Q2 2024 Sinclair Inc Earnings Call Transcript
Key Points
- Sinclair Inc (SBGI) delivered strong second-quarter results, meeting revenue expectations across all major line items.
- Adjusted EBITDA exceeded the high end of the guidance range, driven by favorable expenses.
- Political advertising revenue is on track for the largest year ever, with a full-year guidance increase to $385 million to $410 million.
- The Ventures portfolio received $109 million in total distributions during the quarter, contributing to a strong cash position.
- Local media segment achieved both total media revenue and adjusted EBITDA guidance, with political revenue significantly exceeding expectations.
- Core advertising came in under guidance, despite strong political revenues.
- Distribution revenue growth is partially offset by distributor subscriber churn.
- The company has eliminated adjusted free cash flow from financial presentations, which may affect transparency for some investors.
- Automotive advertising struggled in the first half of the year due to high interest rates and increasing sticker prices.
- There are concerns about the impact of cord-cutting trends on the broadcast television sector.
Good afternoon, everyone, and welcome to the Sinclair Broadcast Group's second-quarter 2024 earnings conference call. (Operator Instructions) Please note, this conference is being recorded.
I will now turn the conference over to your host, Chris King, Vice President of Investor Relations. Chris, the floor is yours.
Thank you. Good afternoon, everyone, and thank you for joining Sinclair's second-quarter 2024 earnings conference call.
Joining me on the call today are Chris Ripley, our President and Chief Executive Officer; Lucy Rutishauser, our Executive Vice President and Chief Financial Officer; and Rob Weisbord, our Chief Operating Officer and President of Local Media.
Before we begin, I want to remind everyone that slides for today's earnings call are available on our website, sbgi.net, on the Events & Presentation page of the Investor Relations portion of the site. A webcast replay will remain available on our website until our next quarterly
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