Company Quick10K Filing
Sinclair Broadcast
Price42.30 EPS0
Shares93 P/E230
MCap3,952 P/FCF8
Net Debt10,993 EBIT167
TEV14,945 TEV/EBIT90
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-09
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-03-03
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-07
10-K 2012-12-31 Filed 2013-03-12
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-03-02
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-04
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-04
10-Q 2010-03-31 Filed 2010-05-06
10-K 2009-12-31 Filed 2010-03-05
8-K 2020-11-04
8-K 2020-09-23
8-K 2020-08-06
8-K 2020-08-05
8-K 2020-06-10
8-K 2020-06-04
8-K 2020-05-12
8-K 2020-05-06
8-K 2020-03-17
8-K 2020-03-02
8-K 2020-02-26
8-K 2020-01-27
8-K 2019-11-27
8-K 2019-11-18
8-K 2019-11-06
8-K 2019-08-23
8-K 2019-08-13
8-K 2019-08-07
8-K 2019-08-02
8-K 2019-07-11
8-K 2019-06-06
8-K 2019-05-08
8-K 2019-05-03
8-K 2019-02-27
8-K 2019-01-25
8-K 2018-11-07
8-K 2018-08-29
8-K 2018-08-09
8-K 2018-08-08
8-K 2018-06-07
8-K 2018-05-09
8-K 2018-05-08
8-K 2018-02-28
8-K 2018-02-06

SBGI 10Q Quarterly Report

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-10.1 rosenbergexecagreement.htm
EX-31.1 a2020q310-qexhibit311.htm
EX-31.2 a2020q310-qexhibit312.htm
EX-32.1 a2020q310-qexhibit321.htm
EX-32.2 a2020q310-qexhibit322.htm

Sinclair Broadcast Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
2016128402012201420172020
Assets, Equity
1.20.90.70.40.2-0.12012201420172020
Rev, G Profit, Net Income
10.06.02.0-2.0-6.0-10.02012201420172020
Ops, Inv, Fin

Document
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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, 2020
 
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
 
November 5, 2020
Class A Common Stock
 
49,252,898
Class B Common Stock
 
24,727,682



SINCLAIR BROADCAST GROUP, INC.
 
FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2020
 
TABLE OF CONTENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


2


PART I. FINANCIAL INFORMATION

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,
2020
 
As of December 31,
2019
ASSETS
 

 
 

Current assets:
 

 
 

Cash and cash equivalents
$
632

 
$
1,333

Accounts receivable, net of allowance for doubtful accounts of $4 and $8, respectively
1,108

 
1,132

Income taxes receivable
248

 
103

Prepaid sports rights
335

 
113

Prepaid expenses and other current assets
218

 
232

Total current assets
2,541

 
2,913

Property and equipment, net
814

 
765

Operating lease assets
206

 
223

Deferred tax assets
259

 

Restricted cash
1

 

Goodwill
2,092

 
4,716

Indefinite-lived intangible assets
163

 
158

Customer relationships, net
4,384

 
5,979

Other definite-lived intangible assets, net
1,363

 
1,998

Other assets
660

 
618

Total assets (a)
$
12,483

 
$
17,370

 
 
 
 
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, AND EQUITY
 

 
 

Current liabilities:
 

 
 

Accounts payable and accrued liabilities
$
466

 
$
782

Current portion of notes payable, finance leases, and commercial bank financing
72

 
71

Current portion of operating lease liabilities
38

 
38

Current portion of program contracts payable
111

 
88

Other current liabilities
287

 
155

Total current liabilities
974

 
1,134

Notes payable, finance leases, and commercial bank financing, less current portion
12,391

 
12,367

Operating lease liabilities, less current portion
203

 
217

Program contracts payable, less current portion
34

 
39

Deferred tax liabilities

 
407

Other long-term liabilities
364

 
434

Total liabilities (a)
13,966

 
14,598

Commitments and contingencies (See Note 5)


 


Redeemable noncontrolling interests
194

 
1,078

Shareholders' equity:
 

 
 

Class A Common Stock, $.01 par value, 500,000,000 shares authorized, 49,170,850 and 66,830,110 shares issued and outstanding, respectively
1

 
1

Class B Common Stock, $.01 par value, 140,000,000 shares authorized, 24,727,682 and 24,727,682 shares issued and outstanding, respectively, convertible into Class A Common Stock

 

Additional paid-in capital
711

 
1,011

Retained (deficit) earnings
(2,438
)
 
492

Accumulated other comprehensive loss
(11
)
 
