Latest news with #ScrippsNetworks
Yahoo
2 days ago
- Business
- Yahoo
Scripps Networks' Margins Improve: Can SSP Stock Sustain the Momentum?
The E.W. Scripps Company SSP has been benefiting from its Scripps Networks division, which has emerged as a key driver of margin improvement, supported by disciplined cost control and targeted sports programming. Partnerships with the NWSL and WNBA are expected to further drive both revenues and margin performance in the second and third quarters of 2025. To sustain growth, Scripps is expanding its women's sports line-up with new distribution agreements, such as the SI Women's Games and the Fort Myers Tip-off, which are scheduled for the fourth quarter. For the second quarter, the division's revenues are expected by the company to remain roughly flat, while expenses are projected to decline in the low double digits. SSP reaffirmed its 2025 target of 400-600 basis points of margin expansion but noted that its first-quarter results have already exceeded that range due to early execution of cost-saving measures. Building on the strength of strong ad sales execution and cost savings announced in the fourth quarter of 2024, the company posted its highest network margins in the first quarter of 2025 since the fourth quarter of 2022. In the first quarter, the Scripps Networks division reported $198 million in revenues, down 5.4% year over year, contributing 37.8% of total revenues. Segment profit rose to $64.1 million from $49.7 million in the year-ago quarter, driven by a 16% reduction in expenses. These efforts lifted segment margin to 32%, the highest since late 2022. The E.W. Scripps Company is competing against major players like Nexstar Media Group NXST and Sinclair SBGI in the national network and CTV space. Nexstar Media Group is expanding its national TV sports lineup through branded content, including the new 'Mobil 1 Victory Lane' segment on The CW's NASCAR Xfinity Series broadcasts, strengthening Nexstar Media Group's advertiser appeal in live sports. Sinclair's multicast networks, CHARGE, COMET, ROAR and The Nest, have posted record growth driven by anchor series acquisitions, rebranding efforts and fan-focused multi-platform events like COMET FEST and CHARGECON. With expanded distribution in top national TV markets and growing availability on CTV platforms, Sinclair now operates the fastest-growing network group in the free TV space. SSP shares have rallied 50.2% in the year-to-date (YTD) period, outperforming the Zacks Broadcast Radio and Television industry's growth of 34.1% and the Zacks Consumer Discretionary sector's return of 12.8%. Image Source: Zacks Investment Research From a valuation standpoint, SSP stock is currently trading at a forward 12-months Price/Sales ratio of 0.13X compared with the industry's 4.12X. SSP has a Value Score of A. Image Source: Zacks Investment Research The Zacks Consensus Estimate for second-quarter 2025 loss is pegged at 4 cents per share, which has remained steady over the past 30 days, indicating 73.33% year-over-year growth. E.W. Scripps Company (The) price-consensus-chart | E.W. Scripps Company (The) Quote SSP currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Sinclair, Inc. (SBGI) : Free Stock Analysis Report E.W. Scripps Company (The) (SSP) : Free Stock Analysis Report Nexstar Media Group, Inc. (NXST) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Reuters
10-06-2025
- Business
- Reuters
Breakingviews - WBD boss David Zaslav reprises Elmer Fudd act
