Slide 1: 3Q24 Earnings Presentation
3Q24 Earnings Presentation November 6, 2024 11 Published by: 1 Sinclair, Inc.
Slide 2: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES This presentation contains certain financial measures of Sinclair, Inc. (the “Company”), including Adjusted EBITDA, which are not prepared in accordance with U.S. generally accepted accounting principles ("GAAP") (collectively, the "non-GAAP financial measures"). Adjusted
Slide 3: Consolidated Performance in 3Q24
CONSOLIDATED PERFORMANCE IN 3Q24 Consolidated ($MM) 3Q24 Guidance2 $433 - $435 Distribution Revenue • Distribution revenue in-line with guidance Actual $434 Guidance1 $439 - $453 Advertising Revenue • Total advertising and media revenue above initial Total 3Q24 Earnings Presentation Actual $433 thir
Slide 4: Ventures Portfolio Update
VENTURES PORTFOLIO UPDATE • During 3Q24, Ventures received $5 million in total distributions 3Q24 Earnings Presentation • Ventures made contributions of approximately $7 million in minority investments in 3Q24 • $334 million in cash at Ventures at quarter-end 4
Slide 5: The Great Rebundling
THE GREAT REBUNDLING • Charter customers now receive more than $78 per month worth of streaming services included in their pay-TV package • Streaming concessions now a key part of MVPD-Content negotiations and represent significant value to traditional MVPD subscribers • Both the recent Charter-WBD
Slide 6: Broadcast TV Market Share Remains Stable
Broadcast TV Market Share Remains Stable TV Viewing Trends By Platform • Broadcast viewing trends continue to Broadcast Cable Streaming Other improve, growing by 230 basis points 100 over the past two months, according to 3Q24 Earnings Presentation 9.6 9.3 10.7 10.7 10.4 10.8 10.7 10.3 90 12.5 11.8
Slide 7: More Sports Rights Moving to Broadcast TV
MORE SPORTS RIGHTS MOVING TO BROADCAST TV • 6 Monday Night Football games have been added to ABC’s programming, which will now have 14 total regular and post-season games televised on the network this season 3Q24 Earnings Presentation • Sinclair announced a partnership with Portland Trail Blazers to
Slide 8: 3Q24 Distribution Updates
3Q24 DISTRIBUTION UPDATES • Entered into a multi-year renewal with Altice for continued carriage of Sinclair’s broadcast stations, Tennis Channel and the YES Network on Altice’s Optimum and Suddenlink owned systems 3Q24 Earnings Presentation • Entered into a multi-year renewal with DIRECTV for conti
Slide 9: Post-Election Political Update
POST-ELECTION POLITICAL UPDATE SINCLAIR Political Revenue1 ($MM) POLITICAL REVENUE OBSERVATIONS Q3 Political • Record 3Q, 4Q through Election 3Q24 Earnings Presentation Georgia Senate runoff Day and full-year political $366 $406 advertising $350 $333 • Approximate 2024 political revenue total of $40
Slide 10: Recent Podcast Launches
RECENT PODCAST LAUNCHES • “The Triple Option” with Urban Meyer, Mark Ingram and Rob Stone and “Throwbacks” with Matt Leinart and Jerry Ferrara launched in August and September to kick off 3Q24 Earnings Presentation college football season • Both podcasts have consistently been ranked among Apple’s T
Slide 11: Consolidated Performance in 3Q24
CONSOLIDATED PERFORMANCE IN 3Q24 Consolidated ($MM) 3Q24 Guidance1 $433 - $435 Distribution Revenue • Distribution agreement renewals reached with a Actual $434 substantial majority of Big-4 linear subscriber MVPDs in 2024 Guidance2 $140 - $145 Revenue Political 3Q24 Earnings Presentation Actual $13
Slide 12: 3Q24 Consolidated Media Revenue
3Q24 CONSOLIDATED MEDIA REVENUE Media Revenues vs Guidance Pro Forma Media Revenues² vs Prior Year ($ in millions) ($ in millions) $950 $940 $930 $929 $900 $919 3Q24 Earnings Presentation $920 $910 $850 $913 $900 $908 $800 $890 $880 $889 $750 $870 $700 $860 3Q23 Political Distribution Core Other 3Q2
Slide 13: 3Q24 Consolidated Adjusted EBITDA
3Q24 CONSOLIDATED ADJUSTED EBITDA Adjusted EBITDA vs Guidance Pro Forma Adjusted EBITDA² vs Prior Year ($ in millions) ($ in millions) $260 $254 $300 $151 3Q24 Earnings Presentation $255 $250 $249 $250 ($37) ($4) $245 $249 ($6) $240 $200 $235 $230 $150 $145 $225 $229 $220 $100 3Q23 Total Media Media
Slide 14: Segment Performance in 3Q24: Local Media
SEGMENT PERFORMANCE IN 3Q24 Local Media ($MM) 3Q24 Local Media Financial Performance Guidance1 $381 - $383 Distribution Revenue Actual $383 • 3Q24 results shy of increased guidance – Driven by core and political • 3Q24 total Local Media revenue up 21% vs. 3Q23 Guidance2 $140 - $145 Revenue • Politic
Slide 15: 3Q24 Consolidated Balance Sheet
3Q24 CONSOLIDATED BALANCE SHEET DEBT MATURITY SCHEDULE $1,400 • Total debt at the end of 3Q24 was $4.1 billion $1,200 • Sinclair Television Group’s (STG) first lien 3Q24 Earnings Presentation $1,000 net leverage was 4.2x(1) • STG Total Net Leverage was 5.3x(2) $800 • STG Interest Coverage was 2.8x(3
Slide 16: Fourth Quarter 2024 Guidance
FOURTH QUARTER 2024 GUIDANCE Corporate For the three months ending and December 31, 2024 ($ in millions) Local Media Tennis Other Eliminations Consolidated Core advertising revenue $307 to 315 $5 $9 $(6) $315 to 323 Political advertising revenue 204 - - - 204 4Q24 GUIDANCE Advertising revenue $511 t
Slide 17: Full Year 2024 Guidance
FULL YEAR 2024 GUIDANCE Corporate For the twelve months ending and December 31, 2024 ($ in millions) Local Media Tennis Other Eliminations Consolidated Core advertising revenue $1,159 to 1,166 $38 $33 $(19) $1,210 to 1,219 Political advertising revenue 406 - - - 406 FULL-YEAR 2024 GUIDANCE Advertisi
Slide 18: Key Takeaways
KEY TAKEAWAYS • Solid 3Q24 results; Core advertising revenues grew by 1% year-over-year, with record political revenues • Core advertising trends remain solid in most categories with effective yield management and sales training processes driving best-in-industry core advertising growth over last se