Sinclair, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Sinclair, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial performance and operational status.</b>

AI Summary

Sinclair, Inc. (SBGI) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Sinclair, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal business is Television Broadcasting Stations. The filing includes data for Sinclair Broadcast Group, LLC. The company is incorporated in Maryland (MD).

Why It Matters

For investors and stakeholders tracking Sinclair, Inc., this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial data for Sinclair, Inc., crucial for understanding the company's performance in the first quarter of 2024. The report details the company's financial position, including assets, liabilities, and equity, as of March 31, 2024, and compares it to previous periods.

Risk Assessment

Risk Level: — Sinclair, Inc. shows moderate risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate red flags, indicating a low level of immediate risk from this specific document.

Analyst Insight

Monitor future filings for detailed financial results and management commentary on performance trends in the television broadcasting sector.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-05-10 — Filing Date (Filed as of Date)
• 122 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• Sinclair, Inc. (company) — Filer name
• Sinclair Broadcast Group, LLC (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-10 (date) — Filing date
• MD (location) — State of incorporation

FAQ

Industry Context

Sinclair, Inc. operates in the television broadcasting industry, a sector subject to regulatory changes and evolving media consumption habits.

Regulatory Implications

As a television broadcaster, Sinclair is subject to regulations from the Federal Communications Commission (FCC) regarding licensing, content, and ownership.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and Management's Discussion and Analysis.
2. Analyze segment performance if provided in the detailed financial tables.
3. Compare Sinclair's Q1 2024 results to industry benchmarks and prior year performance.

Key Dates

• 2024-03-31: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive update on the company's financial performance and position during the quarter.)

Year-Over-Year Comparison

This filing represents the first quarterly report for the fiscal year 2024, providing updated financial information compared to the previous year's filings.

Filing Documents

• sbgi-20240331.htm (10-Q) — 2023KB
• sbg-formofrestrictedstocka.htm (EX-10.1) — 46KB
• sbg-saragreementxmar24.htm (EX-10.2) — 56KB
• sbgi-dbgemploymentagreemen.htm (EX-10.3) — 166KB
• a2024q1ex311xsinclairinc.htm (EX-31.1) — 16KB
• a2024q1ex312xsinclairinc.htm (EX-31.2) — 16KB
• a2024q1ex313xsinclairbroad.htm (EX-31.3) — 16KB
• a2024q1ex314xsinclairbroad.htm (EX-31.4) — 16KB
• a2024q1ex321xsinclairinc.htm (EX-32.1) — 6KB
• a2024q1ex322xsinclairinc.htm (EX-32.2) — 6KB
• a2024q1ex323xsinclairbroad.htm (EX-32.3) — 6KB
• a2024q1ex324xsinclairbroad.htm (EX-32.4) — 6KB
• 0001971213-24-000037.txt (&nbsp;) — 12490KB
• sbgi-20240331.xsd (EX-101.SCH) — 72KB
• sbgi-20240331_cal.xml (EX-101.CAL) — 69KB
• sbgi-20240331_def.xml (EX-101.DEF) — 767KB
• sbgi-20240331_lab.xml (EX-101.LAB) — 642KB
• sbgi-20240331_pre.xml (EX-101.PRE) — 923KB
• sbgi-20240331_htm.xml (XML) — 1530KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report includes or incorporates forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Exchange Act, and the U.S. Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to risks, uncertainties, and assumptions about us, including, among other things, the following risks. All risk factors are deemed to be related to both Sinclair and its subsidiaries, including SBG. Any risks only applicable to Sinclair are denoted as such. Industry risks The business conditions of our advertisers, particularly in the political, automotive, and service categories; the performance of networks and syndicators that provide us with programming content, as well as the performance of internally originated programming; subscriber churn due to the impact of technological changes, the proliferation of over-the-top ("OTT") direct to consumer platforms, and economic conditions on consumers desire to pay for subscription services; the loss of appeal of our local news, network content, syndicated program content, and sports programming, which may be unpredictable; the availability and cost of programming from networks and syndicators, as well as the cost of internally originated programming; for Sinclair, the availability and cost of rights to air professional tennis tournaments; our relationships with networks and their strategies to distribute their programming via means other than their local television affiliates, such as OTT or direct-to-consumer content; labor disputes and legislation and other union activity associated with film, acting, writing, and other guilds; the broadcasting community's ability to develop and adopt a viable mobile digital broadcast television ("mobile DTV") strategy and platform,

