Core Insights - Walt Disney missed Wall Street revenue estimates for the quarter, primarily due to ongoing weakness in its cable TV unit, despite strong growth in streaming and theme parks, resulting in a share price drop of over 3.9% in premarket trading [1] Financial Performance - The company reported adjusted earnings per share of $1.11 for the fourth quarter ending in September, a 3% decline from the previous year but 6 cents above the average LSEG estimate [2] - Revenue for the quarter was $22.5 billion, comparable to the previous year but below the analyst forecast of $22.75 billion [5] - Operating income in the entertainment division fell by more than a third to $691 million, attributed to this year's films not matching the success of last year's hits [6] Growth Areas - Profit in Disney's theme parks unit increased, driven by the expansion of the U.S. cruise ship business and growth at Disneyland Paris [2] - Earnings from the streaming business surged 39% to $352 million, with the addition of 12.5 million subscribers to Disney+ and Hulu, bringing the total to 196 million [2] Strategic Initiatives - Disney announced plans to increase its dividend by 50% to $1.50 per share and to double its stock buyback plan to $7 billion for fiscal 2026 [5] - A new distribution deal with Charter Communications helped attract new streaming customers [3] - The company is undergoing a transformation to adapt to the decline of traditional broadcast and cable TV, investing in new attractions and cruise ships [4] Future Outlook - Disney forecasts double-digit adjusted EPS growth for fiscal 2026 and 2027, maintaining confidence despite the current challenges in television fees and advertising revenue [5][4]

Financial Data and Key Metrics Changes - Consolidated total revenue for Q3 2025 was $347.1 million, an increase of 43.3% compared to $242.2 million in the prior year period [16] - Net loss attributable to common stockholders decreased to $9.4 million, or $0.71 per fully diluted share, compared to $15.3 million, or $1.18 per fully diluted share in the prior year [16] - Total adjusted EBITDA was $19.8 million in Q3 2025, up from $16.8 million in the prior year period [16][17] Business Line Data and Key Metrics Changes - Infrastructure segment revenue increased by 45.4% to $338.4 million from $232.8 million in the prior year quarter, driven by project timing and size at DBM Global [17] - DBM Global achieved adjusted EBITDA of $23.5 million, up from $20.9 million in the prior year [18] - Life sciences revenue increased by 3.3% to $3.1 million, primarily driven by R2's sales growth [19][20] - Spectrum segment revenue decreased by $800,000 to $5.6 million, with adjusted EBITDA down by $700,000 to $1 million [21] Market Data and Key Metrics Changes - DBM Global's adjusted backlog increased by approximately $500 million to just over $1.6 billion since the end of 2024 [7] - R2's year-to-date revenues increased by approximately 65% over the same period from last year, with significant growth in international markets [11] - Spectrum faced a challenging advertising environment, but new network launches are showing signs of strength in Q4 [15] Company Strategy and Development Direction - The company is exploring strategic alternatives for DBM Global and HC2 Broadcasting, indicating a focus on optimizing asset value [5] - There is a commitment to exiting life science businesses, although this process has taken longer than expected [5] - The company is focused on enhancing its infrastructure and data center capabilities, anticipating growth in these areas [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the momentum building for 2026, driven by a growing adjusted backlog and improving market conditions [9] - The approval of MediBeacon's Lumitrace injection is expected to unlock access to a significant healthcare market in China [10] - Management noted that while EBITDA may come in slightly below 2024 levels, there is confidence in the growth trajectory for the infrastructure segment [9] Other Important Information - As of September 30, 2025, the company reported a backlog of $1.5 billion and an adjusted backlog of $1.6 billion [19] - The company had total principal outstanding indebtedness of $700.4 million, an increase from $668.3 million at the end of 2024 [23] Q&A Session Summary - There were no questions during the Q&A session, indicating a lack of immediate inquiries from analysts or investors [24]

