$SBGI
Sinclair, Inc.

2023 Q2 Form 10-Q Financial Statement

#000197121323000019 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q4 2022 Q2
Revenue $768.0M $960.0M $837.0M
YoY Change -8.24% -34.96% -48.08%
Cost Of Revenue $413.0M $385.0M $403.0M
YoY Change 2.48% -57.27% -70.04%
Gross Profit $355.0M $575.0M $434.0M
YoY Change -18.2% 0.0% 62.55%
Gross Profit Margin 46.22% 59.9% 51.85%
Selling, General & Admin $190.0M $252.0M $195.0M
YoY Change -2.56% -7.01% -27.78%
% of Gross Profit 53.52% 43.83% 44.93%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $73.00M $88.00M $67.00M
YoY Change 8.96% -85.5% -93.29%
% of Gross Profit 20.56% 15.3% 15.44%
Operating Expenses $771.0M $349.0M $730.0M
YoY Change 5.62% -23.3% 61.15%
Operating Profit -$3.000M $226.0M $107.0M
YoY Change -102.8% 88.33% -157.53%
Interest Expense $76.00M -$60.00M $54.00M
YoY Change 40.74% -53.85% -134.18%
% of Operating Profit -26.55% 50.47%
Other Income/Expense, Net -$104.0M $26.00M -$153.0M
YoY Change -32.03% -135.62% 150.82%
Pretax Income -$107.0M $219.0M -$46.00M
YoY Change 132.61% -586.67% -88.41%
Income Tax -$20.00M $157.0M -$40.00M
% Of Pretax Income 71.69%
Net Earnings -$89.00M $55.00M -$11.00M
YoY Change 709.09% -161.8% -96.69%
Net Earnings / Revenue -11.59% 5.73% -1.31%
Basic Earnings Per Share -$1.38 -$0.17
Diluted Earnings Per Share -$1.38 $0.79 -$0.17
COMMON SHARES
Basic Shares Outstanding 64.01M shares 70.90M shares
Diluted Shares Outstanding 64.01M shares 70.90M shares

Balance Sheet

Concept 2023 Q2 2022 Q4 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $728.0M $884.0M $420.0M
YoY Change 73.33% 8.33% -56.43%
Cash & Equivalents $728.0M $884.0M $420.0M
Short-Term Investments
Other Short-Term Assets $190.0M $182.0M $165.0M
YoY Change 15.15% -29.46% -54.79%
Inventory
Prepaid Expenses
Receivables $582.0M $612.0M $606.0M
Other Receivables $6.000M $5.000M $174.0M
Total Short-Term Assets $1.506B $1.683B $1.365B
YoY Change 10.33% -31.89% -48.63%
LONG-TERM ASSETS
Property, Plant & Equipment $848.0M $873.0M $862.0M
YoY Change -1.62% -16.06% -10.95%
Goodwill $2.082B $2.088B
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $130.0M $113.0M $547.0M
YoY Change -76.23% -89.58% -50.54%
Other Assets $752.0M $964.0M $405.0M
YoY Change 85.68% 55.48% -12.72%
Total Long-Term Assets $4.695B $5.021B $5.084B
YoY Change -7.65% -50.14% -49.78%
TOTAL ASSETS
Total Short-Term Assets $1.506B $1.683B $1.365B
Total Long-Term Assets $4.695B $5.021B $5.084B
Total Assets $6.201B $6.704B $6.449B
YoY Change -3.85% -46.54% -49.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $452.0M $397.0M $414.0M
YoY Change 9.18% -39.39% -29.59%
Accrued Expenses $21.00M $23.00M $22.00M
YoY Change -4.55% -34.29% -15.38%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $37.00M $38.00M $43.00M
YoY Change -13.95% -44.93% -34.85%
Total Short-Term Liabilities $624.0M $608.0M $617.0M
YoY Change 1.13% -49.42% -40.44%
LONG-TERM LIABILITIES
Long-Term Debt $4.185B $4.227B $4.233B
YoY Change -1.13% -65.55% -66.06%
Other Long-Term Liabilities $212.0M $220.0M $410.0M
YoY Change -48.29% -61.87% -35.23%
Total Long-Term Liabilities $212.0M $220.0M $4.643B
YoY Change -95.43% -98.29% -64.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $624.0M $608.0M $617.0M
Total Long-Term Liabilities $212.0M $220.0M $4.643B
Total Liabilities $5.560B $5.829B $5.743B
YoY Change -3.19% -59.27% -60.13%
SHAREHOLDERS EQUITY
Retained Earnings $184.0M $122.0M
YoY Change
Common Stock $510.0M $624.0M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $702.0M $748.0M $706.0M
YoY Change
Total Liabilities & Shareholders Equity $6.201B $6.704B $6.449B
YoY Change -3.85% -46.54% -49.54%

