(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Item No. | Page | |||||||
2.02 | Results of Operations and Financial Condition | 3 | ||||||
9.01 | Financial Statements and Exhibits | 3 |
Exhibit Number | Description of Item | |||||||
Press release dated August 5, 2022 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
THE E.W. SCRIPPS COMPANY | ||||||||
BY: | /s/ Daniel W. Perschke | |||||||
Daniel W. Perschke | ||||||||
Vice President, Controller | ||||||||
(Principal Accounting Officer) |
![]() ![]() |
Aug. 5, 2022 |
Third-quarter 2022 | ||||||||
Local Media revenue | Up low-to-mid 20% range | |||||||
Local Media expense | Up mid-single-digit percent range | |||||||
Scripps Networks revenue | Flat | |||||||
Scripps Networks expense | Up mid-teens percent range | |||||||
Shared services and corporate | About $20 million |
Full-year 2022 | ||||||||
Interest paid | About $150 million | |||||||
Pension contribution | None required | |||||||
Capital expenditures | Between $45-$55 million | |||||||
Taxes paid | About $80 million | |||||||
Depreciation and amortization | About $160 million |
![]() |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(in thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Operating revenues | $ | 594,467 | $ | 565,077 | $ | 1,160,173 | $ | 1,105,998 | ||||||||||||||||||
Segment, shared services and corporate expenses | (462,892) | (412,796) | (913,453) | (821,217) | ||||||||||||||||||||||
Acquisition and related integration costs | — | (6,686) | (1,642) | (35,331) | ||||||||||||||||||||||
Restructuring costs | — | (514) | — | (7,564) | ||||||||||||||||||||||
Depreciation and amortization of intangible assets | (41,019) | (40,751) | (80,764) | (80,258) | ||||||||||||||||||||||
Gains (losses), net on disposal of property and equipment | (1,577) | (75) | (4,058) | (155) | ||||||||||||||||||||||
Operating expenses | (505,488) | (460,822) | (999,917) | (944,525) | ||||||||||||||||||||||
Operating income | 88,979 | 104,255 | 160,256 | 161,473 | ||||||||||||||||||||||
Interest expense | (36,011) | (42,010) | (72,510) | (85,892) | ||||||||||||||||||||||
Gain (loss) on extinguishment of debt | — | (13,775) | 1,234 | (13,775) | ||||||||||||||||||||||
Defined benefit pension plan income | 662 | 7 | 1,325 | 14 | ||||||||||||||||||||||
Gain on sale of Triton business | — | — | — | 81,784 | ||||||||||||||||||||||
Losses on stock warrant | — | (31,874) | — | (99,118) | ||||||||||||||||||||||
Miscellaneous, net | 2,170 | (2,707) | 1,763 | (7,558) | ||||||||||||||||||||||
Income from continuing operations before income taxes | 55,800 | 13,896 | 92,068 | 36,928 | ||||||||||||||||||||||
Provision for income taxes | (14,060) | (12,683) | (27,963) | (32,212) | ||||||||||||||||||||||
Income from continuing operations, net of tax | 41,740 | 1,213 | 64,105 | 4,716 | ||||||||||||||||||||||
Income from discontinued operations, net of tax | — | 4,431 | — | 6,495 | ||||||||||||||||||||||
Net income | 41,740 | 5,644 | 64,105 | 11,211 | ||||||||||||||||||||||
Preferred stock dividends | (12,577) | (12,576) | (25,153) | (24,219) | ||||||||||||||||||||||
Net income (loss) attributable to the shareholders of The E.W. Scripps Company | $ | 29,163 | $ | (6,932) | $ | 38,952 | $ | (13,008) | ||||||||||||||||||
Net income (loss) per diluted share of common stock attributable to the shareholders of The E.W. Scripps Company: | ||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.32 | $ | (0.14) | $ | 0.42 | $ | (0.24) | ||||||||||||||||||
Income from discontinued operations | — | 0.05 | — | 0.08 | ||||||||||||||||||||||
Net income (loss) per diluted share of common stock attributable to the shareholders of The E.W. Scripps Company: | $ | 0.32 | $ | (0.09) | $ | 0.42 | $ | (0.16) | ||||||||||||||||||
