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BALTIMORE--(BUSINESS WIRE)--Nov 2, 2022--
Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the "Company" or "Sinclair," today reported financial results for the three and nine months ended September 30, 2022. The results reflect the deconsolidation of the local sports segment comprised of the regional sports networks (RSNs), which are owned and operated by Diamond Sports Group ("DSG") and its direct and indirect subsidiaries, from the Company's financial statements and accounted for under equity method of accounting, effective March 1, 2022. As such, the year-to-date 2022 consolidated financial results only include two months results of operations of the local sports segment, while the consolidated financial results for the comparable 2021 periods include results of operations of the local sports segment for the full periods.
Third Quarter Highlights:
CEO Comment:
"Strong political revenues continued to drive results in the quarter, and we believe this year we will easily set a mid-term election year record for political advertising revenue," said Chris Ripley, Sinclair's President & Chief Executive Officer. "While we saw political displacement this quarter and expect it as well next quarter, we see positive signs for core advertising in certain categories including the legal category and the auto category, which began to grow again this quarter, but overall we are seeing some general ad market weakness from macro conditions."
Ripley continued, "At our recent Investor Day, we highlighted the future growth plans we are undertaking as an organization to make Sinclair less reliant on its two current main sources of revenue - retransmission fees and linear advertising revenues. These future forward initiatives range from creating original multi-platform content and building an omni-channel marketing services enterprise to driving totally new revenue sources from community and interactivity initiatives and data distribution capabilities. For example, in the content area, we recently announced a creative partnership with Anthony Zuiker, creator of the CSI franchise, to create content across a range of formats and subjects."
Ripley concluded, "We have been assembling the pieces of these future drivers of our business over the last several years and look forward to our work in these areas beginning to generate meaningful revenues and profits as we move into the future. Given our growth strategies, investment portfolio, and sizeable cash flow, Sinclair is well-capitalized and well-positioned to continue to develop into a more diversified company with numerous revenue streams and assets."
Recent Company Developments:
Content and Distribution:
NextGen Broadcasting (ATSC 3.0):
Investment Portfolio:
Three Months Ended September 30, 2022 Consolidated Financial Results:
Nine Months Ended September 30, 2022 Consolidated Financial Results:
Consolidated and Segment Highlights
The highlights below include the divestiture of WDKA and KBSI in the Cape Girardeau MO/Paducah KY market (February 1, 2021), the acquisition of ZypMedia (February 5, 2021), the divestiture of the license assets in Harlingen, TX (May 24, 2021), the divestiture of Triangle Sign and Service (June 2, 2021), the divestiture of Sinclair's radio stations in the Seattle, WA market (September 27, 2021), and the divestiture of Ring of Honor (May 3, 2022).
Segment financial information is included in the following tables for the periods presented. The Broadcast segment consists primarily of broadcast television stations, which the Company owns, operates or to which the Company provides services. The Local Sports segment consists primarily of the RSNs and is included in the third quarter 2021 results only, due to the March 1, 2022 deconsolidation of the segment from the Company's financial statements. Other and Corporate includes corporate, original networks and content, including Tennis Channel, non-broadcast digital and internet solutions, technical services, and other non-media investments.
Three months ended September 30, 2022 | Broadcast |
| Other and Corporate |
| Eliminations |
| Consolidated | |||||
($ in millions) |
|
|
| |||||||||
Revenue Highlights: |
|
|
|
|
|
|
| |||||
Distribution revenue | $ | 381 |
| $ | 44 |
| $ | — |
|
| $ | 425 |
Advertising revenue |
| 339 |
|
| 46 |
| (11 | ) |
|
| 374 | |
Other media revenue |
| 33 | (a) |
| 5 |
|
| (1 | ) | (a) |
| 37 |
Media revenues | $ | 753 | (a) | $ | 95 |
| $ | (12 | ) | (a) | $ | 836 |
Non-media revenue |
| — |
|
| 8 |
|
| (1 | ) |
|
| 7 |
Total revenues | $ | 753 | (a) | $ | 103 |
| $ | (13 | ) | (a) | $ | 843 |
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| |||||
Expense Highlights: |
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|
|
|
|
|
| |||||
Media programming & production expenses and media selling, general and administrative expenses | $ | 514 | $ | 81 |
| $ | (9 | ) |
| $ | 586 | |
Non-media expenses |
| — |
|
| 13 |
|
| (1 | ) |
|
| 12 |
Corporate general and administrative expenses |
| 17 |
|
| 13 |
|
| — |
|
|
| 30 |
|
|
|
|
|
|
|
| |||||
Other Highlights: |
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|
|
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| |||||
Program contract payments |
| 21 |
|
| 5 |
|
| — |
|
|
| 26 |
Capital expenditures |
| 27 |
|
| 2 |
|
| — |
|
|
| 29 |
Interest expense (net) (b) |
| 1 |
|
| 53 |
|
| (3 | ) |
|
| 51 |
Adjusted EBITDA (c) |
|
|
|
|
|
|
| 198 |
(a) Broadcast segment other media revenue includes $11 million of management and incentive fees for services provided by the Broadcast segment to DSG under a management services agreement which are not eliminated due to the deconsolidation of the Local Sports segment as of March 1, 2022.
