Fri, May 9, 5:43 PM (6 days ago)
**The E.W. Scripps Company (SSP) Q1 2025 Financial Performance** **Financial Health & Performance Metrics:** - **Revenue:** $524.4 million, down 6.6% YoY due to decreases in core advertising ($11.2 million), political ($12.7 million), and distribution ($13.6 million) revenues. - **Profit Margins:** Operating income decreased to $27.5 million from $43.4 million YoY. Net loss attributable to shareholders was $18.8 million, compared to a loss of $12.8 million YoY. - **Cash Flow:** Net cash used in operating activities was $3.3 million, a decrease from $45.4 million provided in Q1 2024. Cash used in investing activities was $9.9 million, and cash provided by financing activities was $13.3 million. - **Earnings Changes:** Net loss per share was $0.22, compared to $0.15 in Q1 2024. **Segment Performance:** - **Local Media:** Revenue decreased 7.8% YoY to $325.4 million. Segment profit decreased 46.7% YoY to $34.9 million. - **Scripps Networks:** Revenue decreased 5.4% YoY to $198.0 million. Segment profit increased 29.1% YoY to $64.1 million. **Trends & Uncertainties:** - **Political Advertising:** Significant decrease in political advertising revenue due to non-election year. - **Distribution Revenues:** Unfavorably impacted by mid-single-digit subscriber declines. - **Debt Refinancing:** Completed refinancing transactions in April 2025, replacing existing term loans and revolving credit facilities with new agreements. - **Liquidity:** $24.0 million cash on hand and $551 million additional borrowing capacity under the revolving credit facility as of March 31, 2025. **Future Operations Impact:** - **Debt Covenants:** Compliance with leverage ratios and other covenants under new credit agreements. - **Preferred Stock:** Deferred preferred stock dividend payments to accelerate deleveraging and pay down traditional bank debt. - **Strategic Initiatives:** Joint venture with Gray Media, Nexstar Media Group, and Sinclair, Inc. for data delivery services using ATSC 3.0 technology.