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Sinclair Broadcast Group Inc (SBGI) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

Sinclair Broadcast Group Inc

CIK: 912752 Ticker: SBGI

News Release

        
SINCLAIR REPORTS THIRD QUARTER 2021 FINANCIAL RESULTS


BALTIMORE (November 3, 2021) - Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the "Company" or "Sinclair," today reported financial results for the three and nine months ended September 30, 2021.

Third Quarter Highlights
Consolidated total revenue of $1,535 million was flat to the third quarter of 2020.
Consolidated operating income of $73 million, including $27 million of non-recurring costs for transaction and transition services, COVID, legal, and regulatory costs ("Adjustments"), increased compared to an operating loss in the third quarter of 2020 of $4,216 million, which included a $4,264 million impairment taken on the Local Sports segment relating to goodwill and definite-lived intangible assets, and $13 million of Adjustments. Excluding the Adjustments and impairment, operating income of $100 million increased $39 million compared to the third quarter of 2020.
Net income attributable to the Company was $19 million versus a net loss of $3,256 million in the prior year period. Excluding the Adjustments, the Company had net income of $39 million.
Consolidated Adjusted EBITDA, which excludes the Adjustments, of $451 million, decreased 39% versus the third quarter of 2020.

CEO Comment:
"As the economy emerges from the pandemic, our advertising recovery continues to be strong, with our core advertising, excluding auto, growing versus 2019 across both our broadcast and sports segments," said Chris Ripley, Sinclair's President & Chief Executive Officer. "The continuing headwinds from auto component shortages, which in the near-term has reduced automotive advertising revenue, has been mostly offset by higher services and sports betting advertising demand, trends we expect to continue throughout the remainder of the year and into next year. 2022 should benefit from the recent moderation of subscriber declines, as well as further recovery from the pandemic and robust political advertising due to the mid-term election cycle, which should favorably affect overall advertising demand and rates."

Ripley continued, "Our focus remains on growth opportunities in the broadcast, news and sports areas. New programming, the implementation of gamification elements across our platforms, the ramping up of activities around a 'Direct to Consumer' product and the utilization of the ATSC 3.0 technology will all be key initiatives as we move into the next year."

Ripley concluded, "We are grateful for the patience and understanding of our customers, partners, and employees as we deal with the challenge of the recent cyber attack on our company. Our employees' quick response and creative workarounds have helped us restore a significant portion of our systems. As we work to complete our investigation, we will look for opportunities to enhance our existing security measures."



The following information was filed by Sinclair Broadcast Group Inc (SBGI) on Wednesday, November 3, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Sinclair Broadcast Group Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Equity (Deficit) And Redeemable Noncontrolling Interests
Consolidated Statements Of Equity (Deficit) And Redeemable Noncontrolling Interests (Parenthetical)
Consolidated Statements Of Operations
Acquisitions And Dispositions Of Assets
Acquisitions And Dispositions Of Assets (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Schedule Of Non-Cancellable Commitments Relating To Sports Rights Agreement (Details)
Condensed Consolidating Financial Statements
Condensed Consolidating Financial Statements (Tables)
Condensed Consolidating Financial Statements - Balance Sheet (Details)
Condensed Consolidating Financial Statements - Narrative (Details)
Condensed Consolidating Financial Statements - Statement Of Cash Flows (Details)
Condensed Consolidating Financial Statements - Statement Of Operations And Comprehensive Income (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Schedule Of Earnings Per Share (Details)
Earnings Per Share - Summary Of Antidilutive Securities (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Schedule Of Carrying Value And Fair Value Of Notes And Debentures (Details)
Fair Value Measurements - Schedule Of Level 3 Activity (Details)
Nature Of Operations And Summary Of Significant Accounting Policies
Nature Of Operations And Summary Of Significant Accounting Policies (Policies)
Nature Of Operations And Summary Of Significant Accounting Policies (Tables)
Nature Of Operations And Summary Of Significant Accounting Policies - Broadcast Television Programming (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Income Taxes (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Nature Of Operations (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Non-Cash Investing And Financing Activities (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Revenue Recognition, Disaggregation Of Revenue (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Revenue Recognition, Narrative (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Share Repurchase Program (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Subsequent Events (Details)
Notes Payable, Finance Leases, And Commercial Bank Financing
Notes Payable, Finance Leases, And Commercial Bank Financing - Accounts Receivable Securitization Facility (Details)
Notes Payable, Finance Leases, And Commercial Bank Financing - Bank Credit Agreements (Details)
Notes Payable, Finance Leases, And Commercial Bank Financing - Notes Payable And Finance Leases To Affiliates, And Debt Of Vies And Guarantees Of Third-Party Debt (Details)
Other Assets
Other Assets (Tables)
Other Assets - Equity Investments And Other Investments (Details)
Other Assets - Schedule Of Other Assets (Details)
Redeemable Noncontrolling Interests
Redeemable Noncontrolling Interests (Details)
Related Person Transactions
Related Person Transactions - Atlantic Automotive Corporation (Details)
Related Person Transactions - Cunningham Broadcasting Corporation (Details)
Related Person Transactions - Employees (Details)
Related Person Transactions - Equity Method Investees (Details)
Related Person Transactions - Leased Property By Real Estate Ventures (Details)
Related Person Transactions - Sports Programming Rights (Details)
Related Person Transactions - Transactions With Our Controlling Shareholders (Details)
Segment Data
Segment Data (Tables)
Segment Data - Narrative (Details)
Segment Data - Segment Financial Information (Details)
Subsequent Events
Subsequent Events (Details)
Variable Interest Entities
Variable Interest Entities (Tables)
Variable Interest Entities - Narrative (Details)
Variable Interest Entities - Schedule Of Variable Interest Entities Assets And Liabilities (Details)
Ticker: SBGI
CIK: 912752
Form Type: 10-Q Quarterly Report
Accession Number: 0000912752-21-000082
Submitted to the SEC: Tue Nov 09 2021 4:18:15 PM EST
Accepted by the SEC: Tue Nov 09 2021
Period: Thursday, September 30, 2021
Industry: Television Broadcasting Stations

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