(b) Interest expense excludes deferred financing costs, original issue discount amortization, and other non-cash interest expense, and is net of interest income.
(c) Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization, and non-recurring transaction, COVID, legal, and regulatory costs, as well as certain non-cash items such as stock-based compensation expense; less program contract payments. Refer to the reconciliation on the last page of this press release and the Company's website.
Three months ended September 30, 2021 | Broadcast |
| Other and Corporate |
| Local Sports |
| Eliminations |
| Consolidated | ||||||
($ in millions) |
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| |||||||||||
Revenue Highlights: |
|
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|
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|
| ||||||
Distribution revenue | $ | 372 |
| $ | 48 |
| $ | 633 | (a) | $ | — |
|
| $ | 1,053 |
Advertising revenue |
| 283 |
|
| 55 |
|
| 118 |
|
| (10 | ) |
|
| 446 |
Other media revenue |
| 46 | (b) |
| 3 |
|
| 8 |
|
| (30 | ) | (b) |
| 27 |
Media revenues | $ | 701 |
| $ | 106 |
| $ | 759 |
| $ | (40 | ) |
| $ | 1,526 |
Non-media revenue |
| — |
|
| 11 |
|
| — |
|
| (2 | ) |
|
| 9 |
Total revenues | $ | 701 |
| $ | 117 |
| $ | 759 |
| $ | (42 | ) |
| $ | 1,535 |
|
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| ||||||
Expense Highlights: |
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| ||||||
Media programming & production expenses and media selling, general and administrative expenses | $ | 472 |
| $ | 99 |
| $ | 717 | (b) | $ | (38 | ) | (b) | $ | 1,250 |
Sports rights amortization included in media production expenses |
| — |
|
| — |
|
| 531 |
|
| — |
|
|
| 531 |
Non-media expenses |
| — |
|
| 12 |
|
| — |
|
| (1 | ) |
|
| 11 |
Corporate general and administrative expenses |
| 30 |
|
| 3 |
|
| 2 |
|
| — |
|
|
| 35 |
|
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| ||||||
Other Highlights: |
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| ||||||
Sports rights payments |
| — |
|
| — |
|
| 328 | (a) |
| — |
|
|
| 328 |
Program contract payments |
| 21 |
|
| 6 |
|
| — |
|
| — |
|
|
| 27 |
Capital expenditures (c) |
| 17 |
|
| 3 |
|
| 2 |
|
| — |
|
|
| 22 |
Interest expense (net) (d) |
| 1 |
|
| 45 |
|
| 102 |
|
| (3 | ) |
|
| 145 |
Adjusted EBITDA (e) |
|
|
|
|
|
|
|
|
| 451 |
(a) Local Sports distribution revenue includes $14 million for the accrual of rebates to distributors tied to minimum game guarantees. Sports rights payments includes approximately $9 million of lower payments to and rebates from teams for sports rights overpayment tied to minimum game guarantees.
(b) For the quarter ended September 30, 2021, the Broadcast segment includes $28 million of revenue for services provided by the Broadcast segment to the Local Sports segment and Other; the Local Sports segment includes $27 million of selling, general, and administrative expenses for services provided by the Broadcast segment to the Local Sports segment; and Other includes $1 million of selling, general, and administrative expenses for services provided by the Broadcast segment. Such amounts are eliminated in consolidation.
(c) Capital expenditures exclude $1 million of repack capital expenditures expected to be reimbursed in the future from the TV Broadcaster Relocation Fund administered by the FCC.
(d) Interest expense excludes deferred financing costs, original issue discount amortization, and other non-cash interest expense, and is net of interest income.
(e) Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization, and non-recurring transaction and transition service, COVID, legal, and regulatory costs, as well as certain non-cash items such as stock-based compensation expense and sports rights amortization; less sports rights payments and program contract payments. Refer to the reconciliation on the last page of this press release and the Company's website.