Financial Data and Key Metrics Changes - Consolidated total revenue for Q3 2025 was $347.1 million, an increase of 43.3% compared to $242.2 million in the prior year period [16] - Net loss attributable to common stockholders decreased to $9.4 million, or $0.71 per fully diluted share, compared to $15.3 million, or $1.18 per fully diluted share in the prior year [16] - Total adjusted EBITDA was $19.8 million in Q3 2025, up from $16.8 million in the prior year [16] Business Line Data and Key Metrics Changes - Infrastructure segment revenue increased 45.4% to $338.4 million from $232.8 million in the prior year quarter, driven by project timing and size at DBM Global [17] - Life sciences revenue increased 3.3% to $3.1 million from $3 million in the prior year quarter, primarily due to R2's increased sales [20] - Spectrum segment revenue decreased by $800,000 to $5.6 million, with adjusted EBITDA decreasing by $700,000 to $1 million [20] Market Data and Key Metrics Changes - DBM Global's adjusted backlog increased by approximately $500 million to just over $1.6 billion since the end of 2024 [6] - R2's year-to-date revenues increased by approximately 65% over the same period from last year, with a 206% surge in demand outside of North America [11] - Spectrum faced a challenging advertising environment, with softness in ad sales persisting through Q3 [15] Company Strategy and Development Direction - The company is focused on exiting its life science businesses, although this strategy has taken longer than expected [5] - There is an ongoing sales process for DBM Global, with expectations of benefiting from a positive macro environment in the U.S. [5] - The company is exploring strategic alternatives for HC2 Broadcasting Holdings in accordance with spectrum debt requirements [5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the momentum building for 2026, driven by a growing adjusted backlog and improving market conditions [9] - The company anticipates EBITDA to come in slightly below 2024 levels but remains encouraged by the performance of DBM Global [9] - MediBeacon's recent regulatory approval in China is expected to unlock access to a significant healthcare market [10] Other Important Information - As of September 30, 2025, the company had total principal outstanding indebtedness of $700.4 million, up $32.1 million from the end of 2024 [23] - The company had $35.5 million of cash and cash equivalents, down from $48.8 million as of December 31, 2024 [22] Q&A Session Summary - There were no questions during the Q&A session [23]

INNOVATE Corp. Q3 2025 Earnings Release Supplement November 12, 2025 INNOVATE Corp. 2025 Safe Harbor Disclaimers Cautionary Statement Regarding Forward-Looking Statements Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This presentation contains, and certain oral statements made by our representatives from time to time may contain, "forward-looking statements." Generally, forward-looking statements include information describing actions, events, results, strategies and expe ...

Core Insights - INNOVATE Corp. reported a consolidated revenue of $347.1 million for Q3 2025, marking a 43.3% increase from $242.2 million in Q3 2024, driven primarily by the Infrastructure segment [10][12] - The company experienced a net loss of $9.4 million, a significant improvement from a net loss of $15.3 million in the same quarter last year, attributed to increased tax benefits and gross profit [12][14] - Adjusted EBITDA for Q3 2025 was $19.8 million, up from $16.8 million in Q3 2024, reflecting strong performance in the Infrastructure and Life Sciences segments [12][16] Infrastructure - DBM Global, a subsidiary, reported revenue of $338.4 million for Q3 2025, a 45.4% increase compared to $232.8 million in Q3 2024 [11] - The adjusted backlog for DBM Global grew to $1.6 billion, supported by a robust pipeline of high-quality projects [3][11] - The Infrastructure segment's growth was driven by increased activity in commercial construction projects [12] Life Sciences - MediBeacon received regulatory approval to sell the Transdermal GFR System in China, expanding its market reach [3][11] - R2 Technologies reported a revenue increase of 3.3% year-over-year, with gross worldwide system unit sales growing by 39.8% [11][12] Spectrum - The Spectrum segment reported a revenue decline to $5.6 million from $6.4 million in the prior year, attributed to customer terminations and a downturn in direct response advertising [12][11] - Despite challenges, there are signs of recovery in advertising sales for Q4 2025, with new network launches and datacasting initiatives underway [12][11] Financial Performance - Total revenue for the nine months ended September 30, 2025, was $863.3 million, slightly down from $870.5 million in the same period of 2024 [10][12] - The company’s cash and cash equivalents decreased to $35.5 million from $48.8 million as of December 31, 2024 [18][12] - The company initiated a sales process for DBM Global due to unmet milestones related to its refinancing transactions [6][5]