NEW YORK, June 9 (Reuters Breakingviews) - David Zaslav's acquisition hunt backfired as badly as Elmer Fudd's rabbit quest. The Warner Bros Discovery (WBD.O), opens new tab boss is now unbundling his $60 billion spending spree that first bought Scripps Networks Interactive and then the owner of HBO, Looney Tunes and CNN. Deal-related debt also tees up a breakup that will potentially be just as hapless. WBD unveiled plans to separate, opens new tab its streaming services and film studio from its cable networks into two publicly traded entities. The legacy TV business will keep up to a 20% stake in its sister company, which Zaslav will run. The breakup became practically inevitable almost immediately after the ink dried on Discovery's $43 billion merger, opens new tab with WarnerMedia in 2022, which followed the $15 billion takeover, opens new tab of Scripps five years earlier. Building a successful TV, film and video-streaming behemoth proved as elusive as wascally wabbits. Netflix (NFLX.O), opens new tab, YouTube and others were too hard to catch. Zaslav fell $4 billion short of his $14 billion EBITDA target in 2023 and didn't even come close to the sum the next year either. About $34 billion of net debt complicates the breakup. Details have not yet been disclosed, but Chief Financial Officer Gunnar Wiedenfels said a majority of it is destined for the cable networks outfit that he will lead, while the streaming arm will keep a 'not insignificant' amount. Zaslav is trying to pare down the amount by offering to buy back as much as $15 billion of it at a premium to where it had been trading pre-announcement, backed by a new term loan from JPMorgan. Under the terms, creditors who don't participate in the cash tender over the next month will be left with unsecured holdings that may get knocked further down the capital structure. It's unlikely that this bit of financial engineering will help with the next, as both companies are still apt to be heavily indebted. WBD shareholders have become exasperated with Zaslav's cartoonish antics. With a stock price that has tumbled from about $30 to below $10 over the past four or so years, they rejected his lavish $52 million pay package. He may yet orchestrate another deal or two, perhaps finding buyers for each of the companies if he manages to pull off the split. Given his past performance, however, there may be more hare-brained ideas along the way. Follow Jennifer Saba on Bluesky, opens new tab and LinkedIn, opens new tab.
New York Times
29-05-2025
- Entertainment
- New York Times
How to Watch the 2025 Scripps National Spelling Bee
The finalists of the Scripps National Spelling Bee will be vying for the chance to win $50,000 on Thursday night. This year's contest celebrates 100 years since the first spelling bee was held on June 17, 1925. The annual competition has grown into a nationally televised event that draws competitors from around the nation and the globe. Contestants must be under the age of 16 and participate in regional competitions for the chance to qualify for the national championship. The finals will air live from 8 to 10 p.m. Eastern time on Thursday on Ion, a broadcast network owned by Scripps Networks. The bee's website has a list of streaming platforms that include the network and a tool to find your local channel after inputting your ZIP code. Viewers can also watch on the bee's website. The New York Times will begin live coverage at 6 p.m. Eastern time on Thursday. This year's spellers have come from all 50 states; the U.S. territories of Puerto Rico, the U.S. Virgin Islands and the Northern Mariana Islands; and several other nations. They spent the last several days competing in preliminary spelling and vocabulary rounds at the Gaylord National Resort and Convention Center in National Harbor, Md., just outside Washington. Last year's top prize went to 12-year-old Bruhat Soma of St. Petersburg, Fla., after he correctly spelled the word abseil during the competition's second-ever spell-off. Bruhat, who had tied for 74th place at the 2023 bee and 163rd place in 2022, told The Times after his victory that winning the spelling bee was 'like a dream come true.' 'Instead of going down, I decided to be really motivated by that,' Bruhat said of his previous attempts, 'so don't be discouraged by failure.'
