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Dec 31, 2023
Sinclair Q4 2023 Earnings Report
Sinclair reported a decrease in total revenues and net loss compared to the prior year period, influenced by lower political advertising revenues and adjustments related to litigation settlement accrual related to the DSG litigation. The company met guidance on key financial metrics, with Tennis Channel exceeding expectations.
Key Takeaways
Sinclair reported a decrease in total revenues to $826 million and a net loss of $341 million for Q4 2023, impacted by lower political advertising revenues and a $495 million litigation settlement accrual related to the DSG litigation. Core advertising revenues, excluding political revenues, increased by 2%. The company repurchased approximately $27 million of debt in 2024 and estimated the fair market value of Ventures' minority investment portfolio at approximately $1.2 billion.
Total revenues decreased by 14% to $826 million compared to the prior year period.
Core advertising revenues increased by 2% in the fourth quarter.
Operating loss was $386 million, including $499 million in adjustments primarily related to a litigation settlement accrual.
The company repurchased over $91 million in debt principal during the year and through early January.
Revenue by Segment
Forward Guidance
The Company expects to achieve the following results for the three months ending March 31, 2024 and the twelve months ending December 31, 2024.
Positive Outlook
- Core advertising revenue is expected to be $300 to 308 million.
- Political revenue is expected to be $22 to 25 million.
- Advertising revenue is expected to be $322 to 333 million.
- Distribution revenue is expected to be $431 to 433 million.
- Adjusted Free Cash Flow is expected to be $100 to 114 million.
Challenges Ahead
- Media programming & production expenses and media selling, general and administrative expenses are expected to be $610 to 612 million.
- Non-media expenses are expected to be $14 million.
- Program contract payments are expected to be $22 million.
- Corporate overhead is expected to be $47 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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