Cashflow Statement

Concept 2023 Q2 2022 Q4 2022 Q2
OPERATING ACTIVITIES
Net Income -$89.00M $55.00M -$11.00M
YoY Change 709.09% -161.8% -96.69%
Depreciation, Depletion And Amortization $73.00M $88.00M $67.00M
YoY Change 8.96% -85.5% -93.29%
Cash From Operating Activities $80.00M $341.0M $137.0M
YoY Change -41.61% 270.65% -29.38%
INVESTING ACTIVITIES
Capital Expenditures $20.00M $31.00M $24.00M
YoY Change -16.67% 72.22% 33.33%
Acquisitions
YoY Change
Other Investing Activities $193.0M $2.000M -$39.00M
YoY Change -594.87% -33.33% -59.79%
Cash From Investing Activities $173.0M -$29.00M -$63.00M
YoY Change -374.6% 93.33% -45.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -148.0M -35.00M -175.0M
YoY Change -15.43% -89.03% 212.5%
NET CHANGE
Cash From Operating Activities 80.00M 341.0M 137.0M
Cash From Investing Activities 173.0M -29.00M -63.00M
Cash From Financing Activities -148.0M -35.00M -175.0M
Net Change In Cash 105.0M 277.0M -101.0M
YoY Change -203.96% -214.46% -539.13%
FREE CASH FLOW
Cash From Operating Activities $80.00M $341.0M $137.0M
Capital Expenditures $20.00M $31.00M $24.00M
Free Cash Flow $60.00M $310.0M $113.0M
YoY Change -46.9% 318.92% -35.8%

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dei Security12b Title
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dei Trading Symbol
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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify;text-indent:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain reclassifications have been made to prior years' consolidated financial statements to conform to the current year's presentation.</span></div>
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2023Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2023Q2 us-gaap Assets
Assets
6201000000 usd
CY2023Q2 us-gaap Revenues
Revenues
768000000 usd
CY2023Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
73000000 usd
CY2023Q2 sbgi Amortizationof Program Contract Costs
AmortizationofProgramContractCosts
19000000 usd
CY2023Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
62000000 usd
CY2023Q2 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
-5000000 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-3000000 usd
CY2023Q2 us-gaap Interest Expense
InterestExpense
76000000 usd
CY2023Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-1000000 usd
us-gaap Revenues
Revenues
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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sbgi Amortizationof Program Contract Costs
AmortizationofProgramContractCosts
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us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
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us-gaap Interest Expense
InterestExpense
150000000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
30000000 usd
CY2022Q2 us-gaap Revenues
Revenues
837000000 usd
CY2022Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
67000000 usd
CY2022Q2 sbgi Amortizationof Program Contract Costs
AmortizationofProgramContractCosts
21000000 usd
CY2022Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
38000000 usd
CY2022Q2 us-gaap Interest Expense
InterestExpense
54000000 usd
us-gaap Revenues
Revenues
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
188000000 usd
sbgi Amortization Of Sports Programming Rights
AmortizationOfSportsProgrammingRights
326000000 usd
sbgi Amortizationof Program Contract Costs
AmortizationofProgramContractCosts
46000000 usd
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
85000000 usd
us-gaap Deconsolidation Gain Or Loss Amount
DeconsolidationGainOrLossAmount
3357000000 usd
us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
9000000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
3573000000 usd
us-gaap Interest Expense
InterestExpense
169000000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
15000000 usd
CY2023Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
51000000 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
56000000 usd
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-11000000 usd
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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