Yahoo
11-03-2025
- Business
- Yahoo
Scripps reports Q4 2024 financial results
CINCINNATI, March 11, 2025 /PRNewswire/ -- The E.W. Scripps Company (NASDAQ: SSP) delivered $728 million in revenue for the fourth quarter of 2024, driven by record political advertising revenue. Income attributable to the shareholders of Scripps was $80.3 million or 92 cents per share. Business notes: The company has executed a transaction support agreement with the majority of its 2026 and 2028 term loan holders to push out its nearest-term maturity while also extending a portion of its 2028 term loan. The company also entered into commitment letters with accounts receivable securitization providers for a new A/R securitization facility and its revolving banks to extend a portion of its revolving credit facility through July 2027 once the transaction closes. More than 80% of the $343 million in Local Media division presidential-election year political revenue came from six states with Scripps markets: Arizona, Michigan, Montana, Ohio, Nevada and Wisconsin, reinforcing the value of local broadcast brands for campaigns and candidates in tightly contested swing states. The Q4 and full-year record political advertising caused significant local core advertising displacement in those states. In the Scripps Networks division, tight cost controls and the reduction of some Scripps News operations resulted in a 6.3% decrease in expenses versus the prior year, although the company also took a non-recurring charge that impacted the margin by several percentage points. The company remains on track to improve Networks division margins by at least 400-600 basis points this year. At the end of the year, the company completed new multi-year affiliation agreements with NBC and CBS. Fourth-quarter restructuring costs totaled $14.9 million related to the reductions at Scripps News and other, unrelated severance charges. On Dec. 30, the company completed the sale of San Diego broadcast transmission tower sites for $20 million and reached an agreement on the sale of its West Palm Beach station building for $40 million. The company's net leverage at year-end was 4.8x, compared to year-end 2023 leverage of 5.7x. Strong cash flow enabled the company to pay off the $330 million outstanding on its revolving credit facility during 2024. From Scripps President and CEO Adam Symson: "We are pleased to be announcing a significant round of debt refinancing. Our highest priority remains reducing our total amount of debt and improving the company's leverage with a focus that is already yielding significant results. Our record political advertising revenue and strategic expense management helped drive down our leverage significantly, to 4.8x, at year-end 2024. That is nearly a full turn below year-end 2023 levels. "We also continue to make strong progress toward improving our financial performance. Company leaders and I are determined to continue this work as we move through 2025. We are on track, as we laid out in November, to increase the Scripps Networks division margin by at least 400-600 basis points this year. Further, enterprise-wide, we are executing a transformation plan to improve operating performance as we best position Scripps to create new value. "Industrywide, we anticipate changes to the local broadcast regulatory environment under the new leadership at the Federal Communications Commission. We're pleased with the signals that the commission will revisit outdated ownership rules that have constrained economic growth and jeopardized broadcasters' ability to serve their audiences and local communities. We will lean into any opportunity to improve the operating performance of the company, deepen our connection to the communities we serve and unlock shareholder value." Operating results Fourth-quarter company revenue was $728 million, an increase of 18% or $113 million from the prior-year quarter. Costs and expenses for segments, shared services and corporate were $502 million, down from $503 million in the year-ago quarter. Income attributable to the shareholders of Scripps was $80.3 million or 92 cents per share. The quarter included a $19.2 million gain from the sale of transmission tower sites, a $15 million non-cash impairment loss for an investment write-off and a $14.9 million restructuring charge, decreasing the income attributable to shareholders by 9 cents per share. In the prior-year quarter, the loss attributable to shareholders was $268 million or $3.17 per share. The pre-tax costs for the prior-year quarter included a non-cash goodwill