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Scripps(SSP) - 2024 Q4 - Annual Results
SSPScripps(SSP)2025-03-12 12:12

Revenue Performance - Fourth-quarter 2024 revenue was 728million,anincreaseof18728 million, an increase of 18% or 113 million from the prior-year quarter[6]. - Local Media segment revenue reached 511million,up34511 million, up 34% from the prior-year quarter[8]. - Political advertising revenue for the Local Media division was 343 million, with over 80% coming from six key states[5]. - Total operating revenues for the company increased by 18.3% to 728,379,000forthethreemonthsendedDecember31,2024,comparedto728,379,000 for the three months ended December 31, 2024, compared to 615,769,000 in 2023[34]. - Local Media segment operating revenues increased by 34.1% to 511,003,000forthethreemonthsendedDecember31,2024,comparedto511,003,000 for the three months ended December 31, 2024, compared to 381,027,000 in 2023[34]. - Scripps Networks segment revenue was 216million,down6.1216 million, down 6.1% from the prior-year quarter[11]. - Scripps Networks segment operating revenues decreased by 6.1% to 216,139,000 for the three months ended December 31, 2024, compared to 230,139,000in2023[34].Profitability−Incomeattributabletoshareholderswas230,139,000 in 2023[34]. Profitability - Income attributable to shareholders was 80.3 million or 0.92pershare,comparedtoalossof0.92 per share, compared to a loss of 268 million or 3.17pershareintheprior−yearquarter[7].−NetincomeforthethreemonthsendedDecember31,2024,was3.17 per share in the prior-year quarter[7]. - Net income for the three months ended December 31, 2024, was 95,387,000, compared to a net loss of 255,762,000in2023[38].−SegmentprofitforLocalMediaincreasedby78.5255,762,000 in 2023[38]. - Segment profit for Local Media increased by 78.5% to 198,847,000 for the three months ended December 31, 2024, compared to 85,714,000in2023[35].−AdjustedEBITDAforQ42024reached85,714,000 in 2023[35]. - Adjusted EBITDA for Q4 2024 reached 229,347 thousand, up 95% from 117,607thousandinQ42023[41].DebtandFinancialPosition−Thecompany′snetleverageimprovedto4.8xatyear−end2024,downfrom5.7xatyear−end2023[3].−Totaldebtatyear−endwas117,607 thousand in Q4 2023[41]. Debt and Financial Position - The company's net leverage improved to 4.8x at year-end 2024, down from 5.7x at year-end 2023[3]. - Total debt at year-end was 2.6 billion, with cash and cash equivalents totaling 23.9million[13].−Long−termdebt(lesscurrentportion)decreasedto23.9 million[13]. - Long-term debt (less current portion) decreased to 2,560,560,000 as of December 31, 2024, from 2,896,824,000in2023[36].−Thecompanyreportedatotalcurrentliabilityof2,896,824,000 in 2023[36]. - The company reported a total current liability of 482,394,000 as of December 31, 2024, compared to 477,819,000in2023[36].CostsandExpenses−Restructuringcostsforthefourthquartertotaled477,819,000 in 2023[36]. Costs and Expenses - Restructuring costs for the fourth quarter totaled 14.9 million, related to reductions at Scripps News[5]. - Capital expenditures for Q4 2024 were 10,980thousand,adecreasefrom10,980 thousand, a decrease from 20,550 thousand in Q4 2023[42]. - Interest expense for Q4 2024 was 48,862thousand,slightlylowerthan48,862 thousand, slightly lower than 55,483 thousand in Q4 2023[41]. - Income taxes paid in Q4 2024 amounted to 20,509thousand,comparedto20,509 thousand, compared to 5,189 thousand in Q4 2023[42]. - Restructuring costs for Q4 2024 were 14,872thousand,anincreasefrom14,872 thousand, an increase from 9,404 thousand in Q4 2023[41]. - Total interest paid for the year ended December 31, 2024 was 195,856thousand,nearlyunchangedfrom195,856 thousand, nearly unchanged from 195,832 thousand in 2023[42]. Future Guidance - The company plans to increase Scripps Networks division margin by at least 400-600 basis points in 2025[4]. - Full-year 2025 guidance includes interest paid of 175−175-185 million and capital expenditures of 55−55-60 million[19]. Asset Management - Total assets decreased to 5,198,575,000asofDecember31,2024,from5,198,575,000 as of December 31, 2024, from 5,410,120,000 in 2023[36]. - Basic weighted-average shares outstanding increased to 86,312,000 for the three months ended December 31, 2024, from 84,574,000 in 2023[38]. Impairment and Dividends - The company recorded an impairment of goodwill of 266,000thousandinQ42023,withnoimpairmentreportedinQ42024[41].−Preferredstockdividendspaidin2023were266,000 thousand in Q4 2023, with no impairment reported in Q4 2024[41]. - Preferred stock dividends paid in 2023 were 12,000 thousand, with no dividends paid in 2024[42].