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    Gengxuan Qiu • Barclays

    Gengxuan Qiu's questions to E W Scripps Co (SSP) leadership

    Gengxuan Qiu's questions to E W Scripps Co (SSP) leadership • Q1 2025

    Question

    Gengxuan Qiu inquired about the company's plans for its 2027 debt maturities following the recent refinancing and asked about the political advertising dynamics in Wisconsin during the quarter.

    Answer

    CFO Jason Combs stated that after clearing the runway to 2027, the company continues to evaluate its remaining debt maturities to optimize the balance sheet but offered no specific plans. Regarding political ad revenue, Combs confirmed Scripps saw a benefit from the Wisconsin race in Q1. CEO Adam Symson added that while it was a positive sign, it wasn't hugely material, and the company's expectation for the full off-cycle year remains in the mid-$20 million range.

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    Gengxuan Qiu's questions to E W Scripps Co (SSP) leadership • Q4 2024

    Question

    Gengxuan Qiu from Barclays followed up on the debt refinancing, asking why the 2027 notes were excluded and how the company plans to address them given new limitations. She also inquired about the status and strategy for the upcoming WNBA sports rights renewal, a key part of the company's programming strategy.

    Answer

    CFO Jason Combs declined to provide specific strategic details on the 2027 notes but reiterated that Scripps has been in discussions with an ad hoc group of holders and remains focused on addressing all near-term maturities. President and CEO Adam Symson confirmed that Scripps is working constructively with the WNBA on a rights renewal, highlighting the significant reach ION provides, and expects to share more news on the renewal in the coming weeks.

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    Gengxuan Qiu's questions to E W Scripps Co (SSP) leadership • Q3 2024

    Question

    Gengxuan Qiu of Barclays questioned the company's refinancing strategy following the delay of the Bounce sale and sought clarity on the retransmission revenue outlook within the Q4 Local Media guidance.

    Answer

    Chief Financial Officer Jason Combs explained that strong political cash flow should allow them to pay down their revolver by year-end, and they will assess both loan and bond markets to address near-term maturities. He confirmed Q4 distribution revenue would see a similar decline to Q3's -6%, driven by subscriber losses, which aligns with full-year guidance for low single-digit net retrans growth.

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    Gengxuan Qiu's questions to PennyMac Financial Services Inc (PFSI) leadership

    Gengxuan Qiu's questions to PennyMac Financial Services Inc (PFSI) leadership • Q1 2025

    Question

    Gengxuan Qiu from Barclays PLC asked for quantification on the level of delinquency increase needed to impact the company's ROE guidance. She also inquired about EBO income potential in a sustained high-rate environment.

    Answer

    Executive Daniel Perotti indicated that a 'pretty significant' increase in delinquencies, multiples of recent ranges, would be required to meaningfully impact ROE guidance, especially without an offsetting drop in interest rates. Executive David Spector added that even in a higher rate environment, programs like the 40-year modification still create opportunities for incremental EBO volume for defaulted borrowers with higher note rates.

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