Company Quick10K Filing
Sinclair Broadcast
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 93 $4,981
10-Q 2019-11-12 Quarter: 2019-09-30
10-Q 2019-08-08 Quarter: 2019-06-30
10-Q 2019-05-10 Quarter: 2019-03-31
10-K 2019-03-01 Annual: 2018-12-31
10-Q 2018-11-08 Quarter: 2018-09-30
10-Q 2018-08-08 Quarter: 2018-06-30
10-Q 2018-05-10 Quarter: 2018-03-31
10-K 2018-03-01 Annual: 2017-12-31
10-Q 2017-11-08 Quarter: 2017-09-30
10-Q 2017-08-09 Quarter: 2017-06-30
10-Q 2017-05-10 Quarter: 2017-03-31
10-K 2017-02-28 Annual: 2016-12-31
10-Q 2016-11-08 Quarter: 2016-09-30
10-Q 2016-08-05 Quarter: 2016-06-30
10-Q 2016-05-10 Quarter: 2016-03-31
10-K 2016-02-26 Annual: 2015-12-31
10-Q 2015-11-06 Quarter: 2015-09-30
10-Q 2015-08-07 Quarter: 2015-06-30
10-Q 2015-05-08 Quarter: 2015-03-31
10-K 2015-03-02 Annual: 2014-12-31
10-Q 2014-11-10 Quarter: 2014-09-30
10-Q 2014-08-08 Quarter: 2014-06-30
10-Q 2014-05-08 Quarter: 2014-03-31
10-K 2014-03-03 Annual: 2013-12-31
10-Q 2013-11-12 Quarter: 2013-09-30
10-Q 2013-08-09 Quarter: 2013-06-30
10-Q 2013-05-07 Quarter: 2013-03-31
10-K 2013-03-12 Annual: 2012-12-31
10-Q 2012-11-08 Quarter: 2012-09-30
10-Q 2012-08-08 Quarter: 2012-06-30
10-Q 2012-05-09 Quarter: 2012-03-31
10-K 2012-03-02 Annual: 2011-12-31
10-Q 2011-11-04 Quarter: 2011-09-30
10-Q 2011-08-05 Quarter: 2011-06-30
10-Q 2011-05-06 Quarter: 2011-03-31
10-K 2011-03-04 Annual: 2010-12-31
10-Q 2010-11-05 Quarter: 2010-09-30
10-Q 2010-08-04 Quarter: 2010-06-30
10-Q 2010-05-06 Quarter: 2010-03-31
10-K 2010-03-05 Annual: 2009-12-31
8-K 2019-11-27 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-11-18 Officers, Exhibits
8-K 2019-11-06 Earnings, Exhibits
8-K 2019-08-23 Enter Agreement, M&A, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2019-08-13 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-08-07 Earnings, Exhibits
8-K 2019-08-02 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-07-11 Earnings, Exhibits
8-K 2019-06-06 Shareholder Vote
8-K 2019-05-08 Earnings, Exhibits
8-K 2019-05-03 Enter Agreement, Regulation FD, Exhibits
8-K 2019-02-27 Earnings, Exhibits
8-K 2019-01-25 Officers, Exhibits
8-K 2018-11-07 Earnings, Exhibits
8-K 2018-08-29 Other Events, Exhibits
8-K 2018-08-09 Leave Agreement, Other Events, Exhibits
8-K 2018-08-08 Earnings, Exhibits
8-K 2018-06-07 Shareholder Vote
8-K 2018-05-09 Earnings, Exhibits
8-K 2018-05-08 Enter Agreement, Other Events
8-K 2018-02-28 Earnings, Exhibits
8-K 2018-02-06 Other Events
SBGI 2019-09-30
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 a2019q310-qexhibit311.htm
EX-31.2 a2019q310-qexhibit312.htm
EX-32.1 a2019q310-qexhibit321.htm
EX-32.2 a2019q310-qexhibit322.htm

Sinclair Broadcast Earnings 2019-09-30

SBGI 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
SBGI 4,981 6,554 5,025 3,152 0 339 843 7,815 0% 9.3 5%
NXST 4,805 7,032 5,073 2,767 0 381 779 8,510 0% 10.9 5%
TRCO 4,127 8,463 4,796 2,016 0 364 911 5,726 0% 6.3 4%
TGNA 3,242 5,413 3,933 2,235 1,125 412 765 6,178 50% 8.1 8%
P 2,533 1,173 607 1,517 503 -332 -255 2,401 33% -9.4 -28%
GTN 1,603 7,001 4,988 1,634 0 176 404 5,452 0% 13.5 3%
SSP 1,203 3,048 1,300 0 34 179 2,484 0% 13.9 1%
CETV 1,112 1,469 916 682 304 180 294 1,704 45% 5.8 12%
ETM 813 4,125 2,777 1,480 0 -321 -105 2,499 0% -23.8 -8%
EVC 249 700 397 291 61 -5 33 437 21% 13.1 -1%