Weighted average diluted shares outstanding | 87,820 | 82,381 | 90,048 | 82,143 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||||
Segment operating revenues: | ||||||||||||||||||||||||||||||||||||||
Local Media | $ | 355,819 | $ | 324,837 | 9.5 | % | $ | 682,480 | $ | 637,418 | 7.1 | % | ||||||||||||||||||||||||||
Scripps Networks | 238,929 | 238,735 | 0.1 | % | 477,997 | 452,395 | 5.7 | % | ||||||||||||||||||||||||||||||
Other | 3,893 | 5,050 | (22.9) | % | 8,044 | 23,171 | (65.3) | % | ||||||||||||||||||||||||||||||
Intersegment eliminations | (4,174) | (3,545) | 17.7 | % | (8,348) | (6,986) | 19.5 | % | ||||||||||||||||||||||||||||||
Total operating revenues | $ | 594,467 | $ | 565,077 | 5.2 | % | $ | 1,160,173 | $ | 1,105,998 | 4.9 | % | ||||||||||||||||||||||||||
Segment profit (loss): | ||||||||||||||||||||||||||||||||||||||
Local Media | $ | 80,742 | $ | 64,643 | 24.9 | % | $ | 135,135 | $ | 120,580 | 12.1 | % | ||||||||||||||||||||||||||
Scripps Networks | 73,297 | 107,317 | (31.7) | % | 158,373 | 199,520 | (20.6) | % | ||||||||||||||||||||||||||||||
Other | (4,349) | (541) | (5,462) | 2,740 | ||||||||||||||||||||||||||||||||||
Shared services and corporate | (18,115) | (19,138) | (5.3) | % | (41,326) | (38,059) | 8.6 | % | ||||||||||||||||||||||||||||||
Acquisition and related integration costs | — | (6,686) | (1,642) | (35,331) | ||||||||||||||||||||||||||||||||||
Restructuring costs | — | (514) | — | (7,564) | ||||||||||||||||||||||||||||||||||
Depreciation and amortization of intangible assets | (41,019) | (40,751) | (80,764) | (80,258) | ||||||||||||||||||||||||||||||||||
Gains (losses), net on disposal of property and equipment | (1,577) | (75) | (4,058) | (155) | ||||||||||||||||||||||||||||||||||
Interest expense | (36,011) | (42,010) | (72,510) | (85,892) | ||||||||||||||||||||||||||||||||||
Gain (loss) on extinguishment of debt | — | (13,775) | 1,234 | (13,775) | ||||||||||||||||||||||||||||||||||
Defined benefit pension plan income | 662 | 7 | 1,325 | 14 | ||||||||||||||||||||||||||||||||||
Gain on sale of Triton business | — | — | — | 81,784 | ||||||||||||||||||||||||||||||||||
Losses on stock warrant | — | (31,874) | — | (99,118) | ||||||||||||||||||||||||||||||||||
Miscellaneous, net | 2,170 | (2,707) | 1,763 | (7,558) | ||||||||||||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 55,800 | $ | 13,896 | $ | 92,068 | $ | 36,928 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||||
Segment operating revenues: | ||||||||||||||||||||||||||||||||||||||
Core advertising | $ | 157,671 | $ | 160,956 | (2.0) | % | $ | 315,008 | $ | 313,094 | 0.6 | % | ||||||||||||||||||||||||||
Political | 24,009 | 3,193 | 29,777 | 4,504 | ||||||||||||||||||||||||||||||||||
Retransmission and carriage fees | 171,126 | 156,361 | 9.4 | % | 330,708 | 312,020 | 6.0 | % | ||||||||||||||||||||||||||||||
Other | 3,013 | 4,327 | (30.4) | % | 6,987 | 7,800 | (10.4) | % | ||||||||||||||||||||||||||||||
Total operating revenues | 355,819 | 324,837 | 9.5 | % | 682,480 | 637,418 | 7.1 | % | ||||||||||||||||||||||||||||||
Segment costs and expenses: | ||||||||||||||||||||||||||||||||||||||
Employee compensation and benefits | 105,254 | 107,461 | (2.1) | % | 209,970 | 214,289 | (2.0) | % | ||||||||||||||||||||||||||||||
Programming | 118,847 | 109,598 | 8.4 | % | 237,450 | 219,928 | 8.0 | % | ||||||||||||||||||||||||||||||
Other expenses | 50,976 | 43,135 | 18.2 | % | 99,925 | 82,621 | 20.9 | % | ||||||||||||||||||||||||||||||
Total costs and expenses | 275,077 | 260,194 | 5.7 | % | 547,345 | 516,838 | 5.9 | % | ||||||||||||||||||||||||||||||
Segment profit | $ | 80,742 | $ | 64,643 | 24.9 | % | $ | 135,135 | $ | 120,580 | 12.1 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||||