impairment charge for Scripps Networks of $266 million as well as a $9.4 million restructuring charge, increasing the loss attributable to shareholders by $3.15 per share. Fourth-quarter 2024 results by segment compared to prior-period amounts: Local Media Revenue was $511 million, up 34% from the prior-year quarter. Core advertising revenue decreased 11% to $147 million after significant local advertising displacement from political advertising. Political revenue was $174 million, compared to $16.4 million in the prior-year quarter, a non-election year. Distribution revenue was $186 million, compared to $196 million in the prior-year quarter as a result of declining legacy pay TV subscribers. Segment expenses increased 5.7% to $312 million. Segment profit was $199 million, compared to $85.7 million in the year-ago quarter. Scripps Networks Revenue was $216 million, down 6.1% from the prior-year quarter. Segment expenses were $155 million, down 6.3%. Segment profit was $60.7 million, compared to $64.3 million in the year-ago quarter. Financial condition On Dec. 31, cash and cash equivalents totaled $23.9 million, and total debt was $2.6 billion. During 2024, we paid off the $330 million revolving credit facility balance. There were no borrowings under our revolving credit facility at Dec. 31. We made mandatory principal payments of $15.6 million on our term loans during 2024. We did not declare or provide payment for any of the 2024 quarterly preferred stock dividends. Deferral of preferred stock dividend payments provides us better flexibility for accelerating deleveraging and maximizing the paydown of our traditional bank debt. The dividend rate on the preferred shares, which compounds quarterly, increased to 9% per annum and will remain at that rate. At Dec. 31, aggregated undeclared and unpaid cumulative dividends totaled $55.8 million. Under the terms of Berkshire Hathaway's preferred equity investment in Scripps, we are prohibited from paying dividends on or repurchasing our common shares until all preferred shares are redeemed. Year-to-date operating results The following comparisons are to the period ending Dec. 31, 2023: Revenue was $2.5 billion, which compares to revenue of $2.3 billion in 2023. Political revenue was $363 million, compared to $33.5 million in the prior year, a non-election year. Costs and expenses for segments, shared services and corporate were $1.9 billion, relatively flat from the year-ago period. Income attributable to the shareholders of Scripps was $87.6 million or $1.01 per share. The current year included a $19.2 million gain from the sale of tower sites, an $18.1 million investment gain, a $33.5 million restructuring charge and a $15 million non-cash impairment loss for an investment write-off, decreasing the income attributable to shareholders by 10 cents per share. In the prior year, loss attributable to shareholders was $998 million or $11.84 per share. Pre-tax costs for the prior year included a non-cash goodwill impairment charge for Scripps Networks of $952 million as well as a $38.6 million restructuring charge, increasing the loss attributable to shareholders by $11.36 per share. Looking ahead Comparisons for our segments are to the same period in 2024. First-quarter 2025 Local Media revenueDown high single-digit percent range Local Media expenseUp low-single-digit percent range Scripps Networks revenueDown mid-single-digit percent range Scripps Networks expenseDown mid-teens percent range Shared services and corporateAbout $22 millionFull-year 2025 Interest paid$175-$185 million Capital expenditures$55-$60 million Taxes paid$25-$30 million Depreciation and amortization$150-$160 millionConference call Scripps' senior management team will host a call about financial results at 9 a.m. Eastern time on Wednesday, March 12. Due to a change in Scripps' conference call provider, the company has a new protocol for joining its earnings calls: To access a live webcast of the call, participants will need to register by visiting The registration link can be found on that page under "upcoming events." To dial in by phone, participants will first need to visit a website to receive the phone number. To receive a listen-only dial-in and PIN code, visit Analysts who will be asking questions should visit this webpage to receive a different dial-in and PIN, which will identify them by name on the call: A replay of the conference call will be archived and available online for an extended period of time. To access the audio replay, visit approximately four hours after the call, and the link can be found on that page under "audio/video links." Forward-looking statements This document contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "believe," "anticipate," "intend," "expect," "estimate," "could," "should," "outlook," "guidance," and similar references to future periods. Examples of forward-looking statements include, among others, statements the company makes regarding expected operating results and future financial condition. