Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) Q1 2020 Results Conference Call May 5, 2020 9:00 AM ET Company Participants Billie Jo McIntire - IR Lucy Rutishauser - EVP & CFO Chris Ripley - President & CEO Rob Weisbord - President, Local News & Marketing Services Jeff Krolik - President, Sports Division Conference Call Participants Aaron Watts - Deutsche Bank Dan Kurnos - The Benchmark Company John Janedis - Wolfe Research Avi Steiner - JP Morgan Davis Hebert - Wells Fargo Steven Cahall - Wells Fargo Operato ...

Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) Q4 2019 Earnings Conference Call February 26, 2020 9:00 AM ET Company Participants Billie Jo McIntire - IR Lucy Rutishauser - SVP & CFO Chris Ripley - President & CEO Rob Weisbord - President, Local News & Marketing Services Jeff Krolik - President, Sports Division Conference Call Participants Aaron Watts - Deutsche Bank Dan Kurnos - The Benchmark Company Zach Silver - B. Riley FBR Kyle Evans - Stephens Davis Hebert - Wells Fargo Steven Cahall - Wells Fargo Opera ...

Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) Q3 2019 Earnings Conference Call November 6, 2019 9:00 AM ET Company Participants Billie Jo McIntire - Manager, Investor Relations Chris Ripley - President and Chief Executive Officer Lucy Rutishauser - Senior Vice President and Chief Financial Officer Conference Call Participants Davis Hebert - Wells Fargo Marci Ryvicker - Wolfe Research Aaron Watts - Deutsche Bank Steven Cahall - Wells Fargo Zach Silver - B. Riley FBR Dan Kurnos - The Benchmark Company Operator ...

Financial Data and Key Metrics Changes - Media revenues for Q2 2019 were $721 million, a 4% increase or $24 million higher than Q2 2018, exceeding the low end of guidance [14] - Distribution revenue was $367 million, a 15% increase over the prior year [14] - Political revenues in Q2 were $3 million, down from $28 million in the same quarter last year [15] - Media operating expenses were $500 million, up 11% from the previous year, primarily due to higher reverse retrans fees and growth initiative costs [15] - Adjusted EBITDA for Q2 was $193 million, $11 million higher than the high end of prior guidance [17] - Free cash flow for Q2 was $97 million, exceeding the high end of prior guidance by $27 million [19] Business Line Data and Key Metrics Changes - Core advertising was up low single-digits in Q2, with automotive advertising slightly up [34] - Digital business revenues grew 30% in Q2 compared to the same period last year [36] Market Data and Key Metrics Changes - The pay TV universe saw a very slight decline in subscribers during Q2 [64] - The company expects media revenues for Q3 to be approximately $695 million to $703 million, down 4% to 5% compared to Q3 2018 [37] Company Strategy and Development Direction - The company is working towards the acquisition of RSNs and has successfully closed bond financing for this purpose [9][27] - The company aims to achieve investment-grade leverage in the long term, aligning equity value with diversified media companies [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving net retrans growth in the low teens for 2019 and 2020 [15][60] - The company anticipates 2020 to be the biggest political year on record, with campaigns raising more money than in previous presidential elections [35] Other Important Information - The company has a total debt of $3.788 billion and cash of approximately $929 million as of June 30 [25] - The company has raised significant financing for the RSN acquisition, including $3.050 billion of secured notes and $1.825 billion of unsecured notes [27][28] Q&A Session Summary Question: Why is there no step-up in distribution revenues from Q2 to Q3? - Management explained that AT&T's contract is only partially included in Q2 numbers and that other stations are currently dark [44][45] Question: What is the outlook for core advertising? - Management expects core advertising to be flat to up in Q3, with a positive outlook for the full year [34][57] Question: How are underlying subscribers trending? - There was a very slight decline in the pay TV universe, with growth in virtual subscriptions offsetting declines from satellite providers [64][65] Question: What is the status of the RSN acquisition? - Management stated that there is no financial impact from the current DISH blackout as the company does not own the RSNs yet [102] Question: What are the implications of the STELAR renewal? - Management indicated that the STELAR renewal is not problematic for the industry and should be allowed to expire [105]

Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) Q1 2019 Earnings Conference Call May 8, 2019 9:00 PM ET Company Participants Billie-Jo McIntire - IR Lucy Rutishauser - SVP and CFO Chris Ripley - President and CEO Steve Marks - EVP and COO Rob Weisbord - SVP and Chief Revenue Officer David Amy - Vice Chairman Conference Call Participants Marci Ryvicker - Wolfe Research Alexia Quadrani - J.P Morgan Dan Kurnos - Benchmark Company Zack Silver - B. Riley FBR Kyle Evans - Stephens Inc. Aaron Watts - Deutsche Bank Da ...