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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q

(Mark One) 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended September 30, 2022
 
OR
 
         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from                      to                       .
 
COMMISSION FILE NUMBER: 000-26076
 
SINCLAIR BROADCAST GROUP, INC.
(Exact name of Registrant as specified in its charter)
 
Maryland 52-1494660
(State or other jurisdiction of Incorporation or organization)(I.R.S. Employer Identification No.)
 
10706 Beaver Dam Road
Hunt Valley, Maryland 21030
(Address of principal executive office, zip code)
 
(410) 568-1500
(Registrant’s telephone number, including area code)
 
None
(Former name, former address and former fiscal year, if changed since last report)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, par value $ 0.01 per shareSBGIThe NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such file).
Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.  See definitions of "large accelerated filer", "accelerated filer" and "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.
    
 Number of shares outstanding as of
Title of each class November 4, 2022
Class A Common Stock45,850,774
Class B Common Stock23,775,056


PART I. FINANCIAL INFORMATION



SINCLAIR BROADCAST GROUP, INC.
 
FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2022
 
TABLE OF CONTENTS
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

2

ITEM 1.  FINANCIAL STATEMENTS
3

SINCLAIR BROADCAST GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share data) (Unaudited) 
 As of September 30,
2022
As of December 31,
2021
ASSETS  
Current assets:  
Cash and cash equivalents$607 $816 
Accounts receivable, net of allowance for doubtful accounts of $8 and $7, respectively
586 1,245 
Income taxes receivable171 152 
Prepaid sports rights 85 
Prepaid expenses and other current assets199 173 
Total current assets1,563 2,471 
Property and equipment, net720 833 
Operating lease assets146 207 
Deferred tax assets 293 
Restricted cash 3 
Goodwill2,088 2,088 
Indefinite-lived intangible assets150 150 
Customer relationships, net464 3,904 
Other definite-lived intangible assets, net525 1,184 
Other assets949 1,408 
Total assets (a)$6,605 $12,541 
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, AND EQUITY  
Current liabilities:  
Accounts payable and accrued liabilities$412 $655 
Current portion of notes payable, finance leases, and commercial bank financing43 69 
Current portion of operating lease liabilities23 35 
Current portion of program contracts payable102 97 
Other current liabilities108 346 
Total current liabilities688 1,202 
Notes payable, finance leases, and commercial bank financing, less current portion4,226 12,271 
Operating lease liabilities, less current portion156 205 
Program contracts payable, less current portion12 21 
Deferred tax liabilities465  
Other long-term liabilities228 351 
Total liabilities (a)5,775 14,050 
Commitments and contingencies (See Note 6)
Redeemable noncontrolling interests190 197 
Shareholders' equity:  
Class A Common Stock, $.01 par value, 500,000,000 shares authorized, 46,073,926 and 49,314,303 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 capital623 691 
Retained earnings (accumulated deficit)84 (2,460)
Accumulated other comprehensive loss(2)(2)
Total Sinclair Broadcast Group shareholders’ equity (deficit)706 (1,770)
Noncontrolling interests(66)64 
Total equity (deficit)640 (1,706)
Total liabilities, redeemable noncontrolling interests, and equity$6,605 $12,541 
 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
(a)     Our consolidated total assets as of September 30, 2022 and December 31, 2021 include total assets of variable interest entities ("VIE") of $113 million and $217 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of September 30, 2022 and December 31, 2021 include total liabilities of VIEs of $18 million and $62 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 9. Variable Interest Entities.
4