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management's current beliefs, expectations, and assumptions regarding the future of the industry and the economy, the company's plans and strategies, anticipated events and trends, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, and changes in circumstance that are difficult to predict and many of which are outside of the company's control. The company's actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause the company's actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: change in advertising demand, fragmentation of audiences, loss of affiliation agreements, loss of distribution revenue, increase in programming costs, changes in law and regulation, the company's ability to identify and consummate strategic transactions, the controlled ownership structure of the company, and the company's ability to manage its outstanding debt obligations. A detailed discussion of such risks and uncertainties is included in the company's Form 10-K, on file with the SEC, in the section titled "Risk Factors." Any forward-looking statement made in this document is based only on currently available information and speaks only as of the date on which it is made. The company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise. Contact: Carolyn Micheli, The E.W. Scripps Company, About Scripps The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation's largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of more than 60 stations in 40+ markets. Scripps reaches households across the U.S. with national news outlets Scripps News and Court TV and popular entertainment brands ION, Bounce, Grit, ION Mystery, ION Plus and Laff. Scripps is the nation's largest holder of broadcast spectrum. Scripps is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps' long-time motto is: "Give light and the people will find their own way." THE E.W. SCRIPPS COMPANY RESULTS OF OPERATIONS Three Months Ended December 31,Years Ended December 31, (in thousands, except per share data)2024202320242023Operating revenues$ 728,379$ 615,769$ 2,509,772$ 2,292,912 Segment, shared services and corporate expenses(501,820)(502,585)(1,926,952)(1,898,093) Restructuring costs(14,872)(9,404)(33,525)(38,612) Depreciation and amortization of intangible assets(39,211)(39,346)(155,228)(155,105) Impairment of goodwill—(266,000)—(952,000) Gains (losses), net on disposal of property and equipment19,141(24)18,424(2,344) Operating expenses(536,762)(817,359)(2,097,281)(3,046,154) Operating income (loss)191,617(201,590)412,491(753,242) Interest expense(48,862)(55,483)(210,344)(213,512) Defined benefit pension plan income168131674650 Miscellaneous, net(9,689)(1,538)7,160(1,407) Income (loss) from operations before income taxes133,234(258,480)209,981(967,511) Benefit (provision) for income taxes(37,847)2,718(63,763)19,727 Net income (loss)95,387(255,762)146,218(947,784) Preferred stock dividends(15,063)(12,576)(58,615)(50,305) Net income (loss) attributable to the shareholders of The E.W. Scripps Company$ 80,324$ (268,338)$ 87,603$ (998,089)Net income (loss) per diluted share of common stock attributableto the shareholders of The E.W. Scripps Company$ 0.92$ (3.17)$ 1.01$ (11.84)Diluted weighted-average shares outstanding86,61384,57486,06784,266 See notes to results of operations. Notes to Results of Operations 1. SEGMENT INFORMATION We determine our operating segments based upon our management and internal reporting structure, as well as the basis that our chief operating decision maker makes resource allocation decisions. Our Local Media segment includes more than 60 local television stations and their related digital operations. It is comprised of 18 ABC affiliates, 11 NBC affiliates, nine CBS affiliates and four FOX affiliates. We also have 11 independent stations and 10 additional low power stations. Our Local Media segment earns revenue primarily from the sale of advertising to local, national and political advertisers and retransmission fees received from cable operators, telecommunication companies, satellite carriers and over-the-top virtual MVPDs. Our