Consolidated Balance Sheet and Cash Flow Highlights of the Company:
Notes:
Certain reclassifications have been made to prior years' financial information to conform to the presentation in the current year.
Outlook:
The Company currently expects to achieve the following results for the three months ending December 31, 2022 and the twelve months ending December 31, 2022. The expected results for the three months ending December 31, 2022 do not include the Company's former Local Sports segment, which was deconsolidated as of March 1, 2022. The expected results for the twelve months ending December 31, 2022 include the Local Sports segment for two months (January and February 2022).
For the three months ending December 31, 2022 ($ in millions) | Broadcast |
| Other and Corporate |
| Elimination |
| Consolidated | |||||
Revenue Highlights: |
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| |||||
Core advertising revenue |
|
|
|
|
|
| $318 to 333 | |||||
Political revenue |
|
|
|
|
|
| 174 to 179 | |||||
Advertising revenue | $456 to 473 | $44 to 49 |
| $(8) to (9) |
| $492 to 512 | ||||||
Distribution revenue | 375 to 377 |
|
| 44 |
|
|
| — | 419 to 421 | |||
Other media revenue | 32 |
|
| 4 |
|
|
|
| (1 | ) | 36 | |
Media revenues | $862 to 881 |
| $93 to 97 |
| $(9) to (10) |
| $946 to 968 | |||||
Non-media revenue | — |
|
| 22 |
|
|
|
| (2 | ) | 20 | |
Total revenues | $862 to 881 |
| $114 to 119 |
| $(11) to (12) |
| $966 to 988 | |||||
|
|
|
|
|
|
|
| |||||
Expense Highlights: |
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|
|
|
|
|
| |||||
Media programming & production expenses and media selling, general and administrative expenses | $527 to 530 |
| $83 |
|
| $(9 | ) | $601 to 604 | ||||
Non-media expenses | — |
|
| 25 |
|
|
|
| (1 | ) | 24 | |
Corporate overhead |
|
|
|
|
|
| 37 | |||||
Stock-based compensation and non-recurring costs for transaction, legal, and regulatory fees included in corporate and media expenses above |
|
|
|
|
|
| 13 | |||||
Depreciation, intangible & programming amortization |
|
|
|
|
|
| 88 | |||||
|
|
|
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|
| |||||
Other Highlights: |
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| |||||
Program contract payments |
|
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|
|
| 25 | |||||
Interest expense (net) (a) |
|
|
|
|
|
| 56 | |||||
Income tax provision |
|
|
|
|
|
| Approximately 89% effective tax rate | |||||
Net cash tax refunds |
|
|
|
|
|
| Approximately 155 | |||||
Other items (b) |
|
|
|
|
|
| 29 | |||||
Total capital expenditures, including repack |
|
|
|
|
|
| 33 to 38 | |||||
Adjusted EBITDA (c) |
|
|
|
|
|
| $294 to 313 |
Note: Certain amounts may not summarize to totals due to rounding differences.
(a) Interest expense excludes deferred financing costs, original issue discount amortization, and other non-cash interest expense, and is net of interest income.
(b) Other items include cash distributions from equity investments, cash payments made to non-controlling interest holders, and other cash income and expenses.
(c) Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization, and non-recurring transaction, COVID, legal, and regulatory costs, as well as certain non-cash items such as stock-based compensation expense; less programming payments. Refer to the reconciliation on the last page of this release and the Company's website.
