Three months ended June 30, 2023
Local
Media
Tennis
Other
Corporate
and
Eliminations
Consolidated
($ in millions)
Distribution revenue
$
372
$
46
$
—
$
—
$
418
Core advertising revenue
287
14
6
(4
)
303
Political advertising revenue
6
—
—
—
6
Other media revenue
34
—
—
—
34
Media revenues
$
699
$
60
$
6
$
(4
)
$
761
Non-media revenue
—
—
8
(1
)
7
Total revenues
$
699
$
60
$
14
$
(5
)
$
768
Media programming and production expenses
$
369
$
40
$
5
$
(1
)
$
413
Media selling, general and administrative expenses
175
12
6
(3
)
190
Non-media expenses
3
—
7
(1
)
9
Amortization of program costs
19
—
—
—
19
Corporate general and administrative expenses
46
—
—
16
62
Stock-based compensation
10
—
—
2
12
Non-recurring and unusual transaction, implementation, legal, regulatory and other costs
18
—
4
2
24
Interest expense (net)(a)
66
—
(5
)
—
61
Capital expenditures
19
—
1
—
20
Distributions to the noncontrolling interests
4
—
—
—
4
Cash distributions from equity investments
—
—
5
—
5
Net cash taxes paid
2
Net loss
(87
)
Operating income (loss)
22
3
(12
)
(16
)
(3
)
Adjusted EBITDA(b)
115
8
—
(12
)
111
Note: Certain amounts may not summarize to totals due to rounding differences.
(a)
Interest expense (net) excludes deferred financing costs, original issue discount amortization, and other non-cash interest expense, and is net of interest income.
(b)
Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization, and non-recurring and unusual transaction, implementation, legal, regulatory and other costs, as well as certain non-cash items such as stock-based compensation expense and other gains and losses less amortization of program costs. Refer to the reconciliation at the end of this press release and the Company’s website.
Consolidated Balance Sheet and Cash Flow Highlights of the Company:
Notes:
Certain reclassifications have been made to prior years' financial information to conform to the presentation in the current year.
Outlook:
The Company currently expects to achieve the following results for the three months ending September 30, 2024 and the twelve months ending December 31, 2024.
For the three months ending September 30, 2024 ($ in millions)
Local Media
Tennis
Other
Corporate
and
Eliminations
Consolidated
Core advertising revenue
$288 to 300
$10
$9
$(5)
$302 to 315
Political advertising revenue
113 to 128
—
—
—
113 to 128
Advertising revenue
$401 to 428
$10
$9
$(5)
$415 to 443
Distribution revenue
381 to 383
51
—
—
433 to 435
Other media revenue
41
1
—
(1)
41
Media revenues
$823 to 852
$63
$9
$(7)
$889 to 919
Non-media revenue
—
—
10
—
10
Total revenues
$823 to 852
$63
$19
$(7)
$898 to 929
Media programming & production expenses and media selling, general and administrative expenses
$569 to 574
$49
$6
$(7)
$618 to 623
Non-media expenses
2
—
12
—
14
Amortization of program costs
18
—
—
—
18
Corporate general and administrative
23
—
1
13
38
Stock-based compensation
8
—
—
—
8
Non-recurring and unusual transaction, implementation, legal, regulatory and other costs
8
—
2
—
9
Interest expense (net)(a)
71
—
(3)
—
68
Capital expenditures
24 to 26
1
—
—
25 to 27
Distributions to the noncontrolling interests
3
—
—
—
3
Cash distributions from equity investments
—
—
2
—
2
Net cash tax payments
1
Operating Income
$153 to 178
$8
$(1) to 0
$(13)
$148 to 173
Adjusted EBITDA(b)
$227 to 252
$13
$1 to 2
$(13)
$229 to 254
Note: Certain amounts may not summarize to totals due to rounding differences.
(a)
Interest expense (net) excludes deferred financing costs, original issue discount amortization, and other non-cash interest expense, and is net of interest income.
