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Dec 31, 2021
Scripps Q4 2021 Earnings Report
Reported year-over-year revenue growth in Scripps Networks and Local Media divisions, driven by a strong advertising market and sales execution.
Key Takeaways
Scripps reported a 14% revenue increase for its Scripps Networks division and an 8% increase for its Local Media division's core advertising in Q4 2021. The company's free cash flow for 2021 reached $280 million, marking the largest non-election year since before the cable networks spin-off in 2008.
Local Media adjusted-combined core advertising grew by 8% in the fourth quarter, reaching 2019 levels for the second consecutive quarter.
Scripps Networks delivered full-year 2021 adjusted-combined revenue growth of 13% and a margin of 41%.
Bounce grew its audience by 24% among viewers 25-54 in the fourth quarter.
In 2021, Scripps paid down a total of $581 million in debt.
Scripps
Scripps
Scripps Revenue by Segment
Revenue by Segment
Local Media Revenue
CapyFin.comScripps Networks Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Scripps expects about $270 million of political advertising revenue this year. The 2022 mid-terms projection would be up about 40% from Scripps’ political revenue in the last mid-term election year and would help drive an approximately 50% year-over-year increase in 2022 free cash flow, to a range of $400-$450 million.
Positive Outlook
- Local Media revenue Up low single digits percent range
- Scripps Networks revenue Up about 10 percent
Challenges Ahead
- Local Media expense Up high single digits percent range
- Scripps Networks expense Up mid-20s percent range
- Shared services and corporate About $24 million
- Interest paid $130-$140 million
- Taxes paid $100-$110 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income