SBGI - Earnings call transcript Q2 2018 | Sinclair Broadcast Group, Inc.

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Operator

Greetings and welcome to the Sinclair Broadcast Group's Second Quarter 2018 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation.

As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Lucy Rutishauser, Senior Vice President and Chief Financial Officer. ahead. go Please

Lucy A. Rutishauser

and Participating Officer. David operator. CEO; call me join and the Vice with Amy, Pruett, for and Thank Vice us Marks Executive Executive on is Chairman; are President President Senior Weisbord, Smith, Chairman; TV and today. Revenue Chris today Officer; Vice Steve Development you, Chief Rob the Chief Steve Ripley, call David to President unable

disclaimer. Billie-Jo begin, make (XX:XX) McIntire statement we Before our will forward-looking

Unverified Participant

free include and filed forward-looking do subject matters website regarding, the on forward-looking company's been have our company The its no as of financial today and important television discussed our quarterly the later obligation discussion SEC available cash public. next from call may non-GAAP leverage. measures, In in A the Included website on metrics forward-looking to recent will webcast until results. in FD, in flow EBITDA, which to made be broadcast be accordance release. company call are being Regulation source forth These Certain will available is things, set those specifically a company. release. Non-GAAP company Chris can provided www.sbgi.net. other detail statements Tribune is in GAAP indicated, flow, risks results the with various operating the you factors. differ on call a reconciliation under reports statements forma information, financial quarter public to statements this remain the Investors, Such future otherwise future of The cash Actual this to accessed highlights. these earnings replay included our will most be A the our impact GAAP and to provided of on measurements, among as Ripley number could assist as factors our our measures the described of Measures. analysis of and and a but Such uncertainties. a uses replace now the of earnings meant valuation reflect non-GAAP not Unless the at through measures operating pro the as website undertakes of supplemental financial are in update acquisition. in with key their second not statements. our to will are available statements results result

Christopher S. Ripley

not on forward morning, to with sharing of guidance. results acquisition in today's from everyone. items, so and providing future. Because call, our of Tribune On an will and you able developing quarter. be the acquisition looking near Tribune the update the regulatory expect focusing any We're be a matter those our we Good call, we'll strong although do on surrounding to results this the be nature we to on

our ask that and Tribune-related we we also – guidance expect also questions focus on We any not will as so, results questions. on your be commenting

and June among digital go That R. and XX impactful through the bring to platform, couldn't the newsrooms past All-in, a Murrow of XXX in awards our XX review news be won and national at Murrow stations. very journalism station this of includes some Edward we have our Emmy's winning include our I'm Awards alongside prestigious who year, Regional news achievements Award XX Seattle, XX now KOMO. with local Edward highlights. in stations this R. happy Before award-winning the our their Circa at operations XXXX. professionals group me national of prouder dedicated news communities results, focus. let counting Circa, We

Asheville. award Station Congratulations this WLOS We the our year. in for of the of also six Photographers all wrapped including National for up awards to Press winners Market photojournalism, Year Association Medium

to serving St. in In missions communities named local the more their for the when ran XXXX partners Incidentally, just of vital for of recognized St. campaign stations of Our KSNV Research and part were $XXX,XXX and than next news. We're the role a Jude St. the fundraising begun Jude Las with Vegas July, this Dream Children's giveaway Hospital Home Jude viewers. do has Station play raise our collectively Year KVCW, the and of and million. them Sinclair's stations, successful with already a the a home. report $X stations a drive goal the

the in CARR helping times as are California Redding, stations of their crisis communities wildfires. Our such in and

in One Redding, center role playing critically of alerting a lifesaving is disseminate information. at KRCR of needed the and the our to stations, fire, emergency

hours been KRCR able support has XXX Sinclair continuous the of coverage fast-moving wildfires. over to around-the-clock offer With of neighboring stations, the of

