Sinclair, Inc. Files Q2 2024 10-Q Report
Ticker: SBGI · Form: 10-Q · Filed: Aug 9, 2024 · CIK: 1971213
Sentiment: neutral
Topics: 10-Q, quarterly-report, broadcasting
TL;DR
**Sinclair Q2 10-Q is IN! Check financials for the latest.**
AI Summary
Sinclair, Inc. (Sinclair Broadcast Group, LLC) filed a 10-Q report for the period ending June 30, 2024. The filing details financial information and operational aspects of the company, which operates in the television broadcasting stations sector. The report covers the fiscal period from January 1, 2024, to June 30, 2024.
Why It Matters
This filing provides investors and analysts with a crucial update on Sinclair's financial performance and operational status for the second quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: medium — As a publicly traded company in the media sector, Sinclair faces inherent risks related to market conditions, regulatory changes, and competition, which are detailed in its SEC filings.
Key Numbers
- 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
- 20240809 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- Sinclair, Inc. (company) — Filer of the 10-Q report.
- Sinclair Broadcast Group, LLC (company) — Also identified as a filer, likely a subsidiary or related entity.
- 20240630 (date) — End of the reporting period for the 10-Q.
- 20240809 (date) — Date the 10-Q was filed.
- 410-568-1711 (phone_number) — Business phone number for Sinclair, Inc.
FAQ
What is the primary business of Sinclair, Inc. as indicated by its SIC code?
Sinclair, Inc. is primarily involved in Television Broadcasting Stations, as indicated by its Standard Industrial Classification (SIC) code [4833].
What is the fiscal year end for Sinclair, Inc.?
The fiscal year end for Sinclair, Inc. is December 31 (1231).
What is the SEC file number for Sinclair, Inc.?
The SEC file number for Sinclair, Inc. is 333-271072.
What is the business address listed for Sinclair, Inc.?
The business address listed for Sinclair, Inc. is 10706 BEAVER DAM ROAD, HUNT VALLEY, MD 21030.
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending June 30, 2024 (20240630).
Filing Stats: 4,762 words · 19 min read · ~16 pages · Grade level 20 · Accepted 2024-08-09 11:03:59
Filing Documents
- sbgi-20240630.htm (10-Q) — 2684KB
- a2024q2ex311xsinclairinc.htm (EX-31.1) — 16KB
- a2024q2ex312xsinclairinc.htm (EX-31.2) — 16KB
- a2024q2ex313xsinclairbroad.htm (EX-31.3) — 16KB
- a2024q2ex314xsinclairbroad.htm (EX-31.4) — 16KB
- a2024q2ex321xsinclairinc.htm (EX-32.1) — 6KB
- a2024q2ex322xsinclairinc.htm (EX-32.2) — 6KB
- a2024q2ex323xsinclairbroad.htm (EX-32.3) — 6KB
- a2024q2ex324xsinclairbroad.htm (EX-32.4) — 6KB
- 0001971213-24-000056.txt ( ) — 14242KB
- sbgi-20240630.xsd (EX-101.SCH) — 72KB
- sbgi-20240630_cal.xml (EX-101.CAL) — 70KB
- sbgi-20240630_def.xml (EX-101.DEF) — 776KB
- sbgi-20240630_lab.xml (EX-101.LAB) — 672KB
- sbgi-20240630_pre.xml (EX-101.PRE) — 939KB
- sbgi-20240630_htm.xml (XML) — 2063KB
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 and their ability to pay for services provided; the performance of networks and syndicators that provide us with programming content, as well as the performance of internally originated programming; multi-channel video programming distributors ("MVPD") and virtual MVPD's (" vMVPD") subscriber churn due to the impact of technological changes, the proliferation of over-the-top ("OTT") direct to consumer platforms, the loss of key entertainment and sports programming previously exclusively available to an MVPD or vMVPD subscriber, and economic conditions on consumers desire to pay for subscription services; the business conditions of the MVPD's and vMVPD's we do business with and their ability to pay to broadcast our content on their distribution platforms; 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 th
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION Table of Contents SINCLAIR, INC. SINCLAIR BROADCAST GROUP, LLC FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 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) 29 CONSOLIDATED BALANCE SHEETS 30 CONSOLIDATED STATEMENTS OF OPERATIONS 31 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 32 CONSOLIDATED STATEMENTS OF MEMBER'S EQUITY (DEFICIT) AND REDEEMABLE NONCONTROLLING INTERESTS 33 CONSOLIDATED STATEMENTS OF CASH FLOWS 35 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 36
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 52
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 66
CONTROLS AND PROCEDURES
ITEM 4. CONTROLS AND PROCEDURES 66
OTHER INFORMATION
PART II. OTHER INFORMATION 68 2 Table of Contents
LEGAL PROCEEDINGS
ITEM 1. LEGAL PROCEEDINGS 68
RISK FACTORS
ITEM 1A. RISK FACTORS 68
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 68
DEFAULTS UPON SENIOR SECURITIES
ITEM 3. DEFAULTS UPON SENIOR SECURITIES 68
MINE SAFETY DISCLOSURES
ITEM 4. MINE SAFETY DISCLOSURES 68
OTHER INFORMATION
ITEM 5. OTHER INFORMATION 68
EXHIBITS
ITEM 6. EXHIBITS 69 SIGNATURE 70 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 June 30, 2024 As of December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 378 $ 662 Accounts receivable, net of allowance for doubtful accounts of $ 4 as of both periods 662 616 Income taxes receivable 8 8 Prepaid expenses and other current assets 174 189 Total current assets 1,222 1,475 Property and equipment, net 717 715 Operating lease assets 133 142 Goodwill 2,082 2,082 Indefinite-lived intangible assets 150 150 Customer relationships, net 334 369 Other definite-lived intangible assets, net 368 410 Other assets 680 742 Total assets (a) $ 5,686 $ 6,085 LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, AND EQUITY Current liabilities: Accounts payable and accrued liabilities $ 503 $ 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 47 76 Other current liabilities 77 57 Total current liabilities 686 1,103 Notes payable, finance leases, and commercial bank financing, less current portion 4,106 4,139 Operating lease liabilities, less current portion 143 152 Program contracts payable, less current portion 15 14 Deferred tax liabilities 263 252 Other long-term liabilities 198 204 Total liabilities (a) 5,411 5,864 Commitments and contingencies (See Note 5) Shareholders' equity: Class A Common Stock, $ .01 par value, 500,000,000 shares authorized, 42,505,771 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 560 517 Accumulated deficit ( 227 ) ( 234 ) Accumulated other comprehens