Sinclair Sees Q1 2024 Revenue $793M-$806M Vs $816.82M Est.
Author: Benzinga Newsdesk | February 28, 2024 05:13pm
The Company currently expects to achieve the following results for the three months ending March 31, 2024 and the twelve months ending December 31, 2024.
For the three months ending March 31, 2024 ($ in millions)
Local
Media
Tennis
Other
Corporate
and
Eliminations
Consolidated
Core advertising revenue
$288 to 295
$10 to 11
$6
$(4
)
$300 to 308
Political revenue
22 to 25
—
—
—
22 to 25
Advertising revenue
$310 to 320
$10 to 11
$6
$(4
)
$322 to 333
Distribution revenue
380 to 382
51
—
—
431 to 433
Other media revenue
34
1
—
(1
)
33
Media revenues
$724 to 736
$62 to $63
6
$(5
)
$787 to 800
Non-media revenue
—
—
9
(3
)
6
Total revenues
$724 to 736
$62 to 63
$15
$(8
)
$793 to 806
Media programming & production expenses and media selling, general and administrative expenses
$569 to 571
$41
$6
$(6
)
$610 to 612
Non-media expenses
2
—
13
(2
)
14
Program contract payments
22
—
—
—
22
Corporate overhead
30
—
—
18
47
Stock-based compensation
15
—
—
5
21
Non-recurring transaction, implementation, legal, regulatory and other costs
8
—
—
—
8
Adjusted EBITDA(a)
$124 to 135
21 to 22
(4
)
(13
)
$128 to 139
Interest expense (net)(b)
69
—
(4
)
—
65
Total capital expenditures
24 to 26
—
1
—
25 to 27
Distributions to the noncontrolling interests
2
—
—
—
2
Cash distributions from equity investments
26
—
43
—
69
Net cash tax payments
1
Adjusted Free Cash Flow(c)
$100 to 114
Note: Certain amounts may not summarize to totals due to rounding differences.
(a)
Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization, and non-recurring transaction, implementation, legal, regulatory and other costs, as well as certain non-cash items such as stock-based compensation expense and other gains and losses; less program contract payments. In the above table, Adjusted EBITDA equals total revenues minus media programming and production expenses, media selling, general and administrative expenses, non-media expenses, program contract payments, and corporate general and administrative expenses; plus stock-based compensation and non-recurring transaction, implementation, legal, regulatory and other costs.
(b)
Interest expense (net) excludes deferred financing costs, original issue discount amortization, and other non-cash interest expense, and is net of interest income.
(c)
Adjusted Free Cash Flow is defined as Adjusted EBITDA less interest expense (net), distributions to non-controlling interest holders, cash taxes paid, and capital expenditures; plus cash distributions received from equity investments.
For the twelve months ending December 31, 2024 ($ in millions)
Consolidated
Media programming & production expenses and media selling, general and administrative expenses
$2,483 to 2,502
Non-media expenses
62 to 64
Program contract payments
80
Corporate overhead
155 to 157
Stock based compensation included in corporate, media, and non-media expenses above
44 to 46
Non-recurring transaction, implementation, legal, regulatory and other costs included in corporate, media, and non-media expenses above
37
Interest expense (net)(a)
251 to 252
Total capital expenditures
110 to 117
Distributions to noncontrolling interests
10 to 12
Cash distributions from equity investments
73 to 76
Net cash tax payments
127 to 129
Note: Certain amounts may not summarize to totals due to rounding differences.
(a)
Interest expense (net) excludes deferred financing costs, original issue discount amortization, and other non-cash interest expense, and is net of interest income.