Additionally, company across our the help short the been part by financial, resources long-term be efforts funds almost entire the raised the mission fundraising Salvation operating Sinclair that raised of technical betterment with our and footprint, country has deep fundamental years, the Army relief news will efforts. across with of company's promoting a used for The This roots station local the is for of and local have over community. the $XXX,XXX. newsrooms locally leverage that can the the

second Now, will quarter Lucy take you results. through the

Lucy A. Rutishauser

for quarter Included $XXX quarter is in certain million of On and quarter pro pleased media Chris. second of higher second X% low-end advertising second we or million a media Media exceeding million, political decrease as on revenues million X% in a $XX distribution, exceeded than by an forma our revenues lower by offset am higher of pro second in percents you, grow our in prior metrics. political $XXX quarter Media Political forma the XX% revenue, XXXX basis, a core single-digit guidance retrans pro million higher on result digital part financial XX% to $X revenue, forma and low quarter in pro year of for quarter, the XX% quarter of operating media fees, second revenues all key still in were XXXX advertising. XXXX than track related defined year the categories. report quarter basis, second media quarter last cases higher $XX reverse production increase as and in period. Thank second non-election license and both guidance second I in were were a of result from a and expenses last year. $XXX costs forma our distribution on second to higher SG&A a quarter increase $XX net were primarily million, digital million growth second year. on retrans versus the to the over expenses, by the initiatives. this the revenues up costs We're up year,

ONE beat $XX of lower transaction $X million beat, million. $XXX timing expenses events. quarter Media media previously guidance. our costs services in That's was and on debt down and and reported quarter. and commitments that in disclosed and on was part transaction distributed higher due the than Adjusting the the guidance in A to due quarter in $X quarter lower R&D was is million in of and part includes the payment, be are commitments million $XX million, we We Corporate financing, lower of interest million acquisition adjusted which sales we in prior onetime ticking process year. in were second higher $X.XX our includes Our onetime revenue better onetime quarter including and expenses. half the the in average $XX quarter, favorable third quarter. extending to million. in free was the expire, $XXX a $XX Net the million investments the and $X was X, were loss term the of prior That's in million on $XX Equity overhead $XXX tranche weighted transaction quarter, CapEx. expense EBITDA of on our paid approximately million to Non-media million guidance the was per Diluted fees which on for of fees. million million our mature ticking earnings $XXX low-end cash of expenses above method our Media the guidance incurred for shares ONE the loans $XX than for of the media ticking the of guidance claims Tribune Corporate for onetime date in share second timing the without rating million in the the expenses EBITDA the and quarter, prior by EBITDA, dividends favorable higher and expenses cost. ticking common cost of million exceeding to had XXX generated in which where fees $XX million cost. committed of the August million $XX group includes includes $X through guidance and overhead expenses, fees, flow insurance transaction the

would which of previously For total are $X.XXX on the Tribune the $XX cash of high-end XXX per $X to billion, billion share free we estimating without flow pro acquisition free towards combined be to shares. our forma flow million guidance provided of XXXX/XXXX, cash approximately imply

to completed, without reconfirming $XX.XX $X.XXX of $X.XXX on we of flow of $X.XXX share also or for Tribune XXXX/XXXX per shares. to a forma cash XXXX/XXXX $X.XXX cash after are share. per be is would flow, We to divestitures, $XX.XX pro billion cash combined total expect XXX billion free $XX.XX to million flow billion free the Tribune If to or acquisition $XX.XX estimates free billion

statement purposes for reminder, balance of assets Turning Capital operations. of for to included second Tribune highlights, the expenditures and related $X the June for cash sheet in the accounted to including and station XX, announced held repack. million as $XX a as quarter our acquisition the balance flow were million, for were, divestitures the in sheet as were sale

of reducing For $XXX non-repack our to guidance on prior million XXXX, projects. we are of million timing CapEx guide our from $XXX

cash the the in programming this $XX timing. expected second payments million from $XXX and prior our $XX to $X our were million. paid expectation – were is addition, of down payments XXXX reducing be Cash quarter we expect we repack which million quarter million repack guidance. – the on to programming also taxes $XX million, lower In Net million, CapEx are $X during year, than previous second CapEx is for the