(2
)
Total Sinclair Broadcast Group shareholders’ (deficit) equity
(1,737
)
 
1,502

Noncontrolling interests
60

 
192

Total (deficit) equity
(1,677
)
 
1,694

Total liabilities, redeemable noncontrolling interests, and equity
$
12,483

 
$
17,370

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

(a)
Our consolidated total assets as of September 30, 2020 and December 31, 2019 include total assets of variable interest entities (VIEs) of $237 million and $228 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of September 30, 2020 and December 31, 2019 include total liabilities of VIEs of $53 million and $27 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 8. 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,
 
2020
 
2019
 
2020
 
2019
REVENUES:
 

 
 

 
 
 
 
Media revenues
$
1,519

 
$
1,070

 
$
4,353

 
$
2,465

Non-media revenues
20

 
55

 
78

 
153

Total revenues
1,539

 
1,125

 
4,431

 
2,618

 
 
 
 
 
 
 
 
OPERATING EXPENSES:
 

 
 

 
 
 
 
Media programming and production expenses
1,077

 
560

 
2,288

 
1,215

Media selling, general and administrative expenses
212

 
185

 
608

 
510

Amortization of program contract costs
19

 
22

 
63

 
68

Non-media expenses
18

 
42

 
69

 
120

Depreciation of property and equipment
25

 
24

 
75

 
69

Corporate general and administrative expenses
30

 
237

 
111

 
317

Amortization of definite-lived intangible and other assets
149

 
96

 
449

 
183

Impairment of goodwill and definite-lived intangible assets
4,264

 

 
4,264

 

Gain on asset dispositions and other, net of impairment
(39
)
 
(35
)
 
(99
)
 
(57
)
Total operating expenses
5,755

 
1,131

 
7,828

 
2,425

Operating (loss) income
(4,216
)
 
(6
)
 
(3,397
)
 
193

 
 
 
 
 
 
 
 
OTHER INCOME (EXPENSE):
 

 
 

 
 
 
 
Interest expense including amortization of debt discount and deferred financing costs
(157
)
 
(129
)
 
(502
)
 
(237
)
Gain on extinguishment of debt

 

 
5

 

Loss from equity method investments
(10
)
 
(12
)
 
(23
)
 
(38
)
Other income, net
169

 
3

 
169

 
12

Total other income (expense), net
2

 
(138
)
 
(351
)
 
(263
)
Loss before income taxes
(4,214
)
 
(144
)
 
(3,748
)
 
(70
)
INCOME TAX BENEFIT
847

 
95

 
805

 
88

NET (LOSS) INCOME
(3,367
)
 
(49
)
 
(2,943
)
 
18

Net income attributable to the redeemable noncontrolling interests
(19
)
 
(11
)
 
(51
)
 
(11
)
Net loss (income) attributable to the noncontrolling interests
130

 

 
113

 
(3
)
NET (LOSS) INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP
$
(3,256
)
 
$
(60
)
 
$
(2,881
)
 
$
4

 
 
 
 
 
 
 
 
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP:
 

 
 

 
 
 
 
Basic earnings per share
$
(43.53
)
 
$
(0.65
)
 
$
(35.17
)
 
$
0.05

Diluted earnings per share
$
(43.53
)
 
$
(0.65
)
 
$
(35.17
)
 
$
0.05

Basic weighted average common shares outstanding (in thousands)
74,810

 
92,086

 
81,922

 
92,050

Diluted weighted average common and common equivalent shares outstanding (in thousands)
74,810

 
92,086

 
81,922

 
93,271


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,
 
2020
 
2019
 
2020
 
2019
Net (loss) income
$
(3,367
)
 
$
(49
)
 
$
(2,943
)
 
$
18

Share of other comprehensive loss of equity method investments

 

 
(9
)
 

Comprehensive (loss) income
(3,367
)
 
(49
)
 
(2,952
)
 
18

Comprehensive income attributable to the redeemable noncontrolling interests
(19
)
 
(11
)
 
(51
)
 
(11
)
Comprehensive loss (income) attributable to the noncontrolling interests
130

 

 
113

 
(3
)
Comprehensive (loss) income attributable to Sinclair Broadcast Group
$
(3,256
)
 
$
(60
)
 
$
(2,890
)
 
$
4

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


6


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 interest 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 interest acquired in a business combination
380

 
 

 

 

 

 

 

 

 
231

 
231

Distributions to noncontrolling interests, net
(14
)
 
 

 

 

 

 

 

 

 
(11
)
 
(11
)
Net (loss) income
11

 
 

 

 

 

 

 
(60
)