SAGA COMMUNICATIONS INC Files Q3 2024 10-Q

TL;DR

**SAGA COMMUNICATIONS INC filed its Q3 2024 10-Q. Financials are in.**

AI Summary

SAGA COMMUNICATIONS INC filed its 10-Q for the period ending September 30, 2024. The filing details financial information for the company, which operates in the radio broadcasting sector. Key financial data and operational updates are presented for the third quarter of 2024.

Why It Matters

This filing provides investors with an update on SAGA COMMUNICATIONS INC's financial performance and position as of the end of the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks highlighted.

Key Numbers

• 2024 Q3 — Reporting Period (Financials for the third 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
• 20240930 (date) — End of the reporting period
• 20241112 (date) — Filing date
• RADIO BROADCASTING STATIONS (industry) — Standard Industrial Classification

FAQ

Key Financial Figures

• $0.01 — stered Class A Common Stock, par value $0.01 per share SGA NASDAQ Global Market

Filing Documents

• sga-20240930x10q.htm (10-Q) — 1539KB
• sga-20240930xex31d1.htm (EX-31.1) — 19KB
• sga-20240930xex31d2.htm (EX-31.2) — 20KB
• sga-20240930xex32.htm (EX-32) — 8KB
• 0001558370-24-015309.txt ( ) — 6398KB
• sga-20240930.xsd (EX-101.SCH) — 42KB
• sga-20240930_cal.xml (EX-101.CAL) — 58KB
• sga-20240930_def.xml (EX-101.DEF) — 125KB
• sga-20240930_lab.xml (EX-101.LAB) — 378KB
• sga-20240930_pre.xml (EX-101.PRE) — 261KB
• sga-20240930x10q_htm.xml (XML) — 1147KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 3 Condensed consolidated balance sheets —September 30, 2024 and December 31, 2023 3 Condensed consolidated statements of operations — Three and nine months ended September 30, 2024 and 2023 4 Condensed consolidated statements of stockholders' equity – Three and nine months ended September 30, 2024 and 2023 5 Condensed consolidated statements of cash flows — Nine months ended September 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 22

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 31

Controls and Procedures

Item 4. Controls and Procedures 31

OTHER INFORMATION

PART II OTHER INFORMATION 31

Legal Proceedings

Item 1. Legal Proceedings 31

Risk Factors

Item 1A. Risk Factors 31

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32

Other Information

Item 5. Other Information 32

Exhibits

Item 6. Exhibits 33

Signatures

Signatures 34 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 (UNAUDITED) September 30, December 31, 2024 2023 (In thousands) Assets Current assets: Cash and cash equivalents $ 19,917 $ 29,582 Short-term investments 8,821 10,595 Accounts receivable, net 15,456 17,173 Prepaid expenses and other current assets 3,255 2,451 Barter transactions 954 843 Total current assets 48,403 60,644 Property and equipment 151,804 148,265 Less accumulated depreciation 99,083 96,860 Net property and equipment 52,721 51,405 Other assets: Broadcast licenses 90,693 90,240 Goodwill 20,044 19,236 Other intangibles, right of use assets, deferred costs and investments, net 11,349 10,688 Total assets $ 223,210 $ 232,213 Liabilities and shareholders' equity Current liabilities: Accounts payable $ 3,347 $ 2,802 Accrued expenses: Accrued payroll and payroll taxes 5,598 5,318 Dividend payable 1,565 12,505 Other accrued expenses 6,826 6,480 Barter transactions 1,019 924 Total current liabilities 18,355 28,029 Deferred income taxes 26,372 26,122 Long-term debt 5,000 — Other liabilities 7,491 7,513 Total liabilities 57,218 61,664 Commitments and contingencies (Note 11 and 14) — — Shareholders' equity: Common stock 80 80 Additional paid-in capital 73,833 72,593 Retained earnings 128,510 134,771 Treasury stock ( 36,431 ) ( 36,895 ) Total shareholders' equity 165,992 170,549 Total liabilities and shareholders' equity $ 223,210 $ 232,213 See accompanying notes to unaudited condensed consolidated financial statements. 3 Table of Contents SAGA COMMUNICATIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (Unaudited) (In thousands, except per share data) Net operating revenue $

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View this 10-Q filing on SEC EDGAR