E.w. Scripps Company (the) · NASDAQ:SSP
E.w. Scripps Company (the) — The E.W. Scripps Company — Investor Presentation (2025)
21 slides from E.w. Scripps Company (the)'s investor presentation, 2025
Slide 1: The E.W. Scripps Company Investor Presentation Spring 2025
THE E.W. SCRIPPS COMPANY INVESTOR PRESENTATION SPRING 2025 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
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
Slide 4: Scripps Brought in Record Q4 Revenue and Announced Agreement to Refinance Nearest-Term Maturities
SCRIPPS BROUGHT IN RECORD Q4 REVENUE AND ANNOUNCED AGREEMENT TO REFINANCE ITS NEAREST-TERM MATURITIES 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 exte
Slide 5: The Company Achieved Year-End Net Leverage of 4.8x, Nearly a Full Turn Below Year-End 2023
THE COMPANY ACHIEVED YEAR-END NET LEVERAGE OF 4.8X, NEARLY A FULL TURN BELOW YEAR-END 2023 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
Slide 6: Looking Ahead, We See Opportunity in a New Deregulatory Landscape
LOOKING AHEAD, WE SEE OPPORTUNITY IN A NEW DEREGULATORY LANDSCAPE “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. O
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 Record Political Advertising Revenue Scripps’ spectrum reaches 72% of U.S. households Robust Distribution Revenue Meaningful Upside From Securing Sports Rights Diversified Distribution For an Evolving Consumer Large
Slide 10: Our Political Advertising Revenue Reached Another Record Level in 2024
OUR POLITICAL ADVERTISING REVENUE REACHED ANOTHER RECORD LEVEL IN 2024 Scripps Political Revenue (Local Media) INDUSTRY • Heightened polarization continues to drive political advertising spend $ in millions $343 • Broadcast TV continues to capture the lion’s share (AdImpact) • Key ballot issues have
Slide 11: Robust Retransmission Revenue Provides Strong Visibility and Growth
ROBUST RETRANSMISSION REVENUE PROVIDES STRONG VISIBILITY AND GROWTH Scripps Distribution Revenue MVPD Renewal Schedule $ in millions 2025 – 2026 $764 2025: ~25% of pay TV households up for renewal 2026: ~70% of pay TV households up for renewal Network Affiliate Renewals 2024 2025 2026 11 stations √
Slide 12: Securing Sports Rights Has Given Us Meaningful Contributions to Upfront Ad Sales; Local Core
SECURING SPORTS RIGHTS HAS GIVEN US MEANINGFUL CONTRIBUTIONS TO UPFRONT AD SALES; LOCAL CORE The WNBA: Scripps’ Friday Night Spotlight on ION expanded the league’s audience by 30% National Reach and doubled Scripps’ revenue from the 2023 to 2024 seasons. National sports rights The National Women’s 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 PLUS YouTubeTV Samsung TV Plus Vizio WatchFree+ Amazon Prime Video Roku Channel Xumo Tubi FuboTV TCL
Slide 14: Scripps Is the Largest Broadcaster by U.S. TV Household Reach
SCRIPPS IS THE LARGEST BROADCASTER BY U.S. TV HOUSEHOLD REACH 72% 71.1% Scripps’ Local Media and ION stations and its national networks reach nearly every U.S. TV household over the air 62.4% U.S. Households % (w UHF Discount) and on pay or connected TV. U.S. Households Gross Reach % Local Media Gro
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
WE HAVE PRIORITIZED USING CASH FLOW FOR CONTINUED DEBT REDUCTION TV Peers Discretionary Capital Allocation Since the ION Acquisition (1) $1,447 $492 $203 $887 $968 Scripps Financial Policy 20% 20% 28% 25% • Capital allocation priority is to de-lever via 4% excess cash flow Debt Paydown (2) 1% 0% Lev
Slide 18: We Have Made Significant Progress Toward Leverage Reduction
WE HAVE MADE SIGNIFICANT PROGRESS TOWARD LEVERAGE REDUCTION Total Debt Commentary $ in millions $2,987 $2,944 $2,940 $2,822 $2,643 • Significant cash flow generation driven by strong political and continued optimization of expenses enabled Scripps to repay $330 million of debt. • Year-end leverage d
Slide 19: Update on Our Refinancing
UPDATE ON OUR REFINANCING $ in millions Existing Maturity Profile Pro Forma Maturity Profile $721 $536 $523 $426 $585 $543 $523 $450 $392 $426 $392 $343 $208 $70 2025 2026 2027 2028 2029 2030 2031 2025 2026 2027 2028 2029 2030 2031 Revolver Commit. A/R Facility Commit. Term Loan B-2 Term Loan B-3 Bo
Slide 20: Appendix: GAAP Reconciliation
APPENDIX: GAAP RECONCILIATION 20
Slide 21: Non-GAAP Information
NON-GAAP INFORMATION 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 provide
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