Document
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Table of Contents


 
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, 2019
 
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 class
 
Trading Symbol
 
Name of each exchange on which registered
Class A Common Stock, par value $ 0.01 per share
 
SBGI
 
The 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 filer
 
Accelerated filer
 
Non-accelerated filer
 
Smaller reporting company
 
Emerging 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
 
11/8/2019
Class A Common Stock
 
67,094,403
Class B Common Stock
 
25,027,682


Table of Contents

SINCLAIR BROADCAST GROUP, INC.
 
FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2019
 
TABLE OF CONTENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


2

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS
 

3

Table of Contents

SINCLAIR BROADCAST GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share data) (Unaudited) 
 
As of September 30,
2019
 
As of December 31,
2018
ASSETS
 

 
 

Current assets:
 

 
 

Cash and cash equivalents
$
1,399

 
$
1,060

Accounts receivable, net of allowance for doubtful accounts of $3 and $2, respectively
1,137

 
599

Current portion of program contract costs
80

 
64

Income taxes receivable
50

 

Prepaid expenses and other current assets
237

 
61

Total current assets
2,903

 
1,784

Program contract costs, less current portion
6

 
11

Property and equipment, net
740

 
683

Operating lease assets
222

 

Goodwill
4,048

 
2,124

Indefinite-lived intangible assets
158

 
158

Definite-lived intangible assets, net
9,104

 
1,627

Other assets
598

 
185

Total assets (a)
$
17,779

 
$
6,572

 
 
 
 
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, AND EQUITY
 

 
 

Current liabilities:
 

 
 

Accounts payable and accrued liabilities
$
630

 
$
330

Income taxes payable

 
23

Current portion of notes payable, finance leases, and commercial bank financing
71

 
43

Current portion of operating lease liabilities
38

 

Current portion of program contracts payable
107

 
93

Other current liabilities
247

 
84

Total current liabilities
1,093

 
573

Notes payable, finance leases, and commercial bank financing, less current portion
12,392

 
3,850

Operating lease liabilities, less current portion
213

 

Program contracts payable, less current portion
43

 
50

Deferred tax liabilities
361

 
413

Other long-term liabilities
640

 
86

Total liabilities (a)
14,742

 
4,972

Commitments and contingencies (See Note 6)


 


Redeemable noncontrolling interests
1,362

 

Shareholders' equity:
 

 
 

Class A Common Stock, $.01 par value, 500,000,000 shares authorized, 67,063,137 and 68,897,723 shares issued and outstanding, respectively
1

 
1

Class B Common Stock, $.01 par value, 140,000,000 shares authorized, 25,027,682 and 25,670,684 shares issued and outstanding, respectively, convertible into Class A Common Stock

 

Additional paid-in capital
1,028

 
1,121

Retained earnings
467

 
518

Accumulated other comprehensive loss
(1
)
 
(1
)
Total Sinclair Broadcast Group shareholders’ equity
1,495

 
1,639

Noncontrolling interests
180

 
(39
)
Total equity
1,675

 
1,600

Total liabilities, redeemable noncontrolling interests, and equity
$
17,779

 
$
6,572

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

(a)
Our consolidated total assets as of September 30, 2019 and December 31, 2018 include total assets of variable interest entities (VIEs) of $299 million and $128 million, respectively, which can only be used to settle the obligations of the VIEs.  Our consolidated total liabilities as of September 30, 2019 and December 31, 2018 include total liabilities of VIEs of $26 million and $22 million, respectively, for which the creditors of the VIEs have no recourse to us.  See Note 9. Variable Interest Entities.

