E.W. Scripps Co. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>E.W. Scripps Co. has filed its Q1 2024 10-Q report detailing financial performance and corporate structure.</b>

AI Summary

E.W. SCRIPPS Co (SSP) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. E.W. Scripps Co. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's primary business is Television Broadcasting Stations. Key financial data points such as revenue, net income, and EPS are expected to be detailed within the report. The report includes details on various stock classes and preferred stock series.

Why It Matters

For investors and stakeholders tracking E.W. SCRIPPS Co, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial results and operational updates for E.W. Scripps Co. Understanding the details within this report is crucial for assessing the company's current financial health and future prospects in the broadcasting industry.

Risk Assessment

Risk Level: medium — E.W. SCRIPPS Co shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains detailed financial information but does not usually announce major strategic shifts or unexpected events that would significantly alter risk profiles on its own.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand E.W. Scripps Co.'s Q1 2024 performance and outlook.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-10 — Filing Date (Filed as of date)
• 4833 — Standard Industrial Classification (Television Broadcasting Stations)
• OH — State of Incorporation (Ohio)
• 1231 — Fiscal Year End (December 31)

Key Players & Entities

• E.W. Scripps Co. (company) — Filer of the 10-Q report
• 2024-03-31 (date) — Conformed period of report
• 2024-05-10 (date) — Filed as of date
• 312 WALNUT STREET (address) — Business address
• CINCINNATI (location) — City in business address
• OH (location) — State in business address
• 45202 (postal_code) — ZIP code in business address
• 5139773000 (phone_number) — Business phone number

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with an update on the company's financial performance during the quarter.)

Key Financial Figures

• $0.01 — stered Class A Common Stock, par value $0.01 per share SSP NASDAQ Global Select Mark

Filing Documents

• ssp-20240331.htm (10-Q) — 1009KB
• ssp-ex31a20240331x10q.htm (EX-31.A) — 9KB
• ssp-ex31b20240331x10q.htm (EX-31.B) — 10KB
• ssp-ex32a20240331x10q.htm (EX-32.A) — 4KB
• ssp-ex32b20240331x10q.htm (EX-32.B) — 4KB
• 0000832428-24-000023.txt (&nbsp;) — 6608KB
• ssp-20240331.xsd (EX-101.SCH) — 46KB
• ssp-20240331_cal.xml (EX-101.CAL) — 86KB
• ssp-20240331_def.xml (EX-101.DEF) — 242KB
• ssp-20240331_lab.xml (EX-101.LAB) — 625KB
• ssp-20240331_pre.xml (EX-101.PRE) — 425KB
• ssp-20240331_htm.xml (XML) — 972KB

- Financial Information

PART I - Financial Information 1. Financial Statements 3 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 3 3. Quantitative and Qualitative Disclosures About Market Risk 3 4. Controls and Procedures 3

- Other Information

PART II - Other Information 1. Legal Proceedings 3 1A. Risk Factors 3 2. Unregistered Sales of Equity Securities and Use of Proceeds 3 3. Defaults Upon Senior Securities 3 4. Mine Safety Disclosures 3 5. Other Information 4 6. Exhibits 4

Signatures

Signatures 5 2 PART I As used in this Quarterly Report on Form 10-Q, the terms "Scripps," "Company," "we," "our," or "us" may, depending on the context, refer to The E.W. Scripps Company, to one or more of its consolidated subsidiary companies, or to all of them taken as a whole.

Financial Statements

Item 1. Financial Statements The information required by this item is filed as part of this Form 10-Q. See Index to Financial Information at page F-1 of this Form 10-Q.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations The information required by this item is filed as part of this Form 10-Q. See Index to Financial Information at page F-1 of this Form 10-Q.

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk The information required by this item is filed as part of this Form 10-Q. See Index to Financial Information at page F-1 of this Form 10-Q.

Controls and Procedures

Item 4. Controls and Procedures The information required by this item is filed as part of this Form 10-Q. See Index to Financial Information at page F-1 of this Form 10-Q. PART II

Legal Proceedings

Item 1. Legal Proceedings We are involved in litigation and regulatory proceedings arising in the ordinary course of business, such as defamation actions and governmental proceedings primarily relating to renewal of broadcast licenses, none of which is expected to result in material loss.

Risk Factors

Item 1A. Risk Factors There have been no material changes to the risk factors disclosed in Item 1A. Risk Factors in our 2023 Annual Report on Form 10-K.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds There were no sales of unregistered equity securities during the quarter ended March 31, 2024.

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities There were no defaults upon senior securities during the quarter ended March 31, 2024.

