Saga Communications, Inc. (NASDAQ:SGA) Q1 2024 Earnings Conference Call May 9, 2024 11:00 AM ET Company Participants Chris Forgy – President and Chief Executive Officer Sam Bush – Chief Financial Officer Conference Call Participants Operator Good morning, everyone, and welcome to the Saga Communications First Quarter 2024 Earnings Release and Conference Call. At this time all participants have been placed on a listen-only mode. It is now my pleasure to turn the floor over to your host, Chris Forgy. Sir, the ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-11588 Saga Communications, Inc. (Exact name of registrant as specified in its charter) Florida 38-3042953 (State ...

FQ1 2024 Earnings Call Transcripts Thursday, May 9, 2024 3:00 PM GMT S&P Global Market Intelligence Estimates 1 Table of Contents SAGA COMMUNICATIONS, INC. FQ1 2024 EARNINGS CALL MAY 09, 2024 SAGA COMMUNICATIONS, INC. FQ1 2024 EARNINGS CALL MAY 09, 2024 Christopher S. Forgy CEO, President & Director Forget the 7%, yet customers we deal with every single day, the ones that have "great relationships" with us. Spend over 60% of their money or they're ad budget with digital products and providers. And I'm not t ...

Financial Performance - Net revenue decreased by 2.5% to $24.7 million for Q1 2024 compared to $25.3 million in Q1 2023[1] - Operating loss for the quarter was $2.4 million, a decline from operating income of $905 thousand in the same period last year[1] - Net loss for the quarter was $1.6 million compared to net income of $920 thousand in Q1 2023[1] - Diluted loss per share was $0.25 in Q1 2024, down from earnings of $0.15 per share in Q1 2023[1] Expenses and Capital Expenditures - Station operating expenses increased by 5.9% to $23.0 million for the quarter[1] - Capital expenditures were $1.1 million for the quarter, down from $1.4 million in the same period last year[1] - The company expects to spend approximately $5.0 – $5.5 million on capital expenditures during 2024[3] Dividends and Shareholder Returns - The company paid a quarterly dividend of $0.25 per share, totaling approximately $1.6 million[2] - Total dividends paid to shareholders since 2012 exceeded $130 million, with plans for future regular and special dividends[2] Cash and Investments - As of March 31, 2024, the company had $28.8 million in cash and short-term investments[3]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_________________________ to_______________________________ Commission file number 1-11588 SAGA COMMUNICATIONS, INC. (Exact name of registrant as ...

Saga Communications, Inc. (NASDAQ:SGA) Q4 2023 Earnings Conference Call March 7, 2024 11:00 AM ET Company Participants Christopher Forgy - President and Chief Executive Officer Samuel Bush - Senior Vice President and Chief Financial Officer Conference Call Participants Operator Good morning, everyone, and welcome to the Fourth Quarter and Year-End Earnings Release Conference Call. At this time, all participants have been placed on a listen-only mode. It is now my pleasure to turn the floor over to your host ...

The Company requests that all parties that have a question that they would like to submit to the Company please email the inquiry by 10:00 a.m. on March 7, 2024 to SagaIR@sagacom.com. The Company will discuss, during the limited period of the conference call, those inquiries it deems of general relevance and interest. Only inquiries made in compliance with the foregoing directions will be discussed during the call. Exhibit 99.1 Contact: Samuel D. Bush (313) 886-7070 Grosse Pointe Farms, MI – March 7, 2024 – ...

Part I [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, stockholders' equity, and cash flows, along with detailed notes. [Condensed consolidated balance sheets](index=5&type=section&id=Condensed%20consolidated%20balance%20sheets) Total assets and liabilities decreased, while shareholders' equity increased from December 2022 to September 2023. | Metric | Sep 30, 2023 (in thousands) | Dec 31, 2022 (in thousands) | Change (in thousands) | | :----------------------------- | :-------------------------- | :-------------------------- | :-------------------- | | Total Assets | $234,367 | $240,753 | $(6,386) | | Total Liabilities | $52,432 | $62,224 | $(9,792) | | Total Shareholders' Equity | $181,935 | $178,529 | $3,406 | [Condensed consolidated statements of operations](index=7&type=section&id=Condensed%20consolidated%20statements%20of%20operations) Net income improved for both three and nine months ended September 30, 2023, due to lower corporate expenses and increased interest income. | Metric (in thousands) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | Change | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | Change | | :-------------------- | :-------------------------- | :-------------------------- | :----- | :-------------------------- | :-------------------------- | :----- | | Net operating revenue | $29,149 | $29,980 | $(831) | $83,628 | $84,768 | $(1,140) | | Operating income | $3,492 | $1,055 | $2,437 | $8,693 | $8,146 | $547 | | Net income (loss) | $2,729 | $(104) | $2,833 | $6,999 | $4,923 | $2,076 | | Basic EPS | $0.45 | $(0.01) | $0.46 | $1.15 | $0.82 | $0.33 | | Diluted EPS | $0.45 | $(0.01) | $0.46 | $1.15 | $0.82 | $0.33 | [Condensed consolidated statements of stockholders' equity](index=8&type=section&id=Condensed%20consolidated%20statements%20of%20stockholders'%20equity) Total shareholders' equity increased from December 2022 to September 2023, primarily due to net income, with all Class B shares converted to Class A in 2022. - Total Stockholders' Equity increased by **$3,406 thousand** from **$178,529 thousand** at December 31, 2022, to **$181,935 thousand** at September 30, 2023[14](index=14&type=chunk) - Net income for the three months ended September 30, 2023, was **$2,729 thousand**, contributing to the equity increase[14](index=14&type=chunk) - Dividends declared per common share for the three months ended September 30, 2023, was **$0.25**, totaling **$1,530 thousand**[11](index=11&type=chunk)[14](index=14&type=chunk) [Condensed consolidated statements of cash flows](index=9&type=section&id=Condensed%20consolidated%20statements%20of%20cash%20flows) Operating cash flow slightly decreased, investing cash flow significantly improved, and financing cash flow increased due to higher dividends paid. | Metric (in thousands) | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | Change | | :------------------------------------ | :-------------------------- | :-------------------------- | :----- | | Net cash provided by operating activities | $13,921 | $14,362 | $(441) | | Net cash used in investing activities | $(2,663) | $(14,722) | $12,059 | | Net cash used in financing activities | $(16,816) | $(6,174) | $(10,642) | | Net increase (decrease) in cash | $(5,558) | $(6,534) | $976 | | Cash and cash equivalents, end of period | $31,244 | $48,226 | $(16,982) | [Notes to unaudited condensed consolidated financial statements](index=10&type=section&id=Notes%20to%20unaudited%20condensed%20consolidated%20financial%20statements) These notes detail accounting policies, financial instruments, revenue, intangible assets, capital structure, leases, acquisitions, taxes, stock compensation, debt, litigation, and dividends. - The company owns or operates broadcast properties in **27 markets**, including **79 FM** and **33 AM** radio stations and **80 metro signals**[19](index=19&type=chunk) - The passing of the founder and former CEO, Edward K. Christian, on August 19, 2022, resulted in the