SINCLAIR BROADCAST GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except share and per share data) (Unaudited) 
 Three Months Ended 
 September 30,
Nine Months Ended 
 September 30,
 2022202120222021
REVENUES:  
Media revenues$836 $1,526 $2,942 $4,623 
Non-media revenues7 9 26 35 
Total revenues843 1,535 2,968 4,658 
OPERATING EXPENSES:  
Media programming and production expenses396 1,022 1,557 3,390 
Media selling, general and administrative expenses190 228 605 675 
Amortization of program contract costs22 22 68 67 
Non-media expenses12 11 35 42 
Depreciation of property and equipment24 28 76 84 
Corporate general and administrative expenses30 35 115 132 
Amortization of definite-lived intangible assets43 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 investments33 12 48 23 
Other income (expense), net10 (4)(155)59 
Total other expense, net(16)(147)(332)(384)
Income (loss) before income taxes138 (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 accompanying notes are an integral part of these unaudited consolidated financial statements.
5

SINCLAIR BROADCAST GROUP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions) (Unaudited)
 Three Months Ended 
 September 30,
Nine Months Ended 
 September 30,
 2022202120222021
Net income (loss)$29 $17 $2,639 $(285)
Share of other comprehensive income of equity method investments 1 3 6 
Comprehensive income (loss)29 18 2,642 (279)
Comprehensive income attributable to the redeemable noncontrolling interests(5)(4)(14)(13)
Comprehensive (income) loss attributable to the noncontrolling interests(3)6 (28)(27)
Comprehensive income (loss) attributable to Sinclair Broadcast Group$21 $20 $2,600 $(319)
 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
6

SINCLAIR BROADCAST GROUP, INC.
CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) AND REDEEMABLE NONCONTROLLING INTERESTS
(in millions, except share and per share data) (Unaudited)
Nine Months Ended September 30, 2021
Sinclair Broadcast Group Shareholders  
Redeemable Noncontrolling InterestsClass A
Common Stock
Class B
Common Stock
Additional
Paid-In
Capital
Accumulated DeficitAccumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total Deficit
SharesValuesSharesValues
BALANCE, December 31, 2020$190 49,252,671 $1 24,727,682 $ $721 $(1,986)$(10)$89 $(1,185)
Dividends declared and paid on Class A and Class B Common Stock ($0.60 per share)
— — — — — — (46)— — (46)
Class B Common Stock converted into Class A Common Stock— 952,626 — (952,626)— — — — — — 
Class A Common Stock issued pursuant to employee benefit plans— 1,505,335 — — — 26 — — — 26 
Distributions to noncontrolling interests, net(9)— — — — — — — (63)(63)
Other comprehensive income— — — — — — — 6 — 6 
Net income (loss)13 — — — — — (325)— 27 (298)
BALANCE, September 30, 2021$194 51,710,632 $1 23,775,056 $ $747 $(2,357)$(4)$53 $(1,560)
Three Months Ended September 30, 2021
 Sinclair Broadcast Group Shareholders  
 Redeemable Noncontrolling InterestsClass A
Common Stock
Class B
Common Stock
Additional
Paid-In
Capital
Accumulated DeficitAccumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total Deficit
 SharesValuesSharesValues
BALANCE, June 30, 2021$190 51,616,924 $1 23,775,056 $ $740 $(2,360)$(5)$72 $(1,552)
Dividends declared and paid on Class A and Class B Common Stock ($0.20 per share)
— — — — — — (16)— — (16)
Class A Common Stock issued pursuant to employee benefit plans— 93,708 — — — 7 — — — 7 
Distributions to noncontrolling interests— — — — — — — — (13)(13)
Other comprehensive income— — — — — — — 1 — 1 
Net income (loss)4 — — — — — 19 — (6)13 
BALANCE, September 30, 2021$194 51,710,632 $1 23,775,056 $ $747 $(2,357)$(4)$53 $(1,560)

 The accompanying notes are an integral part of these unaudited consolidated financial statements.
7

