NASDAQ$SBGI
Sinclair Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
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.
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.
Headline financials
Revenue & EPS history
Sinclair · Revenue · Quarterly
$826M
Revenue by segment
Sinclair · $773M total across 3 segments · Q3 2023
- Local Media$697M—90.2%
- Tennis$59M—7.6%
- Other$17M—2.2%
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.
Tailwinds
- 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.
Headwinds
- 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.
- Non-recurring transaction, implementation, legal, regulatory and other costs are expected to be $8 million.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
+0.4%
Avg return
Earnings day
+1.2%
Avg return
5 days after
-0.2%
Avg return
30 days after
48%
31 / 64 earnings
Positive
+31.1%
Q3 2023
Best reaction
-16.1%
Q1 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.0% | -3.1% | -9.4% | |
| Q4 2025 | +17.9% | +10.3% | -5.2% | |
| Q3 2025 | +18.0% | +21.1% | +5.1% | |
| Q1 2025 | -4.7% | +1.6% | -16.1% | |
| Q4 2024 | -4.0% | -6.2% | +8.2% | |
| Q3 2024 | +1.1% | -2.3% | +8.0% | |
| Q2 2024 | +2.4% | -4.1% | +1.0% | |
| Q1 2024 | +22.0% | +12.8% | -6.5% | |
| Q4 2023 | +3.1% | -4.4% | -6.5% | |
| Q3 2023 | +31.1% | +32.8% | +24.9% | |
| Q2 2023 | -4.9% | -1.3% | -17.2% | |
| Q1 2023 | -16.1% | -12.5% | -20.4% | |
| Q4 2022 | -5.5% | -12.0% | -22.9% | |
| Q3 2022 | -5.5% | -4.6% | -1.2% | |
| Q2 2022 | +5.6% | +5.7% | +2.6% | |
| Q1 2022 | +1.4% | -2.7% | -0.7% | |
| Q4 2021 | -2.0% | +11.6% | +4.2% | |
| Q3 2021 | -3.9% | -5.0% | -9.9% | |
| Q2 2021 | +7.3% | +6.4% | +1.3% | |
| Q1 2021 | +5.0% | +6.1% | +6.5% | |
| Q4 2020 | -14.1% | -10.0% | -19.7% | |
| Q3 2020 | -4.1% | +4.4% | +47.1% | |
| Q2 2020 | -4.4% | -1.9% | -2.6% | |
| Q1 2020 | +4.4% | +7.1% | +61.1% | |
| Q4 2019 | -14.7% | -14.3% | -36.7% | |
| Q3 2019 | -1.3% | +2.3% | -15.4% | |
| Q2 2019 | -4.0% | -7.3% | -10.5% | |
| Q1 2019 | +0.4% | -4.8% | -15.7% | |
| Q4 2018 | +10.0% | +12.0% | +17.3% | |
| Q3 2018 | +3.9% | +2.3% | +0.3% | |
| Q2 2018 | +6.9% | +7.3% | +4.6% | |
| Q1 2018 | +8.2% | +10.8% | +9.0% | |
| Q4 2017 | -7.4% | -5.5% | -13.2% | |
| Q3 2017 | -3.3% | -4.4% | +6.9% | |
| Q2 2017 | -13.3% | -14.4% | -17.5% | |
| Q1 2017 | -4.2% | -5.8% | -11.9% | |
| Q4 2016 | +7.9% | +8.3% | +7.2% | |
| Q3 2016 | +1.9% | +4.7% | +30.0% | |
| Q2 2016 | +6.7% | +6.3% | +6.9% | |
| Q1 2016 | -1.4% | — | — | |
| Q4 2015 | +0.5% | — | — | |
| Q3 2015 | +4.5% | — | — | |
| Q2 2015 | -6.1% | — | — | |
| Q1 2015 | -2.7% | — | — | |
| Q4 2014 | +5.9% | — | — | |
| Q3 2014 | +1.8% | — | — | |
| Q2 2014 | +0.4% | — | — | |
| Q1 2014 | -2.3% | — | — | |
| Q4 2013 | +1.7% | — | — | |
| Q3 2013 | -0.2% | — | — | |
| Q2 2013 | -4.3% | — | — | |
| Q1 2013 | -0.3% | — | — | |
| Q4 2012 | -1.9% | — | — | |
| Q3 2012 | +1.1% | — | — | |
| Q2 2012 | -4.7% | — | — | |
| Q1 2012 | -2.0% | — | — | |
| Q4 2011 | +2.1% | — | — | |
| Q3 2011 | -0.4% | — | — | |
| Q2 2011 | -13.9% | — | — | |
| Q1 2011 | -3.0% | — | — | |
| Q4 2010 | -2.9% | — | — | |
| Q3 2010 | +0.2% | — | — | |
| Q2 2010 | +13.4% | — | — | |
| Q1 2010 | -7.7% | — | — |
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