Scripps(US:SSP)2025-03-12 12:12Revenue Performance - Fourth-quarter 2024 revenue was $728 million, an increase of 18% or $113 million from the prior-year quarter[6]. - Local Media segment revenue reached $511 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 $728,379,000 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 $511,003,000 for the three months ended December 31, 2024, compared to $381,027,000 in 2023[34]. - Scripps Networks segment revenue was $216 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 $230,139,000 in 2023[34]. Profitability - Income attributable to shareholders was $80.3 million or $0.92 per share, compared to a loss of $268 million or $3.17 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 $255,762,000 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 $85,714,000 in 2023[35]. - Adjusted EBITDA for Q4 2024 reached $229,347 thousand, up 95% from $117,607 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 $23.9 million[13]. - Long-term debt (less current portion) decreased to $2,560,560,000 as of December 31, 2024, from $2,896,824,000 in 2023[36]. - The company reported a total current liability of $482,394,000 as of December 31, 2024, compared to $477,819,000 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 $10,980 thousand, a decrease from $20,550 thousand in Q4 2023[42]. - Interest expense for Q4 2024 was $48,862 thousand, slightly lower than $55,483 thousand in Q4 2023[41]. - Income taxes paid in Q4 2024 amounted to $20,509 thousand, compared to $5,189 thousand in Q4 2023[42]. - Restructuring costs for Q4 2024 were $14,872 thousand, an increase from $9,404 thousand in Q4 2023[41]. - Total interest paid for the year ended December 31, 2024 was $195,856 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-$185 million and capital expenditures of $55-$60 million[19]. Asset Management - Total assets decreased to $5,198,575,000 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 $266,000 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].