Core Points - The 72nd Scripps Howard Journalism Awards highlight the significant contributions of journalism in addressing critical societal issues, including financial mismanagement and environmental crises [1][3] - The awards recognize excellence across various media platforms, with nearly 600 entries evaluated by a panel of veteran journalists [1][3] Prize Money and Awards - The Scripps Howard Fund will distribute $140,000 in prize money to the winning organizations and journalists, including the prestigious Impact Award [2] - The Impact Award is given to the entry deemed to have the greatest societal impact among the winners [2] Award Winners - Notable winners include: - Excellence in Audio Storytelling: KUOW Public Radio, The Seattle Times – "Lost Patients" [3] - Excellence in Business/Financial Reporting: The Boston Globe – "Spotlight coverage of Steward Health Care" [3] - Excellence in Environmental Reporting: The Guardian U.S. – "Marathon: The Huge U.S. Toxic Fire Shrouded in Secrecy" [3] - Impact Award: STAT – "Health Care's Colossus," which examined UnitedHealth's practices affecting millions [3][4] Educational Initiatives - Winners will participate in a program to present their work to journalism students, fostering networking and storytelling skills [5] - The Scripps Howard Fund also recognizes excellence in journalism education with awards for Teacher of the Year and Administrator of the Year [5]

Core Insights - The E.W. Scripps Company will present its business strategies at the Gabelli 17th Annual Media & Sports Symposium on June 5, 2025 [1] - Key executives, including CFO Jason Combs and Chief Communications and Investor Relations Officer Carolyn Micheli, will present at 8:30 a.m. Eastern time [1] - The presentation will be available via live webcast for those unable to attend in person, with a replay accessible on the company's website weeks after the event [2] Company Overview - The E.W. Scripps Company is a diversified media company and one of the largest local TV broadcasters in the U.S., operating over 60 stations in more than 40 markets [2] - The company provides quality local journalism and reaches households nationwide through its national news outlets, Scripps News and Court TV, as well as entertainment brands like ION, Bounce, and Grit [2] - Scripps holds the largest broadcast spectrum in the nation and serves professional and college sports leagues with extensive local and national broadcast reach [2]

