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- **Q3 Revenue Beat**: $773 million total revenue, 7% YoY core growth, and $100 million EBITDA (22% above midpoint).
- **$30M EBITDA Synergy**: Partner station acquisitions to deliver full run-rate benefits by H2 2026.
- **Political Ad Record**: 2026 political revenue expected to match 2022 record of $333 million.
- **Financial Strength**: $526M cash, no debt maturities until 2029, and $375M AR facility for strategic flexibility.
- **Strategic Moves**: FCC-driven consolidation opportunities, NFL rights discussions, and Ventures separation planning.

**【CEO Summary Section】**
- **Q3 2025 Results**: Total revenue of $773 million exceeded high-end guidance, with adjusted EBITDA of $100 million, 22% above the midpoint of guidance. Core revenue grew 7% YoY on an as-reported basis.
- **Station Portfolio Optimization**: 11 partner station acquisitions closed, 12 FCC-approved, and 10 pending SEC approval. Expected $30 million annualized EBITDA benefit by H2 2026.
- **Regulatory Environment**: FCC and court rulings enable broadcaster consolidation. Sinclair anticipates SEC changes to nationwide ownership caps in 2026, unlocking $600-$900 million in industry-wide synergies.
- **Strategic Review**: Launched review of broadcast business and Ventures separation to optimize value creation.

**【CFO Financial Commentary】**
- **Q3 Financials**: GAAP net income of $420 million; non-GAAP EPS exceeded expectations. Media expenses were $5 million below guidance due to cost containment.
- **Balance Sheet Strength**: $526 million in consolidated cash, with $89 million of 2027 senior notes redeemed. Secured a $375 million AR securitization facility for strategic flexibility.
- **2026 Outlook**: Political ad revenue expected to match 2022 record of $333 million. Core ad revenue growth of 10% YoY at midpoint, driven by sports and improving economic sentiment.
- **Capital Allocation**: $22 million in capex, $5 million below guidance, with focus on deferred projects and cloud infrastructure.

**【Q&A Highlights】**
- **YouTube Dispute**: CEO criticized Disney-YouTube blackout, calling it an antitrust issue harming local broadcasters. FCC investigation underway.
- **Core Ad Growth**: Q4 core ad revenue expected to grow 10% YoY, driven by NFL, college football, and improved economic sentiment. 2026 outlook for flat to low-single-digit growth.
- **NFL Media Rights**: Early renewal discussions seen as positive for industry, with potential for new streaming packages without displacing broadcast rights.
- **Ventures Separation**: CFO noted $404 million in Ventures cash, with plans to separate Ventures to unlock $1 billion+ in value. New Principal Craig Blank tasked with portfolio optimization.
- **Cost Efficiency**: CFO emphasized ongoing cost reviews, with potential for further savings through operational synergies and strategic initiatives.

Sinclair, Inc. (SBGI) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SBGI

SBGI fundamentals

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