Mine Safety Disclosures

Item 4. Mine Safety Disclosures None. 3

Other Information

Item 5. Other Information Annual Meeting of Shareholders The following table presents information on matters submitted to a vote of security holders at our May 6, 2024 Annual Meeting of Shareholders: Descriptions of Matters Submitted In Favor Against Authority Withheld 1. Election of Directors Directors elected by holders of Class A Common Shares: Nishat A. Mehta 55,911,370 — 2,908,917 Burton F. Jablin 53,032,122 — 5,788,165 Kim Williams 36,587,901 — 22,232,386 Directors elected by holders of Common Voting Shares: Marcellus W. Alexander, Jr. 11,130,723 — — Charles L. Barmonde 11,130,723 — — Kelly P. Conlin 11,130,723 — — Raymundo H. Granado, Jr. 11,130,723 — — John W. Hayden 11,130,723 — — Monica O. Holcomb 11,130,723 — — Leigh B. Radford 11,130,723 — — Adam P. Symson 11,130,723 — — 2. Votes by holders of Common Voting Shares to ratify Deloitte & Touche LLP as the independent registered public accountant 11,130,723 — — 3. Advisory (non-binding) vote by holders of Common Voting Shares to approve named executive officer compensation (Say-on-Pay) 11,130,723 — — 4. Votes by holders of Common Voting Shares to approve Amendment No.1 to The E.W. Scripps Company 2023 Long-term Incentive Plan 11,130,723 — — Director and Officer Trading Arrangements None of our directors or officers adopted , modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as defined in Item 408(a) of Regulation S-K) during the quarter ended March 31, 2024.

Exhibits

Item 6. Exhibits Exhibit Number Exhibit Description 31(a) Section 302 Certifications * 31(b) Section 302 Certifications * 32(a) Section 906 Certifications * 32(b) Section 906 Certifications * 101 The Company's unaudited Condensed Consolidated Financial Statements and related Notes for the three months ended March 31, 2024 from this Quarterly Report on Form 10-Q, formatted in iXBRL (Inline eXtensible Business Reporting Language). * 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). * * - Filed herewith 4

Signatures

Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. THE E.W. SCRIPPS COMPANY Dated: May 10, 2024 By: /s/ Daniel W. Perschke Daniel W. Perschke Senior Vice President, Controller (Principal Accounting Officer) 5 The E.W. Scripps Company Index to Financial Information (Unaudited) Item Page Condensed Consolidated Balance Sheets F- 2 Condensed Consolidated Statements of Operations F- 3 Condensed Consolidated Statements of Comprehensive Income (Loss) F- 4 Condensed Consolidated Statements of Cash Flows F- 5 Condensed Consolidated Statements of Equity F- 6 Notes to Condensed Consolidated Financial Statements F- 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations F- 19

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk F- 28

Controls and Procedures

Controls and Procedures F- 29 F-1 The E.W. Scripps Company Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share data) As of March 31, 2024 As of December 31, 2023 Assets Current assets: Cash and cash equivalents $ 30,229 $ 35,319 Accounts receivable (less allowances — $ 5,317 and $ 5,041 ) 566,706 610,541 Miscellaneous 42,504 30,233 Total current assets 639,439 676,093 Investments 23,689 23,265 Property and equipment 457,181 455,255 Operating lease right-of-use assets 101,676 99,194 Goodwill 1,968,574 1,968,574 Other intangible assets 1,704,532 1,727,178 Programming 421,735 449,943 Miscellaneous 10,999 10,618 Total Assets $ 5,327,825 $ 5,410,120 Liabilities and Equity Current liabilities: Accounts payable $ 90,969 $ 76,383 Unearned revenue 13,875 12,181 Current portion of long-term debt 15,612 15,612 Accrued liabilities: Employee compensation and benefits 44,412 60,869 Programming liability 154,672 171,860 Accrued interest 16,288 32,030 Miscellaneous 47,299 43,934 Other current liabilities 63,674 64,950 Total current liabilities 446,801 477,819 Long-term debt (less current portion) 2,855,258 2,896,824 Deferred income taxes 309,987 307,399 Operating lease liabilities 91,241 87,714 Other liabilities (less current portion) 462,576 484,181 Equity: Preferred stock, $ 0.01 par — authorized: 25,000,000 shares; none outstanding — — Preferred stock — Series A, $ 100,000 par; 6,000 shares issued and outstanding (redemption value of $ 643,801 at March 31, 2024) 415,125 414,549 Common stock, $ 0.01 par: Class A — authorized: 240,000,000 shares; issued and outstanding: 73,457,243 and 72,843,881 shares 735 729 Voting — authorized: 60,000,000 shares; issued and outstanding: 11,932,722 and 11,932,722 shares 119 119 Total preferred and common stock 415,979 415,397 Additional paid-in capital 1,442,055 1,438,518 Accumulated deficit ( 620,596 ) ( 622,222 ) Accumulated other comprehensive loss,

View Full Filing

View this 10-Q filing on SEC EDGAR