Financial Performance - Total operating revenues for Q1 2025 were $524.4 million, a decrease of 6.6% compared to $561.5 million in Q1 2024[24]. - Advertising revenue decreased to $325.9 million, down 6.8% from $349.8 million in the same quarter last year[24]. - Operating income for Q1 2025 was $27.5 million, a decline of 36.7% from $43.4 million in Q1 2024[24]. - Net loss attributable to shareholders was $18.8 million, compared to a net loss of $12.8 million in Q1 2024, resulting in a net loss per share of $0.22[24]. - The E.W. Scripps Company reported a net loss of $3,455,000 for the three months ended March 31, 2025, compared to a net income of $1,626,000 for the same period in 2024[27]. - Cash flows from operating activities were negative at $(3,309,000) for Q1 2025, a significant decrease from $45,436,000 in Q1 2024[27]. - The company reported total revenues of $524.393 million for the three months ended March 31, 2025, compared to $561.464 million for the same period in 2024, reflecting a decrease of approximately 6.6%[105]. - Local Media segment revenues decreased by $27.4 million or 7.8% to $325.4 million, with core advertising down by $4.3 million or 3.1%[146]. - Scripps Networks revenues decreased by $11.3 million or 5.4% to $198.0 million, impacted by lower ratings in key demographics[152]. Assets and Liabilities - Total assets as of March 31, 2025, were $5.12 billion, down from $5.20 billion as of December 31, 2024[23]. - Current liabilities decreased to $439.7 million from $482.4 million at the end of 2024, reflecting improved cash management[23]. - The company reported a decrease in accounts receivable to $520.6 million, down from $568.2 million[23]. - The total outstanding principal of long-term debt as of March 31, 2025, was $2,626,404 thousand, with a net carrying value of $2,558,994 thousand[78]. - As of March 31, 2025, total other liabilities (less current portion) amounted to $436.854 million, a decrease from $464.574 million as of December 31, 2024[95]. Cash Flow and Financing Activities - The company experienced a net cash used in investing activities of $(9,890,000) in Q1 2025, compared to $(5,085,000) in Q1 2024[27]. - Net cash provided by financing activities was $13,306,000 in Q1 2025, contrasting with a net cash used of $(45,441,000) in Q1 2024[27]. - Cash and cash equivalents increased slightly to $24.0 million from $23.9 million at the end of the previous quarter[23]. - Cash used in operating activities was $3.3 million in 2025, a decrease from $45.4 million provided in 2024, driven by a $17.2 million decrease in segment profit[158]. - Cash provided by financing activities was $13.3 million in 2025, compared to cash used of $45.4 million in 2024, reflecting net debt proceeds of $25.0 million[160]. Restructuring and Costs - Restructuring costs for the first quarter of 2025 totaled $4.1 million, which included severance charges of $2.0 million and operating lease exit costs of $2.1 million[63]. - The company incurred restructuring costs of $5.0 million in the first quarter of 2024, indicating a decrease in restructuring expenses year-over-year[63]. - Selling, general and administrative expenses decreased by 5.8% to $137,239 in the first quarter of 2025, compared to $145,693 in the same period of 2024[128]. - Employee compensation and benefits in Local Media decreased by $1.6 million or 1.5% due to restructuring efforts[147]. Tax and Interest - The effective income tax rate for the three months ended March 31, 2025 was 79%, compared to 70% for the same period in 2024[69]. - Interest expense decreased by $11.2 million in the first three months of 2025 compared to the prior year quarter, attributed to lower interest rates on variable debt[134]. - The company reported interest paid of $57,867,000 for Q1 2025, a decrease from $67,347,000 in Q1 2024[27]. Debt and Credit Facilities - The company authorized a debt repurchase of up to $500 million, expiring on March 1, 2026[91]. - The company replaced its existing revolving credit facility with a new facility with aggregate commitments of up to $208 million due July 2027[94]. - The company has $545 million in new tranche B-2 term loans due 2028, with interest charged at SOFR plus a margin of 5.75%[166]. - The company has $340 million in new tranche B-3 term loans due 2029, with interest charged at SOFR plus a margin of 3.35%[166]. - The new credit agreement requires compliance with a maximum first lien net leverage ratio of 3.50 to 1.0 through September 30, 2026[93]. Dividends and Shareholder Returns - The company did not declare or provide payment for the first quarter 2025 preferred dividend, resulting in aggregated undeclared and unpaid cumulative dividends totaling $70.6 million[116]. - The company is prohibited from paying dividends on and repurchasing common shares until all preferred shares are redeemed[116]. - At March 31, 2025, aggregated undeclared and unpaid cumulative dividends on preferred shares totaled $70.6 million[169].

