The E.W. Scripps Company (NASDAQ:SSP) Q1 2024 Earnings Conference Call May 10, 2024 9:30 AM ET

Company Participants

Carolyn Micheli – Head-Investor Relations
Jason Combs – Chief Financial Officer
Adam Symson – President and Chief Executive Officer
Lisa Knutson – Chief Operating Officer

Conference Call Participants

Dan Kurnos – Benchmark
Steven Cahall – Wells Fargo
Michael Kupinski – NOBLE Capital Markets
Craig Huber – Huber Research Partners

Operator

Thank you, everyone, for standing by and welcome to the Scripps Q1 Earnings Conference Call. Now at this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Instructions will be given at that time.

I will now turn the call over to your host, Head of Investor Relations, Carolyn Micheli. Please go ahead.

Carolyn Micheli

Thank you, Kevin. Good morning, everyone, and thank you 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 and that actual results may differ. 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 company. These metrics are not formulated in accordance with GAAP and are not meant to replace GAAP financial measures and may differ from other companies' uses or formulations. Included in our earnings release are the reconciliations of non-GAAP financial measures to the GAAP measures reported in our financial statements.

We'll hear first this morning from Scripps' Chief Financial Officer, Jason Combs, who will share financial results as well as color on the Scripps advertising marketplaces; then we'll hear from President and CEO, Adam Symson.

Now here's Jason.

Jason Combs

Good morning, everyone, and thank you for joining us. We are pleased to be delivering first quarter 2024 operating results that beat profit estimates driven by tight cost controls. I will discuss both our Q1 results and guidance for Local Media first and then the results and guidance for Scripps Networks. Then I'll touch on a few other guidance items. I'll conclude with capital allocation and our debt picture.