SINCLAIR BROADCAST GROUP, INC.
CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) AND REDEEMABLE NONCONTROLLING INTERESTS
(in millions, except share and per share data) (Unaudited)
Nine Months Ended September 30, 2022
 Sinclair Broadcast Group Shareholders  
 Redeemable Noncontrolling InterestsClass A
Common Stock
Class B
Common Stock
Additional
Paid-In
Capital
(Accumulated Deficit) Retained EarningsAccumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total (Deficit) Equity
 SharesValuesSharesValues
BALANCE, December 31, 2021$197 49,314,303 $1 23,775,056 $ $691 $(2,460)$(2)$64 $(1,706)
Dividends declared and paid on Class A and Class B Common Stock ($0.75 per share)
— — — — — — (53)— — (53)
Repurchases of Class A Common Stock— (4,547,370)— — — (114)— — — (114)
Class A Common Stock issued pursuant to employee benefit plans— 1,306,993 — — — 46 — — — 46 
Distributions to noncontrolling interests(5)— — — — — — — (10)(10)
Other comprehensive income— — — — — — — 3 — 3 
Deconsolidation of subsidiary(16)— — — — — — (3)(148)(151)
Net income14 — — — — — 2,597 — 28 2,625 
BALANCE, September 30, 2022$190 46,073,926 $1 23,775,056 $ $623 $84 $(2)$(66)$640 
Three Months Ended September 30, 2022
 Sinclair Broadcast Group Shareholders  
 Redeemable Noncontrolling InterestsClass A
Common Stock
Class B
Common Stock
Additional
Paid-In
Capital
Retained EarningsAccumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total Equity
 SharesValuesSharesValues
BALANCE, June 30, 2022$187 46,470,546 $1 23,775,056 $ $628 $79 $(2)$(64)$642 
Dividends declared and paid on Class A and Class B Common Stock ($0.25 per share)
— — — — — — (16)— — (16)
Repurchases of Class A Common Stock— (489,051)— — — (10)— — — (10)
Class A Common Stock issued pursuant to employee benefit plans— 92,431 — — — 5 — — — 5 
Distributions to noncontrolling interests(2)— — — — — — — (5)(5)
Net income5 — — — — — 21 — 3 24 
BALANCE, September 30, 2022$190 46,073,926 $1 23,775,056 $ $623 $84 $(2)$(66)$640 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
8

SINCLAIR BROADCAST GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions) (Unaudited)
 Nine Months Ended September 30,
 20222021
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income (loss)$2,639 $(285)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:  
Amortization of sports programming rights326 1,912 
Amortization of definite-lived intangible and other assets179 364 
Depreciation of property and equipment76 84 
Amortization of program contract costs68 67 
Stock-based compensation46 52 
Deferred tax provision (benefit)759 (92)
Gain on asset dispositions and other, net of impairment(10)(24)
Gain on deconsolidation of subsidiary(3,357) 
Income from equity method investments(48)(23)
Loss (income) from investments144 (55)
Distributions from investments74 27 
Sports programming rights payments(325)(1,338)
Rebate payments to distributors(15)(202)
Gain on extinguishment of debt(3) 
Change in assets and liabilities, net of acquisitions and deconsolidation of subsidiary:  
Decrease (increase) in accounts receivable48 (116)
Increase in prepaid expenses and other current assets(95)(130)
Increase in accounts payable and accrued and other current liabilities49 80 
Net change in net income taxes payable/receivable(19)(42)
Decrease in program contracts payable(78)(77)
Other, net 33 
Net cash flows from operating activities458 235 
CASH FLOWS USED IN INVESTING ACTIVITIES:  
Acquisition of property and equipment(74)(62)
Spectrum repack reimbursements3 22 
Proceeds from sale of assets9 43 
Deconsolidation of subsidiary cash(315) 
Purchases of investments(67)(244)
Distributions from investments90 11 
Other, net2 (1)
Net cash flows used in investing activities(352)(231)
CASH FLOWS USED IN FINANCING ACTIVITIES:  
Proceeds from notes payable and commercial bank financing728 357 
Repayments of notes payable, commercial bank financing and finance leases(854)(400)
Repurchase of outstanding Class A Common Stock(114) 
Dividends paid on Class A and Class B Common Stock(53)(