Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) Q2 2023 Earnings Conference Call August 2, 2023 4:30 PM ET
Company Participants
Chris King - Vice President, Investor Relations
Chris Ripley - President and Chief Executive Officer
Lucy Rutishauser - Executive Vice President and Chief Financial Officer
Rob Weisbord - Chief Operating Officer and President of Local Media
Conference Call Participants
Dan Kurnos - the Benchmark Company
Aaron Watts - Deutsche Bank
Steven Cahall - Wells Fargo
Barton Crocket - Rosenblatt
David Karnovsky - JPMorgan
Benjamin Soff - Deutsche Bank
Courtney Bahlman - Barclays
Operator
Greetings, and welcome to the Sinclair Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.
I will now turn the conference over to your host, Chris King, Vice President of Investor Relations at Sinclair. You may begin.
Chris King
Good afternoon, everyone, and thank you for joining Sinclair's second quarter 2023 earnings conference call. Joining me on the call today are Chris Ripley, our President and Chief Executive Officer; Lucy Rutishauser, our Executive Vice President and Chief Financial Officer; and Rob Weisbord, our Chief Operating Officer and President of Local Media.
Before we begin, I want to remind everyone that slides and supplemental information for today's earnings call are available on our website, sbgi.net, on the Investor Information page and on the earnings webcast page. Following shareholder approval and closing of our holding company reorganization, we recasted our financial results on a quarterly basis for 2022 in the first quarter of 2023 to conform with the new organization structure and reporting. Those updates are available on our website for the revised segment reporting. For questions about our recasted financial statements, please reach out to our Investor Relations team sometime after this call.
Certain matters discussed on this call may include forward-looking statements regarding, among other things, future operating results. Such statements are subject to a number of risks and uncertainties. Actual results in the future could differ from those described in the forward-looking statements as a result of various important factors. Such factors have been set forth in the company's most recent reports as filed with the SEC and included in our second quarter earnings release. The company undertakes no obligation to update these forward-looking statements. The company uses its website as a key source of company information, which can be accessed at www.sbgi.net. In accordance with Regulation FD, this call is being made available to the public. A webcast replay will be available on our website and will remain available until our next quarterly earnings release. Included on the call will be a discussion of non-GAAP financial measures specifically adjusted EBITDA, adjusted free cash flow and leverage. The company considers adjusted EBITDA to be an indicator of the company's operating performance and the ability to service its debt. The company also believes that adjusted EBITDA is frequently used by industry analysts, investors and lenders as a measure of valuation and ability to service debt. The company also discloses segment adjusted EBITDA as an indicator of the operating performance of its segments in accordance with ASC 280 segment reporting. The company considers adjusted free cash flow to be an indicator of the company's operating performance. The company also believes that free cash flow is a commonly used measure evaluation for companies in the local media industry. In addition, this measure is frequently used by industry analysts, investors and lenders as a measure of evaluation for local media companies. These measures are not formulated in accordance with GAAP, are not meant to replace GAAP measurements and may differ from other companies' uses or formulations. The company does not does not provide reconciliations on a forward-looking basis.