For the twelve months ending December 31, 2022 ($ in millions) | Broadcast |
| Other and Corporate |
| Local Sports |
| Elimination |
| Consolidated(a) | ||||
Revenue Highlights: |
|
|
|
|
|
|
|
|
| ||||
Media revenues | $3,069 to 3,088 |
| $427 to 431 |
|
| $482 |
| $(90) to (91) |
| $3,888 to 3,910 | |||
Non-media revenue | — |
|
| 56 |
|
| — |
|
|
| (9 | ) | 46 |
Total revenues | $3,069 to 3,088 |
| $483 to 487 |
|
| $482 |
| $(99) to (100) |
| $3,934 to 3,956 | |||
|
|
|
|
|
|
|
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|
| ||||
Expense Highlights: |
|
|
|
|
|
|
|
|
| ||||
Media programming & production expenses and media selling, general and administrative expenses | $2,050 to 2,053 |
|
| $371 |
|
| $431 |
|
| $(90 | ) | $2,763 to 2,766 | |
Sports rights amortization included in media production expenses |
|
|
|
|
| 326 |
|
|
| 326 | |||
Non-media expenses | — |
|
| 65 |
|
| — |
|
|
| (6 | ) | 59 |
Corporate overhead |
|
|
|
|
|
|
|
| 152 | ||||
Stock-based compensation and non-recurring costs for transaction, legal, and regulatory fees included in corporate and media expenses above |
|
|
|
|
|
|
|
| 71 | ||||
Depreciation, intangible & programming amortization |
|
|
|
|
|
|
|
| 410 | ||||
|
|
|
|
|
|
|
|
|
| ||||
Other Highlights: |
|
|
|
|
|
|
|
|
| ||||
Sports rights payments |
|
|
|
|
| 325 |
|
|
| 325 | |||
Program contract payments |
|
|
|
|
|
|
|
| 103 | ||||
Interest expense (net) (b) |
|
|
|
|
| 68 |
|
|
| 262 | |||
Income tax provision |
|
|
|
|
|
|
|
| Approximately 26% effective tax rate | ||||
Net cash tax refunds |
|
|
|
|
|
|
|
| Approximately 139 | ||||
Other items (c) |
|
|
|
|
| 6 |
|
|
| 127 | |||
Total capital expenditures, including repack |
|
|
|
|
| 2 |
|
|
| 107 to 112 | |||
Repack capital expenditures |
|
|
|
|
|
|
|
| 1 | ||||
Adjusted EBITDA (d) |
|
|
|
|
| $54 |
|
|
| $929 to 948 |
Note: Certain amounts may not summarize to totals due to rounding differences.
(a)Refer to the Company's website for additional information on full year guidance excluding the Local Sports segment.
(b) Interest expense excludes deferred financing costs, original issue discount amortization, and other non-cash interest expense, and is net of interest income.
(c) Other items include cash distributions from equity investments, cash payments made to non-controlling interest holders, and other cash income and expenses.
(d) Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization, and non-recurring transaction, COVID, legal, and regulatory costs, as well as certain non-cash items such as stock-based compensation expense; less programming payments. Refer to the reconciliation on the last page of this release and the Company's website.
Sinclair Conference Call:
The senior management of Sinclair will hold a conference call to discuss the Company's third quarter 2022 results on Wednesday, November 2, 2022, at 9:00 a.m. ET. The call will be webcast live and can be accessed at www.sbgi.net under "Investors/Webcasts." 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 207275.
About Sinclair:
Sinclair is a diversified media company and a leading provider of local sports and news. The Company owns, operates and/or provides services to 185 television stations in 86 markets; owns multiple national networks including Tennis Channel and Stadium; and has TV stations affiliated with all the major broadcast networks. Sinclair’s content is delivered via multiple platforms, including over-the-air, multi-channel video program distributors, and digital and streaming platforms NewsOn and STIRR. The Company regularly uses its website as a key source of Company information which can be accessed at www.sbgi.net.
Sinclair Broadcast Group, Inc. and Subsidiaries
