Sinclair Broadcast Group(SBGI) - 2022 Q1 - Earnings Call Presentation

Financial Performance & Outlook - First quarter Broadcast and Other media revenue increased and was at the high end of guidance range[16] - Total advertising revenue for the second quarter is tracking ahead of both 2018 and 2019, the last pre-pandemic years[16] - The company expects 2022 to be a record-breaking year for political advertising in a mid-term election year[16, 36] - Second quarter 2022 media revenue is expected to be up 4% to 7% versus the second quarter of 2021, ranging from $822 million to $840 million[32] - Second quarter 2022 Adjusted EBITDA is expected to be down versus the second quarter of 2021, ranging from $153 million to $170 million[32] - Second quarter 2022 Adjusted Free Cash Flow is projected to be $246 million to $266 million, or $3.46 to $3.74 per share[32] Strategic Initiatives & Investments - Sinclair was required to deconsolidate Diamond Sports Group (DSG), resulting in a $3.4 billion non-cash gain[7] - Compulse is expected to reach $100 million in sales in 2022[11, 37] - The company estimates the Fair Market Value (FMV) of its investment portfolio at approximately $18 per share, generating an Internal Rate of Return (IRR) of approximately 24% since 2014[9] - The company is piloting the first commercial datacasting use of NextGen technology in the U S[13, 36]