(b)
Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization, and non-recurring and unusual transaction, implementation, legal, regulatory and other costs, as well as certain non-cash items such as stock-based compensation expense and other gains and losses less amortization of program costs.
For the twelve months ending December 31, 2024 ($ in millions)
Consolidated
Media programming & production expenses and media selling, general and administrative expenses
$2,471 to 2,481
Non-media expenses
$55
Amortization of program costs
$74
Corporate general and administrative
$182
Stock based compensation included in corporate, media, and non-media expenses above
$54
Non-recurring and unusual transaction, implementation, legal, regulatory and other costs included in corporate, media, and non-media expenses above
$42
Interest expense (net)(a)
$266
Capital expenditures
$93 to 98
Distributions to noncontrolling interests
$10
Cash distributions from equity investments
$189
Net cash tax payments
$6 to 10
Note: Certain amounts may not summarize to totals due to rounding differences.
(a)Interest expense (net) excludes deferred financing costs, original issue discount amortization, and other non-cash interest expense, and is net of interest income.
Sinclair Conference Call:
The senior management of Sinclair will hold a conference call to discuss the Company's second quarter 2024 results on Wednesday, August 7, 2024, at 4:30 p.m. ET. The call will be webcast live and can be accessed at www.sbgi.net under "Investor Relations/Events and Presentations." After the call, an audio replay will remain available at www.sbgi.net. The press and the public will be welcome on the call in a listen-only mode. The dial-in number is (888) 506-0062, with entry code 355312.
About Sinclair:
Sinclair, Inc. is a diversified media company and a leading provider of local news and sports. The Company owns, operates and/or provides services to 185 television stations in 86 markets affiliated with all the major broadcast networks; and owns Tennis Channel and multicast networks Comet, CHARGE!, TBD., and The Nest. Sinclair’s content is delivered via multiple platforms, including over-the-air, multi-channel video program distributors, and the nation’s largest streaming aggregator of local news content, NewsON. The Company regularly uses its website as a key source of Company information which can be accessed at www.sbgi.net.
Sinclair, Inc. and Subsidiaries
Preliminary Unaudited Consolidated Statements of Operations
(In millions, except share and per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
REVENUES:
Media revenues
$
819
$
761
$
1,611
$
1,527
Non-media revenues
10
7
16
14
Total revenues
829
768
1,627
1,541
OPERATING EXPENSES:
Media programming and production expenses
425
413
833
811
Media selling, general and administrative expenses
194
190
390
381
Amortization of program costs
18
19
37
41
Non-media expenses
13
9
25
21
Depreciation of property and equipment
25
32
50
56
Corporate general and administrative expenses
50
62
108
120
Amortization of definite-lived intangible assets
38
41
76
82
Loss on asset dispositions and other, net of impairment
2
5
2
11
Total operating expenses
765
771
1,521
1,523
Operating income (loss)
64
(3
)
106
18
OTHER INCOME (EXPENSE):
Interest expense including amortization of debt discount and deferred financing costs
(76
)
(76
)
(152
)
(150
)
Gain on extinguishment of debt
—
11
1
11
Income (loss) from equity method investments
78
(1
)
92
30
Other expense, net
(42
)
(38
)
(2
)
(27
)
Total other expense, net
(40
)
(104
)
(61
)
(136
)
Income (loss) before income taxes
24
(107
)
45
(118
)
INCOME TAX (PROVISION) BENEFIT
(5
)
20
(1
)
224
NET INCOME (LOSS)
19
(87
)
44
106
Net loss attributable to the redeemable noncontrolling interests
—
—
—
4
Net income attributable to the noncontrolling interests
(2
)
(2
)
(4
)
(14
)
NET INCOME (LOSS) ATTRIBUTABLE TO SINCLAIR
$
17
$
(89
)
$
40
$
96
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SINCLAIR:
Basic earnings per share
$
0.27
$
(1.38
)
$
0.61
$
1.44
Diluted earnings per share
$
0.27
$
(1.38
)
$
0.61
$
1.43
Basic weighted average common shares outstanding (in thousands)
66,189
64,012
65,172
66,862
Diluted weighted average common and common equivalent shares outstanding (in thousands)
66,189
64,012
65,296
66,947
Adjusted EBITDA is a non-GAAP operating performance measure that management and the Company’s Board of Directors uses to evaluate the Company’s operating performance and for executive compensation purposes. The Company believes that Adjusted EBITDA provides useful information to investors by allowing them to view the Company’s business through the eyes of management and is a measure that is frequently used by industry analysts, investors and lenders as a measure of relative operating performance.