Total operating revenues | $ | 238,929 | $ | 238,735 | 0.1 | % | $ | 477,997 | $ | 452,395 | 5.7 | % | ||||||||||||||||||||||||||
Segment costs and expenses: | ||||||||||||||||||||||||||||||||||||||
Employee compensation and benefits | 29,827 | 23,162 | 28.8 | % | 59,442 | 46,799 | 27.0 | % | ||||||||||||||||||||||||||||||
Programming | 87,779 | 64,651 | 35.8 | % | 169,778 | 126,278 | 34.4 | % | ||||||||||||||||||||||||||||||
Other expenses | 48,026 | 43,605 | 10.1 | % | 90,404 | 79,798 | 13.3 | % | ||||||||||||||||||||||||||||||
Total costs and expenses | 165,632 | 131,418 | 26.0 | % | 319,624 | 252,875 | 26.4 | % | ||||||||||||||||||||||||||||||
Segment profit | $ | 73,297 | $ | 107,317 | (31.7) | % | $ | 158,373 | $ | 199,520 | (20.6) | % |
(in thousands) | As of June 30, 2022 | As of December 31, 2021 | ||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 58,237 | $ | 66,223 | ||||||||||
Restricted cash | — | 34,257 | ||||||||||||
Other current assets | 637,170 | 601,801 | ||||||||||||
Total current assets | 695,407 | 702,281 | ||||||||||||
Investments | 25,677 | 21,632 | ||||||||||||
Property and equipment | 445,654 | 456,945 | ||||||||||||
Operating lease right-of-use assets | 115,543 | 124,821 | ||||||||||||
Goodwill | 2,920,466 | 2,913,384 | ||||||||||||
Other intangible assets | 1,870,194 | 1,910,311 | ||||||||||||
Programming | 443,117 | 510,316 | ||||||||||||
Miscellaneous | 19,612 | 18,624 | ||||||||||||
TOTAL ASSETS | $ | 6,535,670 | $ | 6,658,314 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 84,656 | $ | 83,931 | ||||||||||
Unearned revenue | 23,767 | 20,000 | ||||||||||||
Current portion of long-term debt | 18,612 | 18,612 | ||||||||||||
Accrued expenses and other current liabilities | 343,945 | 389,337 | ||||||||||||
Total current liabilities | 470,980 | 511,880 | ||||||||||||
Long-term debt (less current portion) | 3,064,352 | 3,129,393 | ||||||||||||
Other liabilities (less current portion) | 980,724 | 1,046,607 | ||||||||||||
Total equity | 2,019,614 | 1,970,434 | ||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 6,535,670 | $ | 6,658,314 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Numerator (for basic and diluted earnings per share) | ||||||||||||||||||||||||||
Income from continuing operations, net of tax | $ | 41,740 | $ | 1,213 | $ | 64,105 | $ | 4,716 | ||||||||||||||||||
Less income allocated to RSUs | (872) | — | (1,105) | — | ||||||||||||||||||||||
Less preferred stock dividends | (12,577) | (12,576) | (25,153) | (24,219) | ||||||||||||||||||||||
Numerator for basic and diluted earnings per share | $ | 28,291 | $ | (11,363) | $ | 37,847 | $ | (19,503) | ||||||||||||||||||
Denominator | ||||||||||||||||||||||||||
Basic weighted-average shares outstanding | 83,270 | 82,381 | 83,030 | 82,143 | ||||||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||||
Restricted stock units | 235 | — | 424 | — | ||||||||||||||||||||||
Common stock warrant | 4,315 | — | 6,594 | — | ||||||||||||||||||||||
Diluted weighted-average shares outstanding | 87,820 | 82,381 | 90,048 | 82,143 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Income from continuing operations, net of tax | $ | 41,740 | $ | 1,213 | $ | 64,105 | $ | 4,716 | ||||||||||||||||||
Provision for income taxes | 14,060 | 12,683 | 27,963 | 32,212 | ||||||||||||||||||||||
Interest expense | 36,011 | 42,010 | 72,510 | 85,892 | ||||||||||||||||||||||
Loss (gain) on extinguishment of debt | — | 13,775 | (1,234) | 13,775 | ||||||||||||||||||||||
Defined benefit pension plan income | (662) | (7) | (1,325) | (14) | ||||||||||||||||||||||
Share-based compensation costs | 4,557 | 6,403 | 13,883 | 14,701 | ||||||||||||||||||||||