4

Table of Contents

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,
 
2019
 
2018
 
2019
 
2018
REVENUES:
 

 
 

 
 
 
 
Media revenues
$
1,070

 
$
730

 
$
2,465

 
$
2,070

Non-media revenues
55

 
36

 
153

 
92

Total revenues
1,125

 
766

 
2,618

 
2,162

 
 
 
 
 
 
 
 
OPERATING EXPENSES:
 

 
 

 
 
 
 
Media programming and production expenses
560

 
304

 
1,215

 
894

Media selling, general and administrative expenses
185

 
155

 
510

 
452

Amortization of program contract costs and net realizable value adjustments
22

 
24

 
68

 
76

Non-media expenses
42

 
32

 
120

 
85

Depreciation of property and equipment
24

 
25

 
69

 
75

Corporate general and administrative expenses
237

 
34

 
317

 
89

Amortization of definite-lived intangible and other assets
96

 
45

 
183

 
131

Gain on asset dispositions and other, net of impairment
(35
)
 
(11
)
 
(57
)
 
(37
)
Total operating expenses
1,131

 
608

 
2,425

 
1,765

Operating (loss) income
(6
)
 
158

 
193

 
397

 
 
 
 
 
 
 
 
OTHER INCOME (EXPENSE):
 

 
 

 
 
 
 
Interest expense and amortization of debt discount and deferred financing costs
(129
)
 
(76
)
 
(237
)
 
(238
)
Loss from equity method investments
(12
)
 
(14
)
 
(38
)
 
(44
)
Other income (expense), net
3

 
(6
)
 
12

 
2

Total other expense, net
(138
)
 
(96
)
 
(263
)
 
(280
)
(Loss) income before income taxes
(144
)
 
62

 
(70
)
 
117

INCOME TAX BENEFIT
95

 
3

 
88

 
21

NET (LOSS) INCOME
(49
)
 
65

 
18

 
138

Net income attributable to the redeemable noncontrolling interests
(11
)
 

 
(11
)
 

Net income attributable to the noncontrolling interests

 
(1
)
 
(3
)
 
(3
)
NET (LOSS) INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP
$
(60
)
 
$
64

 
$
4

 
$
135

 
 
 
 
 
 
 
 
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP:
 

 
 

 
 
 
 
Basic earnings per share
$
(0.65
)
 
$
0.63

 
$
0.05

 
$
1.32

Diluted earnings per share
$
(0.64
)
 
$
0.62

 
$
0.05

 
$
1.31

Weighted average common shares outstanding (in thousands)
92,086

 
102,083

 
92,050

 
102,069

Weighted average common and common equivalent shares outstanding (in thousands)
93,435

 
102,789

 
93,271

 
102,898


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


5

Table of Contents

SINCLAIR BROADCAST GROUP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions) (Unaudited)
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
2019
 
2018
 
2019
 
2018
Net (loss) income
$
(49
)
 
$
65

 
$
18

 
$
138

Comprehensive (loss) income
(49
)
 
65

 
18

 
138

Comprehensive income attributable to the redeemable noncontrolling interests
(11
)
 

 
(11
)
 

Comprehensive income attributable to the noncontrolling interests

 
(1
)
 
(3
)
 
(3
)
Comprehensive (loss) income attributable to Sinclair Broadcast Group
$
(60
)
 
$
64

 
$
4

 
$
135

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


6

Table of Contents

SINCLAIR BROADCAST GROUP, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(in millions, except share and per share data) (Unaudited)
 
Nine Months Ended September 30, 2018
 
Sinclair Broadcast Group Shareholders
 
 
 
 
 
Class A
Common Stock
 
Class B
Common Stock
 
Additional
Paid-In
Capital
 
Retained Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Noncontrolling
Interests
 
Total Equity
 
Shares
 
Values
 
Shares
 
Values
 
 
 
 
 
BALANCE, December 31, 2017
76,071,145

 
$
1

 
25,670,684

 
$

 
$
1,319

 
$
249

 
$
(1
)
 
$
(34
)
 
$
1,534

Cumulative effect of adoption of new accounting standards

 

 

 

 

 
2

 

 

 
2

Dividends declared and paid on Class A and Class B Common Stock ($0.54 per share)

 

 

 

 

 
(55
)
 

 

 
(55
)
Repurchases of Class A Common Stock
(1,636,019
)
 

 

 

 
(45
)
 

 

 

 
(45
)
Class A Common Stock issued pursuant to employee benefit plans
543,298

 

 

 

 
19

 

 

 

 
19

Distributions to noncontrolling interests, net

 

 

 

 

 

 

 
(7
)
 
(7
)
Net income

 

 

 

 

 
135

 

 
3

 
138

BALANCE, September 30, 2018
74,978,424

 
$
1

 
25,670,684

 
$

 
$
1,293

 
$
331

 
$
(1
)
 
$
(38
)
 
$
1,586

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30, 2018
 
Sinclair Broadcast Group Shareholders
 
 
 
 
 
Class A
Common Stock
 
Class B
Common Stock
 
Additional
Paid-In
Capital
 
Retained Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Noncontrolling
Interests
 
