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Mar 31, 2021
Scripps Q1 2021 Earnings Report
Strong sales execution and rebound in advertising markets bolstered Scripps’ first quarter results.
Key Takeaways
The E.W. Scripps Company reported record company revenue in Q1 2021, driven by strong sales execution in Local Media and Scripps Networks divisions. The company completed its acquisition of ION, sold Triton, and announced plans to redeem $400 million in bonds.
Local Media core advertising outperformed expectations, up 2% on an adjusted-combined basis.
Scripps Networks division met expectations on Q1 revenue, flat to Q1 2020 on an adjusted-combined basis, with margins of 43%.
Scripps closed on the acquisition of ION and combined it with other networks to create the Scripps Networks division.
Scripps closed on the sale of Triton to iHeart Media for $230 million.
Revenue by Segment
Forward Guidance
Scripps provided guidance for the second quarter and full year 2021, with comparisons to the same period in 2020 on an adjusted-combined basis.
Positive Outlook
- Local Media revenue up high teens
- Scripps Networks revenue up about 20%
- Interest cash outlay between $120-$125 million
- Depreciation & Amortization about $150 million
- Free cash flow between $210-$240 million
Challenges Ahead
- Local Media expense up low to mid-teens
- Scripps Networks expense up about 10%
- Shared services and corporate about $20 million
- Net tax cash outlay between $85-$90 million
- Capex (excluding repack) between $65-$70 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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