Preliminary Unaudited Consolidated Statements of Operations
(In millions, except share and per share data)
| Three Months Ended September 30, |
| Nine Months Ended September 30, | ||||||||||||
| 2022 |
| 2021 |
| 2022 |
| 2021 | ||||||||
REVENUES: |
|
|
|
|
|
|
| ||||||||
Media revenues | $ | 836 |
|
| $ | 1,526 |
|
| $ | 2,942 |
|
| $ | 4,623 |
|
Non-media revenues |
| 7 |
|
|
| 9 |
|
|
| 26 |
|
|
| 35 |
|
Total revenues |
| 843 |
|
|
| 1,535 |
|
|
| 2,968 |
|
|
| 4,658 |
|
|
|
|
|
|
|
|
| ||||||||
OPERATING EXPENSES: |
|
|
|
|
|
|
| ||||||||
Media programming and production expenses |
| 396 |
|
|
| 1,022 |
|
|
| 1,557 |
|
|
| 3,390 |
|
Media selling, general and administrative expenses |
| 190 |
|
|
| 228 |
|
|
| 605 |
|
|
| 675 |
|
Amortization of program contract costs |
| 22 |
|
|
| 22 |
|
|
| 68 |
|
|
| 67 |
|
Non-media expenses |
| 12 |
|
|
| 11 |
|
|
| 35 |
|
|
| 42 |
|
Depreciation of property and equipment |
| 24 |
|
|
| 28 |
|
|
| 76 |
|
|
| 84 |
|
Corporate general and administrative expenses |
| 30 |
|
|
| 35 |
|
|
| 115 |
|
|
| 132 |
|
Amortization of definite-lived intangible assets |
| 43 |
|
|
| 120 |
|
|
| 179 |
|
|
| 364 |
|
Gain on deconsolidation of subsidiary |
| — |
|
|
| — |
|
|
| (3,357 | ) |
|
| — |
|
Gain on asset dispositions and other, net of impairment |
| (28 | ) |
|
| (4 | ) |
|
| (37 | ) |
|
| (26 | ) |
Total operating expenses (gains) |
| 689 |
|
|
| 1,462 |
|
|
| (759 | ) |
|
| 4,728 |
|
Operating income (loss) |
| 154 |
|
|
| 73 |
|
|
| 3,727 |
|
|
| (70 | ) |
|
|
|
|
|
|
|
| ||||||||
OTHER INCOME (EXPENSE): |
|
|
|
|
|
|
| ||||||||
Interest expense including amortization of debt discount and deferred financing costs |
| (59 | ) |
|
| (155 | ) |
|
| (228 | ) |
|
| (466 | ) |
Gain on extinguishment of debt |
| — |
|
|
| — |
|
|
| 3 |
|
|
| — |
|
Income from equity method investments |
| 33 |
|
|
| 12 |
|
|
| 48 |
|
|
| 23 |
|
Other income (expense), net |
| 10 |
|
|
| (4 | ) |
|
| (155 | ) |
|
| 59 |
|
Total other expense, net |
| (16 | ) |
|
| (147 | ) |
|
| (332 | ) |
|
| (384 | ) |
Income (loss) before income taxes |
| 138 |
|
|
| (74 | ) |
|
| 3,395 |
|
|
| (454 | ) |
INCOME TAX (PROVISION) BENEFIT |
| (109 | ) |
|
| 91 |
|
|
| (756 | ) |
|
| 169 |
|
NET INCOME (LOSS) |
| 29 |
|
|
| 17 |
|
|
| 2,639 |
|
|
| (285 | ) |
Net income attributable to the redeemable noncontrolling interests |
| (5 | ) |
|
| (4 | ) |
|
| (14 | ) |
|
| (13 | ) |
Net (income) loss attributable to the noncontrolling interests |
| (3 | ) |
|
| 6 |
|
|
| (28 | ) |
|
| (27 | ) |
NET INCOME (LOSS) ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP | $ | 21 |
|
| $ | 19 |
|
| $ | 2,597 |
|
| $ | (325 | ) |
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP: |
|
|
|
|
|
|
| ||||||||
Basic earnings (loss) per share | $ | 0.32 |
|
| $ | 0.25 |
|
| $ | 36.59 |
|
| $ | (4.33 | ) |
Diluted earnings (loss) per share | $ | 0.32 |
|
| $ | 0.25 |
|
| $ | 36.59 |
|
| $ | (4.33 | ) |
Basic weighted average common shares outstanding (in thousands) |
| 69,907 |
|
|
| 75,472 |
|
|
| 70,981 |
|
|
| 75,068 |
|
Diluted weighted average common and common equivalent shares outstanding (in thousands) |
| 69,907 |
|
|
| 75,516 |
|
|
| 70,985 |
|
|
| 75,068 |
|
The Company considers Adjusted EBITDA to be an indicator of the operating performance of its assets. The Company also believes that Adjusted EBITDA is frequently used by industry analysts, investors and lenders as a measure of valuation.
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. The Company does not provide reconciliations on a forward-looking basis. Further discussions and reconciliations of the Company's non-GAAP financial measures to comparable GAAP financial measures can be found on its website www.SBGI.net.