Financial Data and Key Metrics Changes - The company reported a first quarter loss per share of $0.22, which is an improvement compared to the consensus EPS estimate, despite a preferred stock dividend impact of $0.18 [14] - Total debt at the end of the quarter was $2.6 billion, with a net leverage ratio of 4.9 times, which the company aims to reduce further this year [14][15] - The company completed refinancing transactions that increased the blended cost of debt by less than 1% and extended the maturity of up to $1.5 billion of debt [15] Business Line Data and Key Metrics Changes - Local Media division revenue decreased by 7.8% year-over-year, with core advertising revenue down 3% due to economic uncertainty [9][10] - Scripps Networks revenue was $198 million, down about 5% year-over-year, but Connected TV revenue increased by 42% [11][12] - Local Media segment profit was $35 million, down from $66 million in Q1 2024 [10] Market Data and Key Metrics Changes - Local distribution revenue was down 5% year-over-year, with expectations for high single-digit declines in Q2 [10][11] - The advertising categories of automotive and retail were the worst performers in Q1, while gambling advertising saw growth [46][48] Company Strategy and Development Direction - The company is focused on debt reduction and improving its balance sheet, with a commitment to using free cash flow for debt reduction [15][16] - There is an expectation of local broadcast industry consolidation that could drive growth and enhance shareholder value [20] - The company is leveraging its local news and sports programming to strengthen connections with audiences and advertisers [20][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged headwinds from economic uncertainty but expressed confidence in the company's performance and strategic direction [7][19] - The company anticipates continued challenges in the advertising market but expects to benefit from strong demand for women's sports programming [54][92] Other Important Information - The company has received multiple prestigious journalism awards for its news programming, highlighting its commitment to quality journalism [21][22] - The company is exploring opportunities for regulatory relief to enhance its competitive position in the market [27] Q&A Session Summary Question: How is Scripps positioned to take advantage of regulatory changes? - Management believes that greater scale and market depth are necessary for performance and plans to leverage opportunities from potential regulatory changes [29][30] Question: What visibility does the company have for performance in the back half of the year? - Management indicated that visibility is strong, particularly due to the demand generated by sports programming [31][38] Question: How did employee compensation and benefits change in Scripps Networks? - Employee compensation was down 31% year-over-year, and management expects this lower cost base to continue [43][45] Question: What is the outlook for advertising categories? - Automotive and retail were the worst performers in Q1, but gambling advertising saw growth, particularly in markets with local sports [46][48] Question: What is the expected impact of political advertising in the upcoming year? - Management expects a typical off-cycle year for political advertising, with potential for earlier spending due to the current environment [91][93]

Financial Data and Key Metrics Changes - The company reported a first-quarter loss per share of $0.22, which is an improvement compared to the consensus EPS estimate, despite a preferred stock dividend impact of $0.18 and a $4 million restructuring charge that increased the loss by $0.04 per share [13][14][24] - Total debt at the end of the quarter was $2.6 billion, with a net leverage ratio of 4.9 times, which the company expects to reduce throughout the year [13][14][24] Business Line Data and Key Metrics Changes - Local Media division revenue decreased by 7.8% year-over-year, with core advertising revenue down 3% due to hesitancy in advertising spending amid economic uncertainty [7][8] - Scripps Networks revenue was $198 million, down about 5% from the previous year, but Connected TV revenue increased by 42% [10][11] - Local Media segment profit was $35 million, down from $66 million in Q1 2024, while Scripps Networks segment profit rose to $64 million from $49.7 million year-over-year [8][12] Market Data and Key Metrics Changes - The company expects Local Media division revenue to decline in the high single-digit range for Q2, with core revenue down in the low single-digit range due to ongoing economic uncertainties [9][12] - Advertising categories such as automotive and retail were the worst performers in Q1, while gambling advertising saw growth tied to local sports deals [42][44][75] Company Strategy and Development Direction - The company is focused on debt reduction and improving its balance sheet, with a commitment to using free cash flow for debt repayment [14][15] - Management anticipates local broadcast industry consolidation, which could enhance growth and efficiency in local markets [17][18] - The company is leveraging its local news and sports programming to strengthen connections with audiences and advertisers, aiming to create shareholder value [19][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's ability to navigate economic uncertainties and highlighted strong performance in Connected TV and disciplined expense management [6][16] - The company is preparing for potential regulatory changes that could allow for greater consolidation and operational leverage in local markets [24][60] Other Important Information - The company completed refinancing transactions that improved its debt maturity profile and only slightly increased its blended cost of debt [14][15] - The company has received multiple prestigious journalism awards, reinforcing its commitment to quality news reporting [19][20] Q&A Session Summary Question: How is Scripps positioned to take advantage of regulatory changes? - Management believes that greater scale and market depth are necessary for performance and plans to leverage opportunities from potential regulatory changes [26][27] Question: What visibility does the company have on performance in the back half of the year? - Management indicated that while there is excitement around women's sports, concrete details from upfronts will be clearer in the next earnings call [30][31] Question: How did advertising categories perform in Q1? - Automotive and retail were the worst performers, while gambling advertising saw growth due to local sports deals [42][44] Question: What is the outlook for retransmission revenues? - Management confirmed that retransmission subscribers were down mid-single digits year-over-year, consistent with previous trends [52][53] Question: What is the expected impact of deregulation on the ION side of the business? - Management anticipates that changes in ownership rules could allow for more local stations, improving margins for ION [69][70] Question: What is the expected cash balance post-refinancing? - The company had $25 million in cash at the end of the quarter, with expectations to reduce revolver balances by the end of the year [93][96]

