Scripps(US:SSP)2025-11-07 12:50Financial Performance - Scripps reported Q3 2025 revenue of $526 million, a decrease of 19% or $120 million from the prior-year quarter[7]. - Loss attributable to shareholders was $49 million or 55 cents per share, compared to income of $33 million or 37 cents per share in the prior-year quarter[8]. - Operating revenues for Q3 2025 were $525,854,000, a decrease of 18.6% compared to $646,300,000 in Q3 2024[26]. - Net income for the three months ended September 30, 2025, was a loss of $32,959,000, compared to a profit of $47,776,000 for the same period in 2024[38]. - The company reported a net loss per diluted share of $0.55 in Q3 2025, down from earnings of $0.37 per share in Q3 2024[26]. Revenue Breakdown - Local Media revenue was $325 million, down 27% from the prior-year quarter, while Scripps Networks revenue was $201 million, down 0.4%[9][12]. - Core advertising revenue increased 1.8% to $132 million, while political revenue dropped to $5.1 million from $125 million in the prior-year quarter[16]. - Political advertising revenue in the Local Media segment plummeted by 95.9% to $5,141,000 in Q3 2025 from $125,213,000 in Q3 2024[35]. - Scripps Networks segment revenues remained relatively stable, decreasing by only 0.4% to $200,956,000 in Q3 2025 from $201,672,000 in Q3 2024[35]. Segment Performance - Segment profit for the Local Media segment dropped by 67.1% to $52,801,000 in Q3 2025 from $160,685,000 in Q3 2024[35]. - Scripps Networks segment profit increased by 26.7% to $53,299,000 in Q3 2025 from $42,061,000 in Q3 2024[35]. Expenses and Liabilities - Total operating expenses decreased by 4.3% in the Local Media segment, totaling $272,655,000 in Q3 2025 compared to $284,868,000 in Q3 2024[35]. - Interest expense for the three months ended September 30, 2025, was $59,219,000, compared to $54,442,000 in the same period of 2024, an increase of approximately 8.3%[42]. - The company incurred restructuring costs of $2,718,000 in Q3 2025, significantly lower than $12,665,000 in Q3 2024[26]. Cash Flow and Debt - Full-year cash interest expense is projected to be between $165 million and $175 million[22]. - Long-term debt (less current portion) increased from $2,560,560,000 as of December 31, 2024, to $2,636,738,000 as of September 30, 2025, an increase of approximately 3%[36]. - Total current liabilities decreased from $482,394,000 as of December 31, 2024, to $437,419,000 as of September 30, 2025, a reduction of approximately 9.3%[36]. Future Projections - For Q4 2025, Local Media revenue is expected to decline by about 30%, while Scripps Networks revenue is projected to decrease in the low double-digit percent range[22]. Other Highlights - The Scripps Howard Fund's campaign raised a record-breaking $1.8 million to provide over 300,000 books to children at low-income schools[3]. - Capital expenditures for the three months ended September 30, 2025, were $15,068,000, compared to $13,451,000 in 2024, reflecting an increase of approximately 12%[43]. - Basic weighted-average shares outstanding increased from 86,067,000 in Q3 2024 to 88,461,000 in Q3 2025[38]. - The company reported a loss on extinguishment of debt of $7,622,000 for the three months ended September 30, 2025, with no such loss reported in the same period of 2024[42]. - Total assets decreased from $5,198,575,000 as of December 31, 2024, to $5,089,588,000 as of September 30, 2025, representing a decline of approximately 2.1%[36]. - Total equity decreased from $1,318,014,000 as of December 31, 2024, to $1,260,448,000 as of September 30, 2025, a decline of approximately 4.4%[36]. - Net leverage at the end of Q3 was 4.6x, down from 4.9x at the end of Q1 2025[3].