Scripps Networks segment includes national news outlets Scripps News and Court TV as well as popular entertainment brands ION, Bounce, Grit, ION Mystery, ION Plus and Laff. The Scripps Networks reach nearly every U.S. television home through free over-the-air broadcast, cable/satellite, connected TV and/or digital distribution. These operations earn revenue primarily through the sale of advertising. Our segment results reflect the impact of intercompany carriage agreements between our local broadcast television stations and our national networks. The intercompany carriage fee revenue earned by our local broadcast television stations is equal to the carriage fee expense incurred by our national networks. We also allocate a portion of certain corporate costs and expenses, including accounting, human resources, employee benefit and information technology to our segments. These intercompany agreements and allocations are generally amounts agreed upon by management, which may differ from an arms-length amount. The other segment caption aggregates our operating segments that are too small to report separately. Costs for centrally provided services and certain corporate costs that are not allocated to the segments are included in shared services and corporate costs. These unallocated corporate costs would also include the costs associated with being a public company. Corporate assets are primarily cash and cash equivalents, property and equipment primarily used for corporate purposes and deferred income taxes. Our chief operating decision maker evaluates operating performance and makes decisions about the allocation of resources to our segments using a measure called segment profit. Segment profit excludes interest, defined benefit pension plan amounts, income taxes, depreciation and amortization, impairment charges, divested operating units, restructuring activities, investment results and certain other items that are included in net income (loss) determined in accordance with accounting principles generally accepted in the United States of America. Information regarding our operating performance is as follows: Three Months Ended December 31,Years Ended December 31, (in thousands)20242023Change20242023ChangeSegment operating revenues: Local Media $ 511,003$ 381,02734.1 %$ 1,674,318$ 1,398,23019.7 % Scripps Networks216,139230,139(6.1) %835,809893,234(6.4) % Other6,0049,248(35.1) %18,70619,397(3.6) % Intersegment eliminations(4,767)(4,645)2.6 %(19,061)(17,949)6.2 % Total operating revenues$ 728,379$ 615,76918.3 %$ 2,509,772$ 2,292,9129.5 %Segment profit (loss): Local Media $ 198,847$ 85,714$ 513,218$ 287,43978.5 % Scripps Networks60,71364,255(5.5) %190,175225,785(15.8) % Other(8,255)(12,377)(33.3) %(31,632)(26,451)19.6 % Shared services and corporate(24,746)(24,408)1.4 %(88,941)(91,954)(3.3) % Restructuring costs(14,872)(9,404)(33,525)(38,612) Depreciation and amortization of intangible assets(39,211)(39,346)(155,228)(155,105) Impairment of goodwill—(266,000)—(952,000) Gains (losses), net on disposal of property and equipment19,141(24)18,424(2,344) Interest expense(48,862)(55,483)(210,344)(213,512) Defined benefit pension plan income168131674650 Miscellaneous, net(9,689)(1,538)7,160(1,407) Income (loss) from operations before income taxes$ 133,234$ (258,480)$ 209,981$ (967,511) Operating results for our Local Media segment were as follows: Three Months Ended December 31,Years EndedDecember 31, (in thousands)20242023Change20242023ChangeSegment operating revenues: Core advertising$ 147,448$ 165,767(11.1) %$ 552,253$ 598,824(7.8) % Political174,35916,412342,88932,913 Distribution185,913195,780(5.0) %764,083752,3291.6 % Other3,2833,0687.0 %15,09314,1646.6 % Total operating revenues511,003381,02734.1 %1,674,3181,398,23019.7 % Segment costs and expenses: Employee compensation and benefits113,283110,1682.8 %437,345435,9160.3 % Programming143,012132,8297.7 %521,615493,5785.7 % Other expenses55,86152,3166.8 %202,140181,29711.5 % Total costs and expenses312,156295,3135.7 %1,161,1001,110,7914.5 % Segment profit$ 198,847$ 85,714$ 513,218$ 287,43978.5 % Operating results for Scripps Networks segment were as follows: Three Months EndedDecember 31,Years Ended December 31, (in thousands)20242023Change20242023ChangeTotal operating revenues$ 216,139$ 230,139(6.1) %$ 835,809$ 893,234(6.4) % Segment costs and expenses: Employee compensation and benefits29,73630,286(1.8) %120,862124,669(3.1) % Programming78,95291,141(13.4) %354,281360,684(1.8) % Other expenses46,73844,4575.1 %170,491182,096(6.4) % Total costs and