Financial Performance - The E.W. Scripps Company reported Q1 2025 revenue of $524 million, a decrease of 6.6% or $37.1 million from the prior-year quarter[7]. - Loss attributable to shareholders was $18.8 million or 22 cents per share, compared to a loss of $12.8 million or 15 cents per share in the prior-year quarter[8]. - Total operating revenues decreased by 6.6% to $524,393,000 in Q1 2025 from $561,464,000 in Q1 2024[30]. - Net loss for the quarter was $3,455,000 compared to a net income of $1,626,000 in the same period last year[35]. - Adjusted EBITDA decreased to $75,606,000 from $91,844,000, reflecting a decline in operating performance[39]. Segment Performance - Local Media revenue was $325 million, down 7.8% from the prior-year quarter, while segment profit decreased to $34.9 million from $65.6 million[9][11]. - Scripps Networks revenue was $198 million, down 5.4% from the prior-year quarter, but segment profit increased to $64.1 million from $49.7 million[12][13]. - Core advertising revenue decreased by 3.1% to $132 million, while political revenue dropped to $3.3 million from $15.2 million in the prior-year quarter[17]. - Local Media segment revenues fell by 7.8% to $325,389,000, with core advertising down 3.1% and political advertising down 78.5%[31]. - Scripps Networks segment revenues decreased by 5.4% to $198,007,000, while segment profit increased by 29.1% to $64,093,000[31]. Debt and Financial Management - The company completed refinancing transactions, resulting in total debt of $2.6 billion and cash and cash equivalents of $24 million as of March 31[14][15]. - The company is prioritizing debt paydown, with net leverage at 4.9x at the end of Q1 2025, and aims to continue reducing its leverage ratio this year[6]. - Interest expense decreased to $43,750,000 from $54,917,000, indicating improved cost management[39]. Asset Management - Total current assets decreased to $598,148,000 from $630,015,000, with cash and cash equivalents slightly increasing to $23,959,000[33]. - Total assets decreased to $5,116,189,000 from $5,198,575,000, primarily due to a reduction in current liabilities[33]. - The company reported a total equity of $1,319,723,000, slightly up from $1,318,014,000[33]. Future Outlook - The company expects Local Media revenue to decline in the high single-digit percent range and Scripps Networks revenue to be about flat in Q2 2025[18]. - Capital expenditures significantly reduced to $1,854,000 from $17,897,000 in the previous year[40]. - Real estate sales from the West Palm Beach station building and five transmission towers generated $63 million[6].

Company Performance - E.W. Scripps reported a quarterly loss of $0.18 per share, better than the Zacks Consensus Estimate of a loss of $0.23, but worse than a loss of $0.10 per share a year ago, indicating an earnings surprise of 21.74% [1] - The company posted revenues of $524.39 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 0.94%, but down from $561.46 million in the same quarter last year [2] - Over the last four quarters, E.W. Scripps has surpassed consensus EPS estimates just once, while it has topped consensus revenue estimates three times [2] Stock Performance - E.W. Scripps shares have increased by approximately 8.1% since the beginning of the year, contrasting with the S&P 500's decline of 4.3% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.07 on revenues of $548.7 million, and for the current fiscal year, it is $0.07 on revenues of $2.2 billion [7] Industry Outlook - The Broadcast Radio and Television industry, to which E.W. Scripps belongs, is currently ranked in the top 38% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5]