Adjusted EBITDA is provided on a forward-looking basis under the section entitled “Outlook” above. The Company has not included a reconciliation of projected Adjusted EBITDA to net income, which is the most directly comparable GAAP measure, for the periods presented in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company’s projected Adjusted EBITDA excludes certain items that are inherently uncertain and difficult to predict including, but not limited to, income taxes. Due to the variability, complexity and limited visibility of the adjusting items that would be excluded from projected Adjusted EBITDA in future periods, management does not rely upon them for internal use or measurement of operating performance, and therefore cannot create a quantitative projected Adjusted EBITDA to net income reconciliation for the periods presented without unreasonable efforts. A quantitative reconciliation of projected Adjusted EBITDA to net income for the periods presented would imply a degree of precision and certainty as to these future items that does not exist and could be confusing to investors. From a qualitative perspective, it is anticipated that the differences between projected Adjusted EBITDA to net income for the periods presented will consist of items similar to those described in the reconciliation of historical results below. The timing and amount of any of these excluded items could significantly impact the Company’s net income for a particular period. When planning, forecasting and analyzing future periods, the Company does so primarily on a non-GAAP basis without preparing a GAAP analysis.
In addition to the reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure, net income, below, the Company also discloses a reconciliation of the Adjusted EBITDA of its segments to its more directly comparable GAAP measure, segment operating income.
Non-GAAP measures are not formulated in accordance with GAAP, are not meant to replace GAAP financial measures and may differ from other companies’ uses or formulations. Further discussions and reconciliations of the Company's non-GAAP financial measures to their most directly comparable GAAP financial measures can be found on its website www.sbgi.net.
Sinclair, Inc. and Subsidiaries
Reconciliation of Non-GAAP Measurements - Unaudited
All periods reclassified to conform with current year GAAP presentation and Adjusted EBITDA definitional change due to routine SEC comment process
(in millions)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Reconciliation of Consolidated Sinclair, Inc. Net Income to Consolidated Adjusted EBITDA
Net income (loss)
$
19
$
(87
)
$
44
$
106
Add: Income tax provision (benefit)
5
(20
)
1
(224
)
Add: Other expense (income)
2
(3
)
(26
)
(3
)
Add: (Income) loss from equity method investments
(78
)
1
(92
)
(30
)
Add: Loss from other investments and impairments
47
52
45
53
Add: Gain on extinguishment of debt/insurance proceeds
(1
)
(11
)
(3
)
(11
)
Add: Interest expense
76
76
152
150
Less: Interest income
(6
)
(11
)
(15
)
(23
)
Less: Loss on asset dispositions and other, net of impairment
2
5
2
11
Add: Amortization of intangible assets & other assets
38
41
76
82
Add: Depreciation of property & equipment
25
32
50
56
Add: Stock-based compensation
10
12
38
35
Add: Non-recurring and unusual transaction, implementation, legal, regulatory and other costs
19
24
25
30
Adjusted EBITDA
$
158
$
111
$
297
$
232
Three months ended June 30, 2024
Local Media
Tennis
Other
($ in millions)
Total revenues
$
750
$
67
$
20
Media programming and production expenses
382
43
—
Media selling, general and administrative expenses
178
17
5
Depreciation and intangible amortization expenses
58
6
—
Amortization of program costs
18
—
—
Corporate general and administrative expenses
29
—
1
Non-media expenses
2
—
12
Loss on asset dispositions and other, net of impairment
—
—
2
Segment operating income
$
83
$
1
$
—
Reconciliation of Segment GAAP Operating Income to Segment Adjusted EBITDA:
Segment operating income
$
83
$
1
$
