The E.W. Scripps Company (SSP) Q4 2024 earnings summary

Executive summary

• Achieved strong Q4 and full-year 2024 results, with Q4 revenue at $728 million, up 18% year-over-year, driven by record political advertising and improved operating performance, especially in Scripps Networks.

• Net income attributable to shareholders was $80.3 million (92 cents/share) in Q4, compared to a $268 million loss in Q4 2023.

• Significant debt refinancing and deleveraging actions reduced net leverage to 4.8x, nearly a full turn lower year-over-year.

• Positioned to benefit from potential FCC deregulation, which could enable further consolidation and operational improvements.

• No preferred stock dividends were declared or paid in 2024, with $55.8 million in cumulative unpaid dividends.

Financial highlights

• Q4 local media revenue up 34% year-over-year to $511 million, driven by record political advertising of $174 million; full-year political ad revenue reached $343 million.

• Scripps Networks Q4 revenue was $216 million, down 6% year-over-year, but connected TV revenue grew 16%.

• Q4 income attributable to shareholders was $80 million or $0.92 per share, including a $19 million gain from asset sales and $29.9 million in restructuring charges.

• Adjusted EBITDA for Q4 was $229.3 million, up from $117.6 million in Q4 2023; full-year adjusted EBITDA was $598.0 million.

• Paid down nearly $350 million in debt during 2024; total debt at year-end was $2.6 billion.

Outlook and guidance

• Q1 2025 local media revenue expected to decline high single digits, with core revenue down low to mid-single digits; Scripps Networks Q1 revenue expected to be down mid-single digits, with expenses down mid-teens percent.

• Full-year 2025 guidance: cash interest $175–$185 million, cash taxes $25–$30 million, capex $55–$60 million, D&A $150–$160 million.

• Networks division margin targeted to improve by 400–600 basis points in 2025.

• No material EdgeBeam Wireless revenue expected in 2025, but potential for significant future value.