Core Insights - The E.W. Scripps Company reported $524 million in revenue for Q1 2025, a decrease of 6.6% from the previous year, with a loss attributable to shareholders of $18.8 million or 22 cents per share [1][6][7] Financial Performance - Revenue for the Local Media segment was $325 million, down 7.8% year-over-year, while Scripps Networks revenue was $198 million, down 5.4% [10][12] - Total costs and expenses for the company were $454 million, reduced from $474 million in the prior-year quarter [6] - The company achieved a segment profit of $34.9 million for Local Media, a decline of 46.7%, while Scripps Networks saw a profit increase of 29.1% to $64.1 million [11][12] Operational Highlights - The Scripps Networks division achieved a margin of 32%, attributed to growth in connected TV revenue and effective cost management [9] - The company completed negotiations covering 25% of its pay TV households and closed refinancing transactions for its term loans and revolving credit facility [1][9] - New distribution agreements for live women's sports events are expected to enhance advertising revenue and audience engagement [4][6] Debt Management - The company prioritized debt paydown, with total debt standing at $2.6 billion and net leverage at 4.9x at the end of Q1 [13][14] - The refinancing included a new term loan due in 2028 with $545 million outstanding and a new revolving credit facility maturing in 2027 [14][15] Future Outlook - The company anticipates flat distribution revenue for the year despite subscriber declines, with a positive outlook for the Scripps Networks division due to the return of women's sports [9][17] - The local broadcast station sector may benefit from potential deregulation by the Federal Communications Commission [5]

Core Points - The E.W. Scripps Company has two local television stations that won Peabody Awards for impactful local investigations [1][4] - WTVF in Nashville won for its investigation "Confronting Hate," focusing on political extremism in Tennessee [1][2] - KNXV in Phoenix won for its video series "Policing Phoenix," which analyzed a U.S. Department of Justice report on the Phoenix Police Department [4][5] Summary by Category Awards and Recognition - WTVF has won its fourth Peabody Award and has received this honor for two consecutive years [3] - KNXV has achieved its fifth Peabody Award, with three of those in the last five years [6] Investigative Reporting - WTVF's investigation led to a criminal probe by the Tennessee Bureau of Investigation into local police misconduct [2] - KNXV's series transformed a 126-page DOJ report into a comprehensive video series, highlighting systemic failures in the Phoenix Police Department [4][5] Company Commitment - Dean Littleton, Scripps' executive vice president, emphasized the importance of local journalism in fostering transparency and integrity [7] - The Peabody Awards are awarded annually to recognize impactful stories that reflect pressing social issues [7]

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for E.W. Scripps due to lower revenues, with a focus on how actual results compare to estimates impacting stock price [1][2]. Earnings Expectations - E.W. Scripps is expected to report a quarterly loss of $0.23 per share, reflecting a year-over-year change of -130% [3]. - Revenues are projected to be $519.5 million, down 7.5% from the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has been revised 61.11% higher in the last 30 days, indicating a reassessment by analysts [4]. - The Most Accurate Estimate aligns with the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% [10][11]. Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that a positive or negative reading indicates the likelihood of deviation from consensus estimates, with positive readings being more predictive of earnings beats [6][7]. - Stocks with a positive Earnings ESP and a Zacks Rank of 1, 2, or 3 have shown a nearly 70% success rate in delivering positive surprises [8]. Historical Performance - E.W. Scripps has not beaten consensus EPS estimates in the last four quarters, with the most recent quarter showing a surprise of -2.02% [12][13]. Conclusion - E.W. Scripps does not appear to be a strong candidate for an earnings beat, and investors should consider other factors when evaluating the stock ahead of its earnings release [16].