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Dec 31, 2023
Scripps Q4 2023 Earnings Report
Scripps delivered Q4 2023 financial results
Key Takeaways
Scripps reported a Q4 2023 revenue of $616 million. The loss attributable to shareholders was $268 million, or $3.17 per share, which included a non-cash goodwill impairment charge and restructuring costs.
Scripps Sports is part of a historic media rights agreement with the National Women’s Soccer League and will nationally broadcast 50 games on Saturday nights on ION.
Local Media core advertising revenue increased 1% year-over-year, driven by new National Hockey League deals.
Scripps Networks' revenue decreased 7%, exceeding guidance due to better-than-expected connected TV, general market and direct response revenue.
The company recorded a $266 million non-cash goodwill impairment charge due to a slower than anticipated recovery in the national television advertising market.
Scripps
Scripps
Scripps Revenue by Segment
Revenue by Segment
Local Media Revenue
CapyFin.comScripps Networks Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
The company provided guidance for Q1 2024 and full year 2024.
Positive Outlook
- Local Media revenue is expected to be up low teens percent in Q1 2024.
- Connected TV revenue is on track to grow more than 40% for the full year, minus the programmatic product.
- Top four local core categories – services, auto, retail and home improvement – are all up in February.
- Scripps Networks expense is expected to be down low-single-digit percent in Q1 2024.
- The company is planning for a near-term media landscape where consumers combine a variety of connected TV services with free, over-the-air viewing.
Challenges Ahead
- Local Media expense is expected to be up about 10% in Q1 2024.
- Scripps Networks revenue is expected to be flat to down low-single-digit percent in Q1 2024.
- Shared services and corporate costs are expected to be about $24 million in Q1 2024.
- Interest paid is expected to be $200-$210 million for full year 2024.
- Taxes paid are expected to be $50-$60 million for full year 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income