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Sinclair Broadcast Group Inc (SBGI) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

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SBGI Quarterly Reports

Sinclair Broadcast Group Inc

CIK: 912752 Ticker: SBGI

News Release

        
SINCLAIR REPORTS FIRST QUARTER 2022 FINANCIAL RESULTS


BALTIMORE (May 4, 2022) - Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the "Company" or "Sinclair," today reported financial results for the three months ended March 31, 2022.

First Quarter Highlights:
Broadcast & Other advertising revenue increased 7% from the same period a year ago.
Effective March 1, 2022, recapitalized debt obligations of Diamond Sports Group ("DSG"), a subsidiary of the Company, including raising additional capital, solidifying its capital position. In connection with the recapitalization, DSG agreed to changes to the composition of its Board of Managers, resulting in deconsolidation of the local sports segment from the Company's financial statements and accounting for DSG under the equity method of accounting. As a result, the Company recognized a $3.4 billion non-cash pre-tax gain on asset dispositions.
Monetized approximately $40 million of investments, generating an annualized return of 30% and a Multiple on Invested Capital (MOIC) of 1.8x.

CEO Comment:
"Sinclair progressed on a number of fronts during the quarter, making important strides in advancing key initiatives," said Chris Ripley, Sinclair's President & Chief Executive Officer. "Political advertising is off to a strong start, exceeding our expectations for the first quarter and helping drive our Broadcast and Other first quarter media revenue to the upper end of its guidance range. We believe this is a good indicator of how strong this year's political cycle can be and gives us confidence that we can achieve a record amount of political advertising for a mid-term election year."

Ripley continued, "The progress on our initiatives for future growth continues to advance. Our Compulse 360 omni-channel digital advertising ecosystem, offering the ability to run local campaigns at scale, is gaining traction and is expected to see significant growth this year and into the future, as we add incremental functionality and features. Also, we will be launching this year the first commercial datacasting service using the NextGen (ATSC 3.0) technology, an important business use case that will demonstrate the potential for broadcasters to grow beyond broadcast."

Ripley concluded, "We remain committed to bringing value to our shareholders through a number of different avenues. Utilizing our strong free cash flow, we intend to continue to invest for the future, through actions to grow organically, whether it be content or technology, as well as through strategic and synergistic investments and acquisitions that will help drive profitability in the years ahead. Importantly, we will not hesitate to monetize our assets, when appropriate, and when most beneficial for our stakeholders."



The following information was filed by Sinclair Broadcast Group Inc (SBGI) on Wednesday, May 4, 2022 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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Sinclair Broadcast Group Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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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 - Narrative (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 - Deconsolidation Of Diamond Sports Intermediate Holdings Llc (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)
Notes Payable, Finance Leases, And Commercial Bank Financing
Notes Payable, Finance Leases, And Commercial Bank Financing (Details)
Other Assets
Other Assets (Tables)
Other Assets - Narrative (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 - Diamond Sports Intermediate Holdings Llc (Details)
Related Person Transactions - Employees (Details)
Related Person Transactions - Leased Property By Real Estate Ventures (Details)
Related Person Transactions - Other Equity Method Investees (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: 0000912752-22-000047
Submitted to the SEC: Tue May 10 2022 4:54:21 PM EST
Accepted by the SEC: Tue May 10 2022
Period: Thursday, March 31, 2022
Industry: Television Broadcasting Stations

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