Core Insights - Salem Media Group is launching "That KEVIN Show," hosted by Kevin McCullough, on November 24, 2025, replacing "The Eric Metaxas Show" on the Salem Radio Network [1][5] - The show is described as a fast-paced, faith-driven talk show that aims to provide moral clarity, humor, and cultural insight [2][3] Company Overview - Salem Media Group is recognized as America's premier multimedia company focusing on Christian and conservative content, reaching millions daily through its national radio network, digital platforms, and publishing brands [6] Host Background - Kevin McCullough has extensive experience in media, including radio, television, and print, and is known for his engaging communication style [3][4] - He has a significant digital presence, with his newsletters reaching over 1.6 million subscribers [3] Audience Engagement - McCullough's shows have a monthly broadcast audience of 4.3 million across radio and television, along with 3.1 million weekly digital impressions and nearly 500,000 engaged social media followers [4]

Core Viewpoint - The E.W. Scripps Company will present its business strategies at three upcoming investor conferences in November and December, highlighting its focus on local journalism and media diversification [1][2]. Group 1: Upcoming Conferences - The Wells Fargo TMT Summit will take place on November 18, featuring a fireside chat with CFO Jason Combs and EVP Carolyn Micheli at 3 p.m. PT / 6 p.m. ET [2]. - The Bank of America Securities Leveraged Finance Conference is scheduled for December 2, with a presentation by CFO Jason Combs and Treasurer Becky Riegelsberger at 8:50 a.m. ET [2]. - The Noble Emerging Growth Equity Conference (NobleCon21) will occur on December 3, including a fireside chat with key executives, time to be determined [2]. Group 2: Company Overview - The E.W. Scripps Company is a diversified media entity, recognized as one of the largest local TV broadcasters in the U.S., operating over 60 stations across more than 40 markets [3]. - The company provides quality local journalism and operates national news outlets such as Scripps News and Court TV, along with entertainment brands like ION, Bounce, Grit, and Laff [3]. - Scripps holds the largest broadcast spectrum in the nation and serves various sports leagues and teams with extensive local and national broadcast reach [3].

Core Insights - The confrontation between Disney and YouTube TV over carriage negotiations highlights significant changes in the media landscape, including media consolidation and the rise of big tech, making quick resolutions to such disputes less likely than in the past [2][4][5] Industry Dynamics - Historically, media content providers and distributors relied on each other, with dual revenue streams being crucial for both parties [3] - The traditional multichannel video model is under severe pressure, with multichannel video homes declining from over 100 million in 2013 to slightly more than 50 million today, and virtual MVPDs like YouTube TV showing little interest in paying for channels that are not watched [4][5] - The diminishing power of local media ownership has led to a situation where corporate giants are increasingly disconnected from local communities, reducing the political pressure that once facilitated negotiations [6][7][8] Power Shift - The current power dynamics have shifted, with traditional media companies like Disney facing greater stakes in negotiations compared to tech giants like YouTube TV, which has 10 million subscribers and may become the largest multichannel video provider in the U.S. by 2026 [9][10] - Disney is estimated to be losing $30 million a week due to the YouTube TV dispute, which poses a significant challenge for its $17 billion ESPN business [10][11] Consumer Impact - Despite the proliferation of content options, consumers face challenges in accessing broadcast stations and cable networks, particularly if they have cut the cord and do not wish to return to traditional cable bundles [12][13] - Disney is betting on its ESPN app, which has gained over 2 million subscribers since its launch, as a potential solution to the distribution challenges posed by the YouTube TV dispute [14]