—
Depreciation and intangible amortization expenses
58
6
—
Loss on asset dispositions and other, net of impairment
—
—
2
Stock-based compensation
10
—
—
Non-recurring and unusual transaction, implementation, legal, regulatory and other costs
12
—
1
Segment Adjusted EBITDA
$
163
$
7
$
3
Three months ended June 30, 2023
Local Media
Tennis
Other
($ in millions)
Total revenues
$
699
$
60
$
14
Media programming and production expenses
369
40
5
Media selling, general and administrative expenses
175
12
6
Depreciation and intangible amortization expenses
67
5
1
Amortization of program costs
19
—
—
Corporate general and administrative expenses
46
—
—
Non-media expenses
3
—
7
(Gain) loss on asset dispositions and other, net of impairment
(2
)
—
7
Segment operating income (loss)
$
22
$
3
$
(12
)
Reconciliation of Segment GAAP Operating Income to Segment Adjusted EBITDA:
Segment operating income (loss)
$
22
$
3
$
(12
)
Depreciation and intangible amortization expenses
67
5
1
(Gain) loss on asset dispositions and other, net of impairment
(2
)
—
7
Stock-based compensation
10
—
—
Non-recurring and unusual transaction, implementation, legal, regulatory and other costs
18
—
4
Segment Adjusted EBITDA
$
115
$
8
$
—
Forward-Looking Statements:
The matters discussed in this news release, particularly those in the section labeled “Outlook,” include forward-looking statements regarding, among other things, future operating results. When used in this news release, the words “outlook,” “intends to,” “believes,” “anticipates,” “expects,” “achieves,” “estimates,” and similar expressions are intended to identify forward-looking statements. Such statements are subject to a number of risks and uncertainties. Actual results in the future could differ materially and adversely from those described in the forward-looking statements as a result of various important factors, including and in addition to the assumptions set forth therein, but not limited to, the rate of decline in the number of subscribers to services provided by traditional and virtual multi-channel video programming distributors (“Distributors”); the Company’s ability to generate cash to service its substantial indebtedness; the successful execution of outsourcing agreements; the successful execution of retransmission consent agreements; the successful execution of network and Distributor affiliation agreements; the Company’s ability to identify and consummate acquisitions and investments, to manage increased financial leverage resulting from acquisitions and investments, and to achieve anticipated returns on those investments once consummated; the Company’s ability to compete for viewers and advertisers; pricing and demand fluctuations in local and national advertising; the appeal of the Company’s programming and volatility in programming costs; material legal, financial and reputational risks and operational disruptions resulting from a breach of the Company’s information systems; the impact of FCC and other regulatory proceedings against the Company; compliance with laws and uncertainties associated with potential changes in the regulatory environment affecting the Company’s business and growth strategy; the impact of pending and future litigation claims against the Company; the Company’s limited experience in operating or investing in non-broadcast related businesses; and any risk factors set forth in the Company’s recent reports on Form 10-Q and/or Form 10-K, as filed with the Securities and Exchange Commission. There can be no assurances that the assumptions and other factors referred to in this release will occur. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements except as required by law.
Category: Financial
View source version on businesswire.com: https://www.businesswire.com/news/home/20240807752862/en/
Investor Contacts: Christopher C. King, VP, Investor Relations Billie-Jo McIntire, AVP, Investor Relations (410) 568-1500
Media Contact: Sinclair@5wpr.com
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