Depreciation | 15,812 | 14,245 | 31,182 | 28,370 | ||||||||||||||||||||||
Amortization of intangible assets | 25,207 | 26,506 | 49,582 | 51,888 | ||||||||||||||||||||||
Losses (gains), net on disposal of property and equipment | 1,577 | 75 | 4,058 | 155 | ||||||||||||||||||||||
Acquisition and related integration costs | — | 6,686 | 1,642 | 35,331 | ||||||||||||||||||||||
Restructuring costs | — | 514 | — | 7,564 | ||||||||||||||||||||||
Gain on sale of Triton business | — | — | — | (81,784) | ||||||||||||||||||||||
Losses on stock warrant | — | 31,874 | — | 99,118 | ||||||||||||||||||||||
Miscellaneous, net | (2,170) | 2,707 | (1,763) | 7,558 | ||||||||||||||||||||||
Adjusted EBITDA | 136,132 | 158,684 | 260,603 | 299,482 | ||||||||||||||||||||||
Capital expenditures | (12,368) | (22,659) | (24,955) | (30,051) | ||||||||||||||||||||||
Proceeds from FCC Repack | 541 | 8,845 | 1,742 | 14,190 | ||||||||||||||||||||||
Preferred stock dividends | (12,000) | (12,000) | (24,000) | (21,067) | ||||||||||||||||||||||
Interest paid | (15,509) | (25,574) | (68,177) | (54,928) | ||||||||||||||||||||||
Income taxes paid, net of tax indemnification reimbursements | (47,209) | (54,762) | (46,778) | (54,215) | ||||||||||||||||||||||
Contributions for defined retirement plans | (253) | (6,590) | (506) | (12,555) | ||||||||||||||||||||||
Free cash flow | $ | 49,334 | $ | 45,944 | $ | 97,929 | $ | 140,856 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||||
Total operating revenues | $ | 238,929 | $ | 238,735 | 0.1 | % | $ | 477,997 | $ | 459,117 | 4.1 | % | ||||||||||||||||||||||||||
Segment costs and expenses: | ||||||||||||||||||||||||||||||||||||||
Employee compensation and benefits | 29,827 | 23,162 | 28.8 | % | 59,442 | 47,947 | 24.0 | % | ||||||||||||||||||||||||||||||
Programming | 87,779 | 64,651 | 35.8 | % | 169,778 | 128,313 | 32.3 | % | ||||||||||||||||||||||||||||||
Other expenses | 48,026 | 43,605 | 10.1 | % | 90,404 | 80,354 | 12.5 | % | ||||||||||||||||||||||||||||||
Total costs and expenses | 165,632 | 131,418 | 26.0 | % | 319,624 | 256,614 | 24.6 | % | ||||||||||||||||||||||||||||||
Segment profit | $ | 73,297 | $ | 107,317 | (31.7) | % | $ | 158,373 | $ | 202,503 | (21.8) | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Scripps Networks operating revenues, as reported | $ | 238,929 | $ | 238,735 | $ | 477,997 | $ | 452,395 | ||||||||||||||||||
ION acquisition | — | — | — | 6,722 | ||||||||||||||||||||||
Scripps Networks adjusted combined operating revenues | $ | 238,929 | $ | 238,735 | $ | 477,997 | $ | 459,117 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Scripps Networks segment profit, as reported | $ | 73,297 | $ | 107,317 | $ | 158,373 | $ | 199,520 | ||||||||||||||||||
ION acquisition | — | — | — | 2,983 | ||||||||||||||||||||||
Scripps Networks adjusted combined segment profit | $ | 73,297 | $ | 107,317 | $ | 158,373 | $ | 202,503 |
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Cover Page |
Aug. 05, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 05, 2022 |
Entity Registrant Name | THE E.W. SCRIPPS COMPANY |
Entity Incorporation, State or Country Code | OH |
Entity File Number | 001-10701 |
Entity Tax Identification Number | 31-1223339 |
Entity Address, Address Line One | 312 Walnut Street |
Entity Address, City or Town | Cincinnati, |
Entity Address, State or Province | OH |
Entity Address, Postal Zip Code | 45202 |
City Area Code | 513 |
Local Phone Number | 977-3000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock, par value $0.01 per share |
Trading Symbol | SSP |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0000832428 |
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