XML 15 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
REVENUES:        
Revenues $ 766,260 $ 644,532 $ 2,161,756 $ 1,923,702
OPERATING EXPENSES:        
Media production expenses 303,782 268,330 893,189 796,218
Media selling, general and administrative expenses 154,581 133,605 452,274 385,372
Amortization of program contract costs and net realizable value adjustments 24,482 28,047 76,142 87,962
Non-media expenses 32,476 17,496 84,720 51,974
Depreciation of property and equipment 25,035 24,442 75,477 72,026
Corporate general and administrative expenses 34,322 25,831 88,603 71,458
Amortization of definite-lived intangible and other assets 44,600 43,368 131,322 132,299
Gain on asset dispositions, net of impairment (10,828) (34) (36,678) (53,531)
Total operating expenses 608,450 541,085 1,765,049 1,543,778
Operating income 157,810 103,447 396,707 379,924
OTHER INCOME (EXPENSE):        
Interest expense and amortization of debt discount and deferred financing costs (75,753) (51,743) (237,766) (160,020)
Loss from equity investments (25,379) (4,362) (55,339) (4,221)
Other income, net 5,674 2,342 13,129 4,197
Total other expense, net (95,458) (53,763) (279,976) (160,044)
Income before income taxes 62,352 49,684 116,731 219,880
INCOME TAX BENEFIT (PROVISION) 2,648 (17,118) 21,573 (70,577)
NET INCOME 65,000 32,566 138,304 149,303
Net income attributable to the noncontrolling interests (1,125) (1,929) (3,264) (16,820)
NET INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP $ 63,875 $ 30,637 $ 135,040 $ 132,483
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP:        
Basic earnings per share (USD per share) $ 0.63 $ 0.30 $ 1.32 $ 1.34
Diluted earnings per share (USD per share) $ 0.62 $ 0.30 $ 1.31 $ 1.32
Weighted average common shares outstanding (shares) 102,083 102,245 102,069 99,210
Weighted average common and common equivalent shares outstanding (shares) 102,789 103,055 102,898 100,173
Media revenues        
REVENUES:        
Revenues [1] $ 730,361 $ 629,597 $ 2,069,874 $ 1,873,881
Non-media revenues        
REVENUES:        
Revenues $ 35,899 $ 14,935 $ 91,882 $ 49,821
[1] See Revenue Recognition within Note 1. Nature of Operations and Summary of Significant Accounting Policies for a discussion of the adoption of the new accounting principles for revenue recognition.