SAGA COMMUNICATIONS INC Files Q2 2024 10-Q

TL;DR

**SAGA COMMUNICATIONS INC Q2 2024 10-Q FILED. CHECK FINANCIALS.**

AI Summary

SAGA COMMUNICATIONS INC filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial data and disclosures relevant to investors are presented in this report.

Why It Matters

This filing provides investors with crucial financial data and operational insights into SAGA COMMUNICATIONS INC's performance for the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• 2024 Q2 — Reporting Period (Financial results for the second quarter of 2024 are detailed.)
• 1231 — Fiscal Year End (Indicates the company's fiscal year concludes on December 31st.)

Key Players & Entities

• SAGA COMMUNICATIONS INC (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240809 (date) — Filing date

FAQ

Filing Documents

• sga-20240630x10q.htm (10-Q) — 1423KB
• sga-20240630xex31d1.htm (EX-31.1) — 19KB
• sga-20240630xex31d2.htm (EX-31.2) — 19KB
• sga-20240630xex32.htm (EX-32) — 8KB
• 0001558370-24-011739.txt ( ) — 6020KB
• sga-20240630.xsd (EX-101.SCH) — 40KB
• sga-20240630_cal.xml (EX-101.CAL) — 57KB
• sga-20240630_def.xml (EX-101.DEF) — 140KB
• sga-20240630_lab.xml (EX-101.LAB) — 363KB
• sga-20240630_pre.xml (EX-101.PRE) — 254KB
• sga-20240630x10q_htm.xml (XML) — 1034KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 3 Condensed consolidated balance sheets — June 30, 2024 and December 31, 2023 3 Condensed consolidated statements of operations — Three and six months ended June 30, 2024 and 2023 4 Condensed consolidated statements of stockholders' equity – Three and six months ended June 30, 2024 and 2023 5 Condensed consolidated statements of cash flows — Six months ended June 30, 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 21

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 30

Controls and Procedures

Item 4. Controls and Procedures 30

OTHER INFORMATION

PART II OTHER INFORMATION 30

Legal Proceedings

Item 1. Legal Proceedings 30

Risk Factors

Item 1A. Risk Factors 30

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 30

Other Information

Item 5. Other Information 31

Exhibits

Item 6. Exhibits 31

Signatures

Signatures 32 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 June 30, December 31, 2024 2023 (Unaudited) (Note) (In thousands) Assets Current assets: Cash and cash equivalents $ 15,392 $ 29,582 Short-term investments 8,708 10,595 Accounts receivable, net 16,728 17,173 Prepaid expenses and other current assets 4,172 2,451 Barter transactions 1,045 843 Total current assets 46,045 60,644 Property and equipment 151,461 148,265 Less accumulated depreciation 98,210 96,860 Net property and equipment 53,251 51,405 Other assets: Broadcast licenses, net 90,558 90,240 Goodwill 20,281 19,236 Other intangibles, right of use assets, deferred costs and investments, net 11,482 10,688 Total assets $ 221,617 $ 232,213 Liabilities and shareholders' equity Current liabilities: Accounts payable $ 4,164 $ 2,802 Accrued expenses: Accrued payroll and payroll taxes 4,780 5,318 Dividend payable — 12,505 Other accrued expenses 7,106 6,480 Barter transactions 1,075 924 Total current liabilities 17,125 28,029 Deferred income taxes 26,197 26,122 Long-term debt 5,000 — Other liabilities 7,468 7,513 Total liabilities 55,790 61,664 Commitments and contingencies — — Shareholders' equity: Common stock 80 80 Additional paid-in capital 73,359 72,593 Retained earnings 128,808 134,771 Treasury stock ( 36,420 ) ( 36,895 ) Total shareholders' equity 165,827 170,549 Total liabilities and shareholders' equity $ 221,617 $ 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 Tab

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