expenses155,426165,884(6.3) %645,634667,449(3.3) % Segment profit$ 60,713$ 64,255(5.5) %$ 190,175$ 225,785(15.8) % 2. CONDENSED CONSOLIDATED BALANCE SHEETS As of December 31, (in thousands)20242023ASSETS Current assets: Cash and cash equivalents$ 23,852$ 35,319 Other current assets606,163640,774 Total current assets630,015676,093 Investments8,88423,265 Property and equipment453,900455,255 Operating lease right-of-use assets90,13699,194 Goodwill1,968,5741,968,574 Other intangible assets1,635,4881,727,178 Programming402,459449,943 Miscellaneous9,11910,618 TOTAL ASSETS$ 5,198,575$ 5,410,120LIABILITIES AND EQUITY Current liabilities: Accounts payable$ 100,669$ 76,383 Unearned revenue18,15912,181 Current portion of long-term debt15,61215,612 Accrued expenses and other current liabilities347,954373,643 Total current liabilities482,394477,819 Long-term debt (less current portion)2,560,5602,896,824 Other liabilities (less current portion)837,607879,294 Total equity1,318,0141,156,183 TOTAL LIABILITIES AND EQUITY$ 5,198,575$ 5,410,120 3. EARNINGS PER SHARE ("EPS") Unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents, such as certain of our RSUs, are considered participating securities for purposes of calculating EPS. Under the two-class method, we allocate a portion of net income to these participating securities and therefore exclude that income from the calculation of EPS for common stock. We do not allocate losses to the participating securities. The following table presents information about basic and diluted weighted-average shares outstanding: Three Months Ended December 31,Years Ended December 31, (in thousands)2024202320242023Numerator (for basic and diluted earnings per share) Net income (loss)$ 95,387$ (255,762)$ 146,218$ (947,784) Less income allocated to RSUs(534)—(709)— Less preferred stock dividends (15,063)(12,576)(58,615)(50,305) Numerator for basic and diluted earnings per share$ 79,790$ (268,338)$ 86,894$ (998,089) Denominator Basic weighted-average shares outstanding86,31284,57485,73884,266 Effect of dilutive securities301—329— Diluted weighted-average shares outstanding86,61384,57486,06784,266 4. NON-GAAP INFORMATION In addition to results prepared in accordance with GAAP, this earnings release discusses adjusted EBITDA, a non-GAAP performance measure that management and the company's Board of Directors uses to evaluate the performance of the business. We also believe that the non-GAAP measure provides useful information to investors by allowing them to view our business through the eyes of management and is a measure that is frequently used by industry analysts, investors and lenders as a measure of valuation for broadcast companies. Adjusted EBITDA is calculated as income (loss) from continuing operations, net of tax, plus income tax expense (benefit), interest expense, losses (gains) on extinguishment of debt, defined benefit pension plan expense (income), share-based compensation costs, depreciation, amortization of intangible assets, impairment of goodwill, loss (gain) on business and asset disposals, acquisition and integration costs, restructuring charges and certain other miscellaneous items. A reconciliation of the adjusted EBITDA measure to the comparable financial measure in accordance with GAAP is as follows: Three Months EndedDecember 31,Years Ended December 31, (in thousands)2024202320242023Net income (loss)$ 95,387$ (255,762)$ 146,218$ (947,784) Provision (benefit) for income taxes37,847(2,718)63,763(19,727) Interest expense48,86255,483210,344213,512 Defined benefit pension plan income(168)(131)(674)(650) Share-based compensation costs2,7884,42315,17720,490 Depreciation15,91115,43561,99260,725 Amortization of intangible assets23,30023,91193,23694,380 Impairment of goodwill—266,000—952,000 Losses (gains), net on disposal of property and equipment(19,141)24(18,424)2,344 Restructuring costs14,8729,40433,52538,612 Miscellaneous, net9,6891,538(7,160)1,407 Adjusted EBITDA$ 229,347$ 117,607$ 597,997$ 415,309 5. SUPPLEMENTAL CASH FLOW INFORMATION The following table presents additional information on certain sources and uses of cash: Three Months EndedDecember 31,Years Ended December 31, (in thousands)2024202320242023Capital expenditures$ (10,980)$ (20,550)$ (65,477)$ (62,503) Preferred stock dividends paid—(12,000)—(48,000) Interest paid(26,733)(34,462)(195,856)(195,832) Income taxes paid(20,509)(5,189)(71,811)(31,121) Mandatory contributions to defined retirement plans(263)(277)(1,131)(1,161) View original content to download multimedia: SOURCE The E.W. Scripps Company Sign in to access your portfolio
