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Sep 30, 2022
Scripps Q3 2022 Earnings Report
Scripps revenue grew, driven by political and connected TV advertising
Key Takeaways
Scripps reported a 10% increase in revenue to $612 million and a 13% increase in segment profit to $145 million for Q3 2022. This growth was fueled by political advertising, retransmission revenues, and Scripps Networks revenue.
Scripps Networks division revenue exceeded expectations, growing 4% year-over-year, with Connected TV (CTV) revenue up 57%.
Local Media revenue increased by 14%, driven by $63 million in political advertising revenue and a 7% increase in retransmission revenue.
Expenses for both divisions were managed effectively despite rising inflation.
Scripps News division was created and will launch Jan. 1 across all platforms.
Scripps
Scripps
Scripps Revenue by Segment
Revenue by Segment
Local Media Revenue
CapyFin.comScripps Networks Revenue
CapyFin.com Forward Guidance
Fourth-quarter 2022 guidance indicates revenue growth in Local Media and expense control in Scripps Networks, but also suggests a revenue decline in Scripps Networks.
Positive Outlook
- Local Media revenue is expected to increase in the mid-20s percent range.
- Local Media expense is expected to increase in the mid-single-digit percent range.
- Shared services and corporate expenses are projected to be around $21 million.
- Capital expenditures are estimated to be between $45-$55 million for the full year 2022.
- Depreciation and amortization are expected to be about $160 million for the full year 2022.
Challenges Ahead
- Scripps Networks revenue is expected to decline in the mid-to-high-single-digit percent range.
- Scripps Networks expense is expected to be about flat.
- Interest paid is projected to be about $150 million for the full year 2022.
- Taxes paid are estimated to be about $70 million for the full year 2022.
- The company adjusted its 2022 free cash flow expectation to about $320 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income