E.W. Scripps Files Q2 2024 10-Q

TL;DR

Scripps Q2 10-Q is in. Revenue details out.

AI Summary

E.W. Scripps Co. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance for the second quarter and the first half of the year, including advertising and distribution revenue. Key financial figures and stock information are presented, with the company's fiscal year ending on December 31.

Why It Matters

This filing provides investors with an update on E.W. Scripps' financial health and operational performance, crucial for understanding the company's trajectory in the broadcasting sector.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-08-09 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
• 12/31 — Fiscal Year End (Specifies the end date of the company's annual fiscal year.)

Key Players & Entities

• E.W. Scripps Co. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240809 (date) — Filing date
• 312 WALNUT STREET (address) — Company business and mailing address
• CINCINNATI (location) — Company city
• OH (location) — Company state
• 45202 (zip_code) — Company zip code
• 5139773000 (phone_number) — Company business phone

FAQ

Key Financial Figures

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

Filing Documents

• ssp-20240630.htm (10-Q) — 1264KB
• ssp-ex31a20240630x10q.htm (EX-31.A) — 9KB
• ssp-ex31b20240630x10q.htm (EX-31.B) — 10KB
• ssp-ex32a20240630x10q.htm (EX-32.A) — 4KB
• ssp-ex32b20240630x10q.htm (EX-32.B) — 4KB
• 0000832428-24-000035.txt ( ) — 7435KB
• ssp-20240630.xsd (EX-101.SCH) — 46KB
• ssp-20240630_cal.xml (EX-101.CAL) — 87KB
• ssp-20240630_def.xml (EX-101.DEF) — 245KB
• ssp-20240630_lab.xml (EX-101.LAB) — 639KB
• ssp-20240630_pre.xml (EX-101.PRE) — 436KB
• ssp-20240630_htm.xml (XML) — 1221KB

- 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 June 30, 2024.

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities There were no defaults upon senior securities during the quarter ended June 30, 2024.

Mine Safety Disclosures

Item 4. Mine Safety Disclosures None. 3

Other Information

Item 5. Other Information 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 June 30, 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 and six months ended June 30, 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: August 9, 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- 20

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk F- 29

Controls and Procedures

Controls and Procedures F- 30 F-1 The E.W. Scripps Company Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share data) As of June 30, 2024 As of December 31, 2023 Assets Current assets: Cash and cash equivalents $ 26,651 $ 35,319 Accounts receivable (less allowances — $ 3,682 and $ 5,041 ) 578,610 610,541 Miscellaneous 49,441 30,233 Total current assets 654,702 676,093 Investments 23,895 23,265 Property and equipment 464,405 455,255 Operating lease right-of-use assets 96,836 99,194 Goodwill 1,968,574 1,968,574 Other intangible assets 1,681,555 1,727,178 Programming 381,131 449,943 Miscellaneous 9,858 10,618 Total Assets $ 5,280,956 $ 5,410,120 Liabilities and Equity Current liabilities: Accounts payable $ 85,521 $ 76,383 Unearned revenue 14,903 12,181 Current portion of long-term debt 15,612 15,612 Accrued liabilities: Employee compensation and benefits 37,342 60,869 Programming liability 146,420 171,860 Accrued interest 31,365 32,030 Miscellaneous 48,237 43,934 Other current liabilities 58,472 64,950 Total current liabilities 437,872 477,819 Long-term debt (less current portion) 2,853,692 2,896,824 Deferred income taxes 297,629 307,399 Operating lease liabilities 85,963 87,714 Other liabilities (less current portion) 437,615 484,181 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 $ 659,656 at June 30, 2024) 415,702 414,549 Common stock, $ 0.01 par: Class A — authorized: 240,000,000 shares; issued and outstanding: 74,185,126 and 72,843,881 shares 742 729 Voting — authorized: 60,000,000 shares; issued and outstanding: 11,932,722 and 11,932,722 shares 119 119 Total preferred and common stock 416,563 415,397 Additional paid-in capital 1,446,231 1,438,518 Accumulated deficit ( 619,167 ) ( 622,222 ) Accumulated other comprehensive loss, net

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View this 10-Q filing on SEC EDGAR