million, of net and it to non-guaranteed on VIE bringing million $X.X cash be spectrum tax-free eight-quarter billion, And XX, free a related tax and add $XX just VIE to is as at sale improve redemption hand the cash in had to percent rate and through be balance sale At on billion. company For an on related quarter-end XX was million including are matured. million the historically back proceeds debt of And billion. debt. cash at and that strongest rate for And cash the debt to the the non-guaranteed is in the low which flow June spectrum as In sure million reflects quarter. by and sustainability in benefit cash. tax purposes, the Total be on loans the in the and of total $XXX low-single-digit on total A expected tax federal based credits addition, Harrisburg holding of times Milwaukee statutory a our Cash $X.XXX rate. X.X $XXX our XXXX, This basis, million initiatives income taxes the spectrum $XX revolver, reminder, the company we is almost guidance, April, gain our was taxes trailing Baltimore. to in flow. the million on on X.X well we this term first of sheet available to in includes the we approximately included liquidity $X.XXX history to gain $XX expect lower since effective XXXX of times The year-end. as of excluding not spectrum to $XXX of for leverage a estimating approximately June net was $XX used we sale

quarters would acquisition X.X approximately The times first at total net ratio was covenant eight year-end. divestures, the if Tribune expect to of the forma on a after combined be X.XX. lien leverage indebtedness we a pro times And trailing on company X.X closes

Now, will performance. our through you take Weisbord Rob operating

Robert D. Weisbord

in $XX political Thank XXXX. by than quarter versus you, a the much million spending. of second quarter quarter revenues driven had We $X anticipated, million the were second Political better Lucy. second strong in

previously $XXX $XXX million million. full We our million to for and revenue our expectation approximately disclosed compared $XXX expectation are political of between year to increasing

addition ballot and in issues our In fundraising to have higher ad spending, markets the versus we XXXX. more

revenues year. forma compared Our the digital pro quarter second period the XX% same as business continues with last in to perform very well to growing

include which Turning to Tribune. outlook, not does our

core assumes to we third XX% revenues million million For crowding revenues up to in political political, mid-single This higher to be quarter fees are than to the XXXX. $XX we the as be revenues Pro media $X low of million, year a head includes in political distribution height to by third $XXX single-digit political This are demand last last the expect be year, advertisers. for and reverse third digits political basis, low of year. retrans compared of the advertising million down versus to expected XX% third forma million pro out XXXX forma distribution to XX% into fees versus net in last as $XXX still normal with higher $XXX quarter, year. third media expected expected to heavy Distribution same be of approximately approximately excluding revenues. million to expected revenue, quarter percents. and grow period quarter, On is $XXX the $XX revenues season million quarter to versus is

majority in the the the in of to XXXX On increase the on initiatives. quarter third quarter pro approximately forma a acquisitions media coming and million quarter XXXX reverse million versus from the of $XXX expenses the growth expense third forecasting with Media were in $XXX third retrans, basis $XXX side, be we million. expenses are

the $X million than guidance media expense For year, lower our expectation. is previous

We of revenue, it the to adjusted million is reverse third be sales EBITDA quarter higher net billion year, driven are million and ONE unchanged. expected of guidance estimating quarter, onetime number third renewed that cost, remains retrans open cost, I $XXX of the EBITDA political million million large added that, revenues. to initiatives agreements quarter, offset approximately on for The for third by The network this the XXXX to expense adjusted versus questions. of $XXX billion. $X.XXX Media full compensation million annual million. to in expected $X to at forma due Free year-over-year $XXX $XXX forma. year media pro for $XXX cash XXXX and and like is of as-reported increases, growth in on would by increase is Their increase beginning pro to commissions primarily partially the the in versus approximately expenses. be timing With retrans is political $X.XXX flow the $XXX onetime up approximately million transaction

Operator

you. Thank

be We session. will conducting now a question-and-answer

question John comes Jefferies. first go with from Janedis ahead. Please Our

John Janedis

the do Thank last today I given addressable night for from platform, me. release and how you from you your have hi. the quick do And and ones kind I Two then, guess portfolio? more do One, would business? RSN hoping the on see Fox a what the Disney you. adoption margin How scaling see of was large market you color. expect Oh, little an with or the OTT sales, quickly that separately, to expanding you interest view in

Christopher S. Ripley

So, that advertising. a for product. local both fills It the the marketplace we're very national excited really and marketplace within on new CompulseOTT, targeted about greater niche

but unique soft marketplace a launched advertisers. campaigns that ran already dollar we've it So, think X,XXX We and with is X,XXX over already marketplace, underserved. multibillion it's

and we future. is foreseeable So, there's for it more than grow supply there expect the will digits double demand

with and multiple premium dashboards product really top-notch So, daily with and analytics inventory we our advertisers. data with the suppliers inventory great together and a own put for mixed in