Sinclair Broadcast Group, Inc. and Subsidiaries
Reconciliation of Non-GAAP Measurements - Unaudited
All periods reclassified to conform with current year GAAP presentation
(in millions)
| Three Months Ended September 30, |
| Nine Months Ended September 30, | ||||||||||||
| 2022 |
| 2021 |
| 2022 |
| 2021 | ||||||||
Adjusted EBITDA |
|
|
|
|
|
|
| ||||||||
Net income (loss) attributable to Sinclair Broadcast Group | $ | 21 |
|
| $ | 19 |
|
| $ | 2,597 |
|
| $ | (325 | ) |
Add: Income from redeemable noncontrolling interests |
| 5 |
|
|
| 4 |
|
|
| 14 |
|
|
| 13 |
|
Add: Income (loss) from noncontrolling interests |
| 3 |
|
|
| (6 | ) |
|
| 28 |
|
|
| 27 |
|
Add: Income tax provision (benefit) |
| 109 |
|
|
| (91 | ) |
|
| 756 |
|
|
| (169 | ) |
Add: Other expense |
| — |
|
|
| 2 |
|
|
| 11 |
|
|
| — |
|
Add: Income from equity method investments |
| (33 | ) |
|
| (12 | ) |
|
| (48 | ) |
|
| (23 | ) |
Add: (Income) loss from other investments and impairments |
| (5 | ) |
|
| 2 |
|
|
| 154 |
|
|
| (58 | ) |
Add: Gain on extinguishment of debt/insurance proceeds |
| — |
|
|
| — |
|
|
| (3 | ) |
|
| — |
|
Add: Interest expense |
| 59 |
|
|
| 155 |
|
|
| 228 |
|
|
| 466 |
|
Less: Interest income |
| (5 | ) |
|
| — |
|
|
| (10 | ) |
|
| — |
|
Less: Gain on deconsolidation of subsidiary |
| — |
|
|
| — |
|
|
| (3,357 | ) |
|
| — |
|
Less: Gain on asset dispositions and other, net of impairment |
| (28 | ) |
|
| (4 | ) |
|
| (37 | ) |
|
| (26 | ) |
Add: Amortization of intangible assets & other assets |
| 43 |
|
|
| 120 |
|
|
| 179 |
|
|
| 364 |
|
Add: Depreciation of property & equipment |
| 24 |
|
|
| 28 |
|
|
| 76 |
|
|
| 84 |
|
Add: Stock-based compensation |
| 5 |
|
|
| 9 |
|
|
| 33 |
|
|
| 55 |
|
Add: Amortization of program contract costs |
| 22 |
|
|
| 22 |
|
|
| 68 |
|
|
| 67 |
|
Less: Cash film payments |
| (26 | ) |
|
| (27 | ) |
|
| (78 | ) |
|
| (77 | ) |
Add: Amortization of sports programming rights |
| — |
|
|
| 531 |
|
|
| 326 |
|
|
| 1,912 |
|
Less: Cash sports programming rights payments |
| — |
|
|
| (328 | ) |
|
| (325 | ) |
|
| (1,338 | ) |
Add: Transaction and transition service, COVID, legal and other non-recurring expense |
| 4 |
|
|
| 27 |
|
|
| 23 |
|
|
| 94 |
|
Adjusted EBITDA | $ | 198 |
|
| $ | 451 |
|
| $ | 635 |
|
| $ | 1,066 |
|
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 potential impacts of the war in Ukraine and the COVID-19 pandemic on the Company's business operations, financial results and financial position and on the world economy, the impact of changes in national and regional economies, the Company's ability to generate cash to service its substantial indebtedness, successful execution of outsourcing agreements, pricing and demand fluctuations in local and national advertising, volatility in programming costs, the market acceptance of new programming, the successful execution of retransmission consent agreements, the successful execution of network and MVPD affiliation agreements, the impact of OTT and other emerging technologies and their potential impact on cord-cutting, the impact of MVPDs, vMVPDs, and OTT distributors offering "skinny" programming bundles that may not include all programming of the Company's networks, the Company's ability to identify and consummate acquisitions and investments and to achieve anticipated returns on those investments once consummated, the impact of pending and future litigation claims against the Company, material legal, financial and reputational risks resulting from a breach of the Company's information systems, and operational disruptions due to the October 2021 cybersecurity event, the impact of FCC and other regulatory proceedings against the Company, uncertainties associated with potential changes in the regulatory environment affecting the Company's business and growth strategy, 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/20221102005415/en/
CONTACT: Investors:
Steve Zenker, VP, Investor Relations
Billie-Jo McIntire, AVP, Investor Relations
(410) 568-1500Media:
Sinclair@5wpr.com
KEYWORD: UNITED STATES NORTH AMERICA MARYLAND
INDUSTRY KEYWORD: ONLINE MEDIA ENTERTAINMENT SPORTS MOBILE ENTERTAINMENT LICENSING (SPORTS) OTHER SPORTS GENERAL ENTERTAINMENT OTHER ENTERTAINMENT OTHER COMMUNICATIONS TV AND RADIO COMMUNICATIONS
SOURCE: Sinclair Broadcast Group, Inc.
Copyright Business Wire 2022.
PUB: 11/02/2022 07:30 AM/DISC: 11/02/2022 07:32 AM
http://www.businesswire.com/news/home/20221102005415/en