Saga Communications Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Saga Communications Inc. filed its Q1 2024 10-Q report, detailing financial performance and corporate actions.</b>

AI Summary

SAGA COMMUNICATIONS INC (SGA) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Saga Communications Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. Key financial data points and equity details are included in the report. The company's business address is 73 Kercheval Ave, Grosse Pointe Farms, MI 48236. The filing references various accounting standards and stock-related items.

Why It Matters

For investors and stakeholders tracking SAGA COMMUNICATIONS INC, this filing contains several important signals. This 10-Q provides investors with the latest financial snapshot of Saga Communications Inc., crucial for understanding its current operational health and market position. The detailed financial information allows stakeholders to assess the company's revenue streams, equity structure, and any changes from previous reporting periods.

Risk Assessment

Risk Level: low — SAGA COMMUNICATIONS INC shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate indicators of significant new risks.

Analyst Insight

Monitor future filings for trends in broadcast and digital advertising revenue, and any updates on stock buyback programs.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-10 — Filing Date (Filed as of date)
• 4832 — Standard Industrial Classification (SIC code for Radio Broadcasting Stations)
• 001-11588 — SEC File Number (SEC file number for Saga Communications Inc.)

Key Players & Entities

• SAGA COMMUNICATIONS INC (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-10 (date) — Filed as of date
• 73 KERCHEVAL AVE (address) — Business address street 1
• GROSSE POINTE FARMS (city) — Business address city
• MI (state) — Business address state
• 48236 (zip_code) — Business address zip
• 3138867070 (phone_number) — Business phone

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance between annual reports.)

Common Stock

A class of stock that represents ownership in a corporation and entitles the owner to a proportionate claim on the corporation's assets and earnings. (Key component of the company's equity structure, relevant for understanding shareholder value.)

Filing Documents

• sga-20240331x10q.htm (10-Q) — 986KB
• sga-20240331xex31d1.htm (EX-31.1) — 20KB
• sga-20240331xex31d2.htm (EX-31.2) — 19KB
• sga-20240331xex32.htm (EX-32) — 8KB
• 0001558370-24-007781.txt (&nbsp;) — 4366KB
• sga-20240331.xsd (EX-101.SCH) — 32KB
• sga-20240331_cal.xml (EX-101.CAL) — 39KB
• sga-20240331_def.xml (EX-101.DEF) — 139KB
• sga-20240331_lab.xml (EX-101.LAB) — 307KB
• sga-20240331_pre.xml (EX-101.PRE) — 229KB
• sga-20240331x10q_htm.xml (XML) — 548KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 3 Condensed consolidated balance sheets — March 31, 2024 and December 31, 202 3 3 Condensed consolidated statements of operations — Three months ended March 31, 2024 and 2023 4 Condensed consolidated statements of stockholders' equity – Three months ended March 31, 2024 and 2023 5 Condensed consolidated statements of cash flows — Three months ended March 31, 2024 and 2023 6 Notes to unaudited condensed consolidated financial statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 26

Controls and Procedures

Item 4. Controls and Procedures 26

OTHER INFORMATION

PART II OTHER INFORMATION 27

Legal Proceedings

Item 1. Legal Proceedings 27

Risk Factors

Item 1A. Risk Factors 27

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27

Other Information

Item 5. Other Information 27

Exhibits

Item 6. Exhibits 28

SIGNATURES

SIGNATURES 29 EX-31.1 EX-31.2 EX-32 EX-101 INSTANCE DOCUMENT EX-101 SCHEMA DOCUMENT EX-101 CALCULATION LINKBASE DOCUMENT EX-101 LABELS LINKBASE DOCUMENT EX-101 PRESENTATION LINKBASE DOCUMENT EX-101 DEFINITION LINKBASE DOCUMENT 2 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements SAGA COMMUNICATIONS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, 2024 2023 (Unaudited) (Note) (In thousands) Assets Current assets: Cash and cash equivalents $ 20,177 $ 29,582 Short-term investments 8,598 10,595 Accounts receivable, net 14,640 17,173 Prepaid expenses and other current assets 3,145 2,451 Barter transactions 1,013 843 Total current assets 47,573 60,644 Property and equipment 148,343 148,265 Less accumulated depreciation 97,113 96,860 Net property and equipment 51,230 51,405 Other assets: Broadcast licenses, net 89,367 90,240 Goodwill 19,153 19,236 Other intangibles, right of use assets, deferred costs and investments, net 10,723 10,688 Total assets $ 218,046 $ 232,213 Liabilities and shareholders' equity Current liabilities: Accounts payable $ 3,356 $ 2,802 Accrued expenses: Accrued payroll and payroll taxes 5,275 5,318 Dividend payable 3,758 12,505 Other accrued expenses 6,862 6,480 Barter transactions 1,106 924 Total current liabilities 20,357 28,029 Deferred income taxes 26,057 26,122 Other liabilities 7,260 7,513 Total liabilities 53,674 61,664 Commitments and contingencies — — Shareholders' equity: Common stock 80 80 Additional paid-in capital 72,839 72,593 Retained earnings 127,873 134,771 Treasury stock ( 36,420 ) ( 36,895 ) Total shareholders' equity 164,372 170,549 Total liabilities and shareholders' equity $ 218,046 $ 232,213 Note: The balance sheet at December 31, 2023 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. See accompanying notes to unaudited condensed consolidated financial statements . 3 Table of Contents SAG

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View this 10-Q filing on SEC EDGAR