So, we your growth be on was nice opportunity going us moving What you the that's a – forward. RSNs? the think for restate question can to

John Janedis

RSN, Maybe one just of, expand spot particular any that, margin RSNs, broadcast Disney separately to business similar and your would just Was the then in ad more maybe with, portfolio? in is on and that markets, the if it of terms a dilutive guess, terms you versus Fox Chris, on sale RSN the I be will, say, selling portfolio? interest that

Christopher S. Ripley

Yeah.

not have active. And operations look, a RSNs, will costs, be basis, contribution a on extensive than But of fully terms and variable a because just other margin-dilutive. pure news loaded the it in spot. we're the stations less on always look, is So, basis, margins

industry. on bucket. put heard, We in RSN lot coming to digital seek cable, all continue within as the continue be they scale the squarely us I'm marketplace interest an adjacency I would to broadcast There's and a to content, of you've that deals including media adjacencies, sure

fairly with good operations. footprint think a fit are I the and broadcast they are They interesting.

for course, it and the right to Of has all deal. be the value right

John Janedis

lot, Thanks a Chris.

Christopher S. Ripley

you. Thank

Operator

ahead. B. from comes Please with Barton Our Crockett next Riley. question go

Barton Crockett

to Okay. to Tribune Great. is to given think about I does RSNs, capacity less to I adjacency. how about TV the an affect and follow I kind first RSNs of guess, this at little then, wanted acquisition, expressing, advantages deals the some have wondering is your which maybe maybe And point? do a is that the breadbox which typical was on bit looking there M&A openness been. your there you we same are are on up to question How your way appetite of that to In advantage that some still do deals, not table. is some deals? would the be stations looking this regulated secondarily, environment, regulated? outside at

Christopher S. Ripley

transactions on of transaction. So, has status appetite to our not do based changed further the current the Tribune

no really is there So, there. change

As I from RSN, scale a regulated continue and said, if seek within like business will broadcast that opportunity, and in sense perspective, Look, less obviously a a value a makes we benefit. an is adjacencies. to

I industries easier The anyone. are generally operate less in. for benefit regulated think that'd to

I think team any make. that's a statement would management

Barton Crockett

on whether in be seeing to this the you're just this TV wanted how to little concern and on you seeing persistent There's just and Okay. to relative seems keeping being which secondarily, and I competitive strong what you is be I to I seems cycle. think about the its Internet comment then, that a money many, spending share And that of for kind flow to Internet bit would very what TV been wanted on including guys. balanced probe you're political, to a

Christopher S. Ripley

is but political spending, political front. what encouraging Internet-related on comment Rob so maybe we're far the let on I'll very So, seeing

entry market and the XXXX, record And for the going don't this the further the hiccup and going done led you is cycle fundraising it But campaigns. but There's on that of its political on, the what like and is spending what headed the that the that. was TV have spot of is historical was spending. And and seeing Trump dollars of another to – is. year Rob, spending. a in the lack exactly if on know, As standard fundraising in a on there Internet you spending maintaining amount political cycle lack political share. of of is know we're I with year spending also be to lack record in all smaller this we're it TV spot color looks They're it's pattern of

Robert D. Weisbord

Yes.

of I benefit the And it's in how as So, third impact that we being but any broadcast is our of the spending. and as proof it spend. – media that the the some programmatically quarter some in curtailed is many has that on with impacted haven't it we're the the regulated coming There by traffic, on seen digital reaping of really side. races the the digital think of sourced not it's any bought we're second really bot been and previously of spending through has spending issues a and really side,

Barton Crockett

Okay. That's great. Thank you.

Operator

Our go next question Ryvicker comes Please from Wells Fargo. with Marci ahead.

Marci L. Ryvicker

I seeing was auto is A quarter your from fourth use talk about that third sales, can quarter? fundamentals, no you questions, separate of deal? maybe total for And And renewal, those assume might Thanks. the then, that, then, options related Thanks. is about economics cash if just the the there talk first, in Tribune so in you station and that any you can to the are be the Fox couple place? of what

Christopher S. Ripley

spending ultimately priorities change money, our of change doesn't in It we terms happens with our in of about it terms of Tribune. what how view world. So, doesn't and again the really think

that by pipeline continue returns and the M&A will had returns the our to there our We repurchasing can with stock. own be balance

when clarity be now, marketplace. there outcome opportunities, right so, against comes evaluation and And also that a which on few, are the weighed then the to be coming of made it on for Tribune, will quite will other

had? there. whether So, into a And we'll equation, happens next play our the What philosophy question you was always look balance do. we doesn't really not to that like change or Tribune into

Robert D. Weisbord

right? Fox, On

Christopher S. Ripley

Okay.