Total Equity
 
Shares
 
Values
 
Shares
 
Values
 
 
 
 
 
BALANCE, June 30, 2018
76,576,980

 
$
1

 
25,670,684

 
$

 
$
1,336

 
$
285

 
$
(1
)
 
$
(36
)
 
$
1,585

Dividends declared and paid on Class A and Class B Common Stock ($0.18 per share)

 

 

 

 

 
(18
)
 

 

 
(18
)
Repurchases of Class A Common Stock
(1,636,019
)
 

 

 

 
(46
)
 

 

 

 
(46
)
Class A Common Stock issued pursuant to employee benefit plans
37,463

 

 

 

 
3

 

 

 

 
3

Distributions to noncontrolling interests, net

 

 

 

 

 

 

 
(3
)
 
(3
)
Net income

 

 

 

 

 
64

 

 
1

 
65

BALANCE, September 30, 2018
74,978,424

 
$
1

 
25,670,684

 
$

 
$
1,293

 
$
331

 
$
(1
)
 
$
(38
)
 
$
1,586

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


7

Table of Contents

SINCLAIR BROADCAST GROUP, INC.
CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
(in millions, except share and per share data) (Unaudited) 
 
Nine Months Ended September 30, 2019
 
 
 
 
Sinclair Broadcast Group Shareholders
 
 
 
 
 
Redeemable Noncontrolling Interests
 
 
Class A
Common Stock
 
Class B
Common Stock
 
Additional
Paid-In
Capital
 
Retained Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Noncontrolling
Interests
 
Total Equity
 
 
 
Shares
 
Values
 
Shares
 
Values
 
 
 
 
 
BALANCE, December 31, 2018
$

 
 
68,897,723

 
$
1

 
25,670,684

 
$

 
$
1,121

 
$
518

 
$
(1
)
 
$
(39
)
 
$
1,600

Issuance of redeemable subsidiary preferred equity, net of issuance costs
985

 
 

 

 

 

 

 

 

 

 

Dividends declared and paid on Class A and Class B Common Stock ($0.60 per share)

 
 

 

 

 

 

 
(55
)
 

 

 
(55
)
Class B Common Stock converted into Class A Common Stock

 
 
643,002

 

 
(643,002
)
 

 

 

 

 

 

Repurchases of Class A Common Stock

 
 
(3,993,194
)
 

 

 

 
(125
)
 

 

 

 
(125
)
Class A Common Stock issued pursuant to employee benefit plans

 
 
1,515,606

 

 

 

 
32

 

 

 

 
32

Noncontrolling interests acquired in a business combination
380

 
 

 

 

 

 

 

 

 
231

 
231

Distributions to noncontrolling interests, net
(14
)
 
 

 

 

 

 

 

 

 
(15
)
 
(15
)
Net income
11

 
 

 

 

 

 

 
4

 

 
3

 
7

BALANCE, September 30, 2019
1,362

 
 
67,063,137

 
$
1

 
25,027,682

 
$

 
$
1,028

 
$
467

 
$
(1
)
 
$
180

 
$
1,675

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30, 2019
 
 
 
 
Sinclair Broadcast Group Shareholders
 
 
 
 
 
Redeemable Noncontrolling Interests
 
 
Class A
Common Stock
 
Class B
Common Stock
 
Additional
Paid-In
Capital
 
Retained Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Noncontrolling
Interests
 
Total Equity
 
 
 
Shares
 
Values
 
Shares
 
Values
 
 
 
 
 
BALANCE, June 30, 2019
$

 
 
67,032,088

 
$
1

 
25,027,682

 
$

 
$
1,024

 
$
545

 
$
(1
)
 
$
(40
)
 
$
1,529

Issuance of redeemable subsidiary preferred equity, net of issuance costs
985

 
 

 

 

 

 

 

 

 

 

Dividends declared and paid on Class A and Class B Common Stock ($0.20 per share)

 
 

 

 

 

 

 
(18
)
 

 

 
(18
)
Class A Common Stock issued pursuant to employee benefit plans

 
 
31,049

 

 

 

 
4

 

 

 

 
4

Noncontrolling interests acquired in a business combination
380

 
 

 

 

 

 

 

 

 
231

 
231

Distributions to noncontrolling interests, net
(14
)
 
 

 

 

 

 

 

 

 
(11
)
 
(11
)
Net (loss) income
11

 
 

 

 

 

 

 
(60
)
 

 

 
(60
)
BALANCE, September 30, 2019
1,362

 
 
67,063,137