E.w. Scripps Company (the) · NASDAQ:SSP
E.w. Scripps Company (the) — Investor Presentation (March 2025)
21 slides from E.w. Scripps Company (the)'s investor presentation, Mar 25, 2025
Slide 1: Investor Presentation Spring 2025
I N V E S T O R P R E S E N T A T I O N S P R I N G 2 0 2 5 G I V E L I G H T A N D T H E P E O P L E W I L L F I N D T H E I R O W N W A Y THE E.W. SCRIPPS COMPANY
Slide 2: Safe Harbor Disclosure
S A F E H A R B O R D I S C L O S U R E 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,”
Slide 3: Quarterly Highlights
QUARTERLY HIGHLIGHTS 3
Slide 4: Highlights from our March earnings call
Highlights from our March 12 earnings call: • Executed a transaction support agreement with the majority of our 2026 and 2028 term loan holders to push out our nearest- term maturity while also extending a portion of our 2028 term loan • Entered into commitment letters with accounts receivable secur
Slide 5: Other financial highlights
Other financial highlights: • Received a record $343 million in Local Media division presidential- election year political revenue, reinforcing the value of local broadcast brands for campaigns and candidates in tightly contested swing states • Tightly controlled costs in the Scripps Networks divisi
Slide 6: Looking ahead, we see opportunity in a new deregulatory landscape
LOOKING AHEAD, WE SEE OPPORTUNITY IN A NEW DEREGULATORY LANDSCAPE 6 “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.
Slide 7: The regulatory environment is experiencing a dramatic shift for local broadcasters
THE REGULATORY ENVIRONMENT IS EXPERIENCING A DRAMATIC SHIFT FOR LOCAL BROADCASTERS 7
Slide 8: Scripps' Growth Drivers
SCRIPPS’ GROWTH DRIVERS
Slide 9: Political, retrans, sports and audience reach continue to drive our business forward
POLITICAL, RETRANS, SPORTS AND AUDIENCE REACH CONTINUE TO DRIVE OUR BUSINESS FORWARD 9 Record Political Advertising Revenue Robust Distribution Revenue Meaningful Upside From Securing Sports Rights Diversified Distribution For an Evolving Consumer Largest U.S. Broadcaster By Household Reach Capital
Slide 10: Our political advertising revenue reached another record level in 2024
OUR POLITICAL ADVERTISING REVENUE REACHED ANOTHER RECORD LEVEL IN 2024 10 $101 $140 $267 $199 $343 2016A 2018A 2020A 2022A 2024A $ in millions INDUSTRY • Heightened polarization continues to drive political advertising spend • Broadcast TV continues to capture the lion’s share (AdImpact) • Key ballo
Slide 11: Robust retransmission revenue provides strong visibility and growth
$31 $764 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A ROBUST RETRANSMISSION REVENUE PROVIDES STRONG VISIBILITY AND GROWTH 11 Scripps Distribution Revenue Network Affiliate Renewals $ in millions MVPD Renewal Schedule 2025 – 2026 2025: ~25% of pay TV households up for
Slide 12: Securing sports rights has given us meaningful contributions to upfront ad sales
SECURING SPORTS RIGHTS HAS GIVEN US MEANINGFUL CONTRIBUTIONS TO UPFRONT AD SALES; LOCAL CORE 12 N at io na l R ea ch Lo ca l R ea ch The WNBA: Scripps’ Friday Night Spotlight on ION expanded the league’s audience by 30% and doubled Scripps’ revenue from the 2023 to 2024 seasons. The National Women’s
Slide 13: We provide diversified distribution to meet changing consumer TV viewing habits
WE PROVIDE DIVERSIFIED DISTRIBUTION TO MEET CHANGING CONSUMER TV VIEWING HABITS 13 YouTubeTV Samsung TV Plus Vizio WatchFree+ Amazon Prime Video Roku Channel Xumo Tubi FuboTV TCL S
Slide 14: Scripps is the largest broadcaster by U.S. TV household reach
SCRIPPS IS THE LARGEST BROADCASTER BY U.S. TV HOUSEHOLD REACH 14 36.3% 38.0% 22.9% 25.6% 23.7% 19.0% 21.4% 23.0% 20.6% 71.1% 62.4% 44.9% 39.3% 38.6% 38.1% 37.4% 36.3% 36.2% U.S. Households % (w UHF Discount) U.S. Households Gross Reach % Local Media Group Scripps Networks 60+ Local TV Stations 42 Ma
Slide 15: Our local media and ION stations give us the nation's largest broadcast spectrum holdings
OUR LOCAL MEDIA AND ION STATIONS GIVE US THE NATION’S LARGEST BROADCAST SPECTRUM HOLDINGS Scripps’ station signals reach 72% of U.S. television households. This powerful broadcast spectrum reaches 74 million American homes. Our local and ION stations’ spectrum equals nearly 1.6 billion megahertz per
Slide 16: Debt and Leverage Update
DEBT AND LEVERAGE UPDATE
Slide 17: We have prioritized using cash flow for continued debt reduction
17 WE HAVE PRIORITIZED USING CASH FLOW FOR CONTINUED DEBT REDUCTION Paydown % of Dec. 31, 2020 Debt 38% (4) 14% 5% (5) 11% 14% (6) (1) Represents cumulative discretionary spending as of 4Q’24 (2) Debt paydown net of scheduled debt repayments and refinancings (3) Discretionary use of capital for stoc
Slide 18: We have made significant progress toward leverage reduction
WE HAVE MADE SIGNIFICANT PROGRESS TOWARD LEVERAGE REDUCTION 18 $ in millions • Significant cash flow generation driven by strong political and continued optimization of expenses enabled Scripps to repay $330 million of debt. • Year-end leverage declined nearly a full turn from year-end 2023. • Speci
Slide 19: Update on our refinancing
19 UPDATE ON OUR REFINANCING $ in millions Existing Maturity Profile Pro Forma Maturity Profile Term Loan B-2 Term Loan B-3A/R Facility Commit.Revolver Commit. Bonds $585 $721 $543 $523 $426 $392 2025 2026 2027 2028 2029 2030 2031 $70 $208 $450 $536 $343 $523 $426 $392 2025 2026 2027 2028 2029 2030
Slide 20: Appendix: GAAP Reconciliation
APPENDIX: GAAP RECONCILIATION 20
Slide 21: Adjusted EBITDA reconciliation
In addition to results prepared in accordance with GAAP, the company 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