Q2 2024 E W Scripps Co Earnings Call Transcript
Key Points
- Political advertising revenue reached record levels, up 40% over the same period in 2020.
- Local Media division revenue increased by nearly 4% year-over-year, driven by strong political advertising.
- Virtual pay TV subscriber count rose by low double digits from the previous year.
- Local Media segment profit increased by 9% from Q2 2023.
- Scripps Networks' connected TV revenue grew by 11% in the second quarter.
- Second quarter local core advertising revenue declined by about 7% year-over-year.
- Scripps Networks division revenue fell by 9.7% from the previous year.
- The company faced challenges from Amazon and Netflix unloading discounted inventory into the advertising marketplace.
- Net debt at the end of the quarter was $2.9 billion.
- The loss attributable to shareholders was $13 million, or $0.15 per share.
Good day, everyone, and thank you for standing by for the Scripps Q2 earnings call. (Operator Instructions) As a reminder, today's call is being recorded.
I will now turn the call over to your host, Carolyn Micheli. Please go ahead.
Thanks, Kevin. Good morning, everyone. Thanks for joining us for a discussion of the E.W. Scripps Company's financial results and business strategies. You can visit scripps.com for more information and a link to the replay of this call.
A reminder that our conference call and webcast include forward looking statements based on management's current outlook and actual results may differ materially. Factors that may cause them to differ are outlined in our SEC filings. We do not intend to update any forward-looking statements we make today.
Included on this call will be a discussion of certain non-GAAP financial measures that are provided as supplements to assist management and the public in their analysis and valuation of the
Access to All Earning Calls and Stock Analysis | |
30-Year Financial on one screen | |
All-in-one Stock Screener with unlimited filters | |
Customizable Stock Dashboard | |
Real Time Insider Trading Transactions | |
8,000+ Institutional investors’ 13F holdings | |
Powerful Excel Add-in and Google sheets Add-on | |
All data downloadable | |
Quick customer support | |
And much more... |