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Table of Contents SINCLAIR, INC. SINCLAIR BROADCAST GROUP, LLC FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2024 TABLE OF CONTENTS

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 2

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 4

FINANCIAL STATEMENTS OF SINCLAIR, INC. (UNAUDITED)

ITEM 1A. FINANCIAL STATEMENTS OF SINCLAIR, INC. (UNAUDITED) 4 CONSOLIDATED BALANCE SHEETS 5 CONSOLIDATED STATEMENTS OF OPERATIONS 6 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 7 CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS 8 CONSOLIDATED STATEMENTS OF CASH FLOWS 10 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 11

FINANCIAL STATEMENTS OF SINCLAIR BROADCAST GROUP, LLC (UNAUDITED)

ITEM 1B. FINANCIAL STATEMENTS OF SINCLAIR BROADCAST GROUP, LLC (UNAUDITED) 28 CONSOLIDATED BALANCE SHEETS 29 CONSOLIDATED STATEMENTS OF OPERATIONS 30 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 31 CONSOLIDATED STATEMENTS OF MEMBER'S EQUITY (DEFICIT) AND REDEEMABLE NONCONTROLLING INTERESTS 32 CONSOLIDATED STATEMENTS OF CASH FLOWS 34 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 35

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 51

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 64

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 64

OTHER INFORMATION

PART II. OTHER INFORMATION 65 2 Table of Contents

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 65

RISK FACTORS

ITEM 1A. RISK FACTORS 65

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 65

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 65

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 65

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 65

EXHIBITS

ITEM 6. EXHIBITS 66 SIGNATURE 67 3 Table of Contents

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS This report includes the Consolidated Financial Statements of Sinclair and SBG in Item 1A and Item 1B, respectively.

FINANCIAL STATEMENTS OF SINCLAIR, INC

ITEM 1A. FINANCIAL STATEMENTS OF SINCLAIR, INC. 4 Table of Contents SINCLAIR, INC. CONSOLIDATED BALANCE SHEETS (in millions, except share and per share data) (Unaudited) As of March 31, 2024 As of December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 655 $ 662 Accounts receivable, net of allowance for doubtful accounts of $ 4 as of both periods 642 616 Income taxes receivable 7 8 Prepaid expenses and other current assets 177 189 Total current assets 1,481 1,475 Property and equipment, net 720 715 Operating lease assets 139 142 Goodwill 2,082 2,082 Indefinite-lived intangible assets 150 150 Customer relationships, net 352 369 Other definite-lived intangible assets, net 389 410 Other assets 725 742 Total assets (a) $ 6,038 $ 6,085 LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, AND EQUITY Current liabilities: Accounts payable and accrued liabilities $ 854 $ 913 Current portion of notes payable, finance leases, and commercial bank financing 37 36 Current portion of operating lease liabilities 22 21 Current portion of program contracts payable 57 76 Other current liabilities 70 57 Total current liabilities 1,040 1,103 Notes payable, finance leases, and commercial bank financing, less current portion 4,112 4,139 Operating lease liabilities, less current portion 148 152 Program contracts payable, less current portion 11 14 Deferred tax liabilities 258 252 Other long-term liabilities 200 204 Total liabilities (a) 5,769 5,864 Commitments and contingencies (See Note 5) Shareholders' equity: Class A Common Stock, $ .01 par value, 500,000,000 shares authorized, 42,305,323 and 39,737,682 shares issued and outstanding, respectively 1 1 Class B Common Stock, $ .01 par value, 140,000,000 shares authorized, 23,775,056 and 23,775,056 shares issued and outstanding, respectively, convertible into Class A Common Stock — — Additional paid-in capital 554 517 Accumulated deficit ( 227 ) ( 234 ) Accumulated other compreh

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View this 10-Q filing on SEC EDGAR