Marci L. Ryvicker

Fox renewals. Yeah.

Christopher S. Ripley

place that does would any the the not to then like if those. Fox And the that other are just extent Fox were renewals, Tribune to happen, So, renewal have does to acquisition it happen, they negotiation. in the right cancel be

Robert D. Weisbord

Auto?

Marci L. Ryvicker

color any auto auto, on on then, And Okay. your category?

Robert D. Weisbord

quarter We rebounding. third seeing Yeah. in we're auto

digits We to due expect down a out. it to crowd political be low single

both on and Chevy, group and from the by factory in domestic into the side investments dealer big we've their television. turnaround led Ford seen However, a broadcast

Marci L. Ryvicker

do seems but question, because silly you why a rebounding. know to be is no may auto why, know This one

Robert D. Weisbord

that, in tail brand on money co-op actually come on period to the group, market drop think dabbling again, marketplace they seen, are this that it places and of that funnel. typically, seen they and dealer the digital time the long off I for from drop won't a and to local sales in you what especially back we've takes the when side short purchase away were, the with then and a off we've of And typically they dramatically the the broadcast.

Marci L. Ryvicker

you. Thank Great.

Lucy A. Rutishauser

strength in Marci, can add just shouldn't just we if right now as well. the economy I overlook the also,

the which up some auto of X%, We the have improving reform year that tax coming don't whether is overlook the want also also economy or in as has I from fact goes you our but been implications, is on. not to the strength GDP, over

Marci L. Ryvicker

you. Thank Okay.

Operator

Dan go ahead. comes with question next from Our Company. Kurnos The Please Benchmark

Dan L. Kurnos

raise on this of process being of end very smaller kind coming maybe that there. Thanks. for the cap I if Do the of Chris, out – the as of weigh this lot the you you if heavy thought to mentioned on of and pipeline are the feel to a coming look, faster stations get their up do to happen, stuff Tribune, of bigger, (XX:XX) think the doesn't kind some opportunities, you the of a favorable have those example, political environment you way their in M&A. And, the opportunities so, compelled collect to still year? of Kurnos. some going season M&A checks, know there is you influence timing not stuff on any market or regulatory by

Christopher S. Ripley

for what there. do NPRM the with discount happens national no have the a really the insight ultimately I cap They and rules place uncertainty favorable an open in the terms did is that Look, national of what regulatory FCC environment an in unknown. into on the book. of will UHF is think currently on is bit an are The very that the was We cap.

However, now that is They going the may not they may, it. not touch UHF may discount not. they away,

only groups market already several So, time to terms think tell. that opportunities, station it's in committed they're And other other of decided go. will that have I there's the time to and hit essentially

So, more near to activity anyone for in And much industrial industry future. still there. see logic I very is us expect the the M&A for the else and

Dan L. Kurnos

X.X, if apologize on I process testing I plan unfold your update that's of if your could but this kind us now right on is of thought in then, the missed broader on as you some the going game And earlier, to starting there.

Christopher S. Ripley

network it. XX Yeah. is launch in Dallas, about with a days single running. for around signal X.X up a has It should and a frequency X.X. signal a Phoenix full

in So, but be channels agree right everyone first part rest And of headway background amongst country on of on groups a the complicated that work in and the all broadcast will sort to is making agreeing there. shared. a will of a is that, to be organization the probably good getting That's for of how most plan deployment we're the of the now various going deployment. there lot the that

moving still rolls the repack to the we and expect industry. happen through as And are so, deployments things along

Dan L. Kurnos

you. Got it. Thank

Operator

Kulp comes from Leo RBC Markets. question ahead. with next Please Capital Our go

Leo Kulp

for question. just Thanks taking two. morning. I Good had the

capabilities. And any evidence some saw accelerating seeing you ad us on growth First, your gains local that remind core long-term leverage targeting target on say X% then, broadcast of non-political are and second, can weighing front, they the is? spot? you that's Charter it's share what their Are cables ad and

Lucy A. Rutishauser

Yeah.