Financial Data and Key Metrics Changes - Total company revenue for Q3 2025 was approximately $51 million, representing an 11% decline on a same-station basis and a 7.5% decline year-over-year, excluding $2.7 million of political revenue from Q3 2024 [4][12] - Digital revenue accounted for roughly 25% of total company revenue, up from 19% a year ago, with a same-station growth of approximately 28% year-over-year [6][16] - Digital operating margin expanded from roughly 7% in the prior year period to 21% in Q3 2025, reflecting improved monetization efficiency [16] Business Line Data and Key Metrics Changes - AudioPlus revenue exceeded $1.2 million in Q3, representing over 200% growth from Q2, driven by strong performance in Philadelphia, Detroit, and Boston [7] - Local direct revenue, which includes digital packages sold locally, grew 3.5% year-over-year, now representing nearly 60% of total local business [9] - National agency revenue declined approximately 16% year-over-year, while local agency revenue fell roughly 17%, showing improvement from previous quarters [12][14] Market Data and Key Metrics Changes - Healthcare now accounts for nearly 9% of total revenue, up from 6% a year ago, indicating growth in this category [15] - Entertainment revenue declined nearly 40% year-over-year, reflecting a softer event calendar and delayed commitments from national promoters [15] - Retail revenue decreased 22% year-over-year as advertisers shifted spending toward e-commerce and digital performance platforms [15] Company Strategy and Development Direction - The company aims to scale higher margin digital products, strengthen the quality of earnings, and pivot the sales organization toward direct data-driven relationships [4][24] - A self-serve advertising portal was piloted in Q3, aimed at enabling small and mid-sized businesses to independently plan and purchase digital campaigns [8][9] - The company is focused on efficiency and expense control, with a comprehensive cost reduction plan expected to yield an additional $1.5 million in run rate savings by year-end [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment with revenue performance, viewing results as unacceptable, and emphasized the need for aggressive execution across the sales organization [5][24] - Despite industry headwinds, there is optimism regarding local direct and O&O product growth, with expectations for total company revenue in Q4 pacing down roughly 20% year-over-year [24] - The company anticipates full-year 2025 station operating and corporate expenses to be down between $25 million and $30 million, excluding severance and one-time expenses [24] Other Important Information - The company experienced a leadership change with the resignation of the Chief Financial Officer, and the CEO is now serving as the principal financial officer [3] - The company maintains a cash position of $14.3 million, with capital expenditures totaling approximately $2.2 million in Q3 [19][20] - The company acknowledged the passing of a significant figure in its history, Pierre Robert, highlighting the impact on its culture and community [21][22] Q&A Session Summary Question: Can you comment further on the agency channel issue? At what point did the anniversary? The challenge is there - Management noted that agency business continues to be a headwind but sees slight improvement in Q4 ex-political, with the anniversary of these challenges expected in Q1 next year [25][26] Question: Given the current revenue challenges, do you expect to do more cost savings in 2026? - Management anticipates savings from Q3 and Q4 cuts to be about $4 million for next year, with further savings being explored for 2026 [27][28] Question: Can you provide a sales price on Fort Myers? Who is the buyer of Fort Myers? Do you see the opportunity for more asset sales? - The Fort Myers sale consists of two transactions totaling $18 million, with the buyers being Fort Myers Broadcasting and Sun Broadcasting. The company remains open to discussing creative transactions to reduce debt and leverage [29]

Group 1 - Paramount is set to report its earnings results, with analysts expecting a revenue growth of 5.5% year on year to $7.10 billion, a recovery from a 5.6% decline in the same quarter last year [2] - Last quarter, Paramount reported revenues of $6.85 billion, which was flat year on year, but exceeded analysts' adjusted operating income and EBITDA estimates [1][3] - Analysts have generally reconfirmed their estimates for Paramount over the last 30 days, indicating confidence in the company's performance heading into earnings [3] Group 2 - In comparison to peers, FOX reported a year-on-year revenue growth of 4.9%, while AMC Networks experienced a revenue decline of 6.3%, with FOX's stock rising 6.3% post-results [4] - Paramount's stock has decreased by 11% over the past month, while the average analyst price target is $14.17, compared to the current share price of $15.13 [5]