Sinclair Inc
For the period ended Sep 30, 2024. Filed Nov 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 8, 2024
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CONSOLIDATED BALANCE SHEETS
| As of September 30,2024 | As of December 31,2023 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $536 | $662 |
| Accounts receivable, net of allowance for doubtful accounts of $5 and $4, respectively | 617 | 616 |
| Income taxes receivable | 7 | 8 |
| Prepaid expenses and other current assets | 195 | 189 |
| Total current assets | 1,355 | 1,475 |
| Property and equipment, net | 712 | 715 |
| Operating lease assets | 128 | 142 |
| Goodwill | 2,082 | 2,082 |
| Indefinite-lived intangible assets | 150 | 150 |
| Customer relationships, net | 318 | 369 |
| Other definite-lived intangible assets, net | 348 | 410 |
| Other assets | 692 | 742 |
| Total assets (a) | $5,785 | $6,085 |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Accounts payable and accrued liabilities | $479 | $913 |
| Current portion of notes payable, finance leases, and commercial bank financing | 38 | 36 |
| Current portion of operating lease liabilities | 22 | 21 |
| Current portion of program contracts payable | 85 | 76 |
| Other current liabilities | 85 | 57 |
| Total current liabilities | 709 | 1,103 |
| Notes payable, finance leases, and commercial bank financing, less current portion | 4,093 | 4,139 |
| Operating lease liabilities, less current portion | 135 | 152 |
| Program contracts payable, less current portion | 16 | 14 |
| Deferred tax liabilities | 288 | 252 |
| Other long-term liabilities | 195 | 204 |
| Total liabilities (a) | 5,436 | 5,864 |
| Commitments and contingencies (See Note 5) | ||
| Shareholders' equity: | ||
| Class A Common Stock, $.01 par value, 500,000,000 shares authorized, 42,584,090 and 39,737,682 shares issued and outstanding, respectively | 1 | 1 |
| Class B Common Stock, $.01 par value, 140,000,000 shares authorized, 23,775,056 and 23,775,056 shares issued and outstanding, respectively, convertible into Class A Common Stock | — | — |
| Additional paid-in capital | 565 | 517 |
| Accumulated deficit | (149) | (234) |
| Accumulated other comprehensive (loss) income | (2) | 1 |
| Total Sinclair shareholders' equity | 415 | 285 |
| Noncontrolling interests | (66) | (64) |
| Total equity | 349 | 221 |
| Total liabilities and equity | $5,785 | $6,085 |
(a)Our consolidated total assets as of September 30, 2024 and December 31, 2023 include total assets of variable interest entities ("VIE") of $76 million and $85 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of both September 30, 2024 and December 31, 2023 include total liabilities of VIEs of $17 million for which the creditors of the VIEs have no recourse to us. See Note 8. Variable Interest Entities.
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