So, the leverage target do first. I'll

X still a in low high times, X at we're So, environment. our normalized times

Robert D. Weisbord

obviously exclusive cable, away the broadcast far last as the and a – was there growth as seen And targeting from over they have XX years business. when in taken

that targeting enhanced capabilities any of been see the don't around years. for I haven't couple However, last

for So, be marketplace premium they the ad aren't right we've significant GO some in (XX:XX), might there seen on but now cess that having that rates the really addressable.

Christopher S. Ripley

Yeah.

I acceleration for and there that any now marketplace local cable has trend. a see in of decades don't think strong competitor we within line terms is ad the that of the that sort punch been

Leo Kulp

it. for color. the Thanks Got

Operator

next Our Bank. from comes ahead. go Please with Deutsche question Aaron Watts

Aaron L. Watts

I Hi, everyone. questions. Thanks. couple had a

I heard to clarifier. quarter. your Did is a what of more second what auto comments auto like you around did look the going in one, the First third say quarter? in

Robert D. Weisbord

We It single was down high didn't. digits.

Aaron L. Watts

theme, low to it. then, And down what's core? got second in I forma quarter, pro said I the of broadly, just kind think you pro XQ, think looking digits, more same the did kind core I metric that with what in mid-single of comparable forma for

Lucy A. Rutishauser

in would about X% second We Yeah. quarter. been have down

Aaron L. Watts

is there reason you're for from where you the Okay. Great. today, regarding the picture any in then, transact for And opportunities, M&A think the and assets impacts Tribune on to one your future? the last me, bigger sit broadcast FCC experienced to just thinking DOJ potential with about future ability company,

Robert D. Weisbord

comment that we on think clearly said, we're Tribune-related as bucket. I Look, going to falls that into questions not and

Aaron L. Watts

Thank time. the you Fair Okay. for enough.

Robert D. Weisbord

Thanks.

Operator

with Wells head. Fargo Hebert Davis go from comes question Please next Securities. Our

James Davis Hebert

the I ending to you want loan lot if ask answer but the could Good What realize through that, about just a the on mechanics probably the us on Hi. morning. I can't happens term please? Tribune with walk commitments, do of August ticking you deal, fees X.

Lucy A. Rutishauser

Yeah.

ticking and Tribune stated anything So, Davis, the would going related to that there. be not we commenting at and call, same fees thing as the commitments fall we're beginning on the of there,

James Davis Hebert

you. Thank Okay.

Operator

Griffin Our next Please question go ahead. Deutsche comes Clay Bank. with from

Clay Griffin

networks in that those to to targeted Hi. Good morning. and of virtual MVPDs. that And Chris, how get was I opportunities I think relates on just And two, way company your curious the implement sub growth the from advertising advertising? mentioned MVPDs, is that's platforms last couple progressing as through call, the what fronts, base? starting it with you with targeted guess, how virtual there change is engage a any affecting to platform the opportunity

Christopher S. Ripley

on CompulseOTT both point. sources channels. So, you inventory saw several different the our at through with targeted coming advertising of this getting we're MVPDs yeah, virtual announcement, It's as we're And the basis. also for a course, platform. on through selling channels' MVPDs websites, virtual And, our like inventories our upcoming on targeted launch other and direct-to-consumer apps the instance of NewsON of OTT our

it's to marketplace, said, So, the marketplace, I mention is very underserved different a it's so it's through this. focus forgot been that's be available our think amount especially sources, local initiative around well, a as and and launched access inventory of big in sales already it's I launched that we the And and growing soft Sorenson on to big as to hasn't these which all to success us going that. is CompulseOTT why to a we becoming us. growth for And and really had far driver really

subscribers, started this grow really seeing numbers contribute the our MVPDs significantly they've subscriber of really terms base. year. overall quite In helped those We're and have to virtual

Clay Griffin

Thanks. Great.

Operator

turn comments. like closing for would I to over the call to Lucy

Lucy A. Rutishauser

anyone and you participating operator, free you, morning. questions, additional thank on earnings our for contact if call has Thank feel And us. this please to

Operator

your Thank This today's concludes you for participation. teleconference.

Sinclair Broadcast (SBGI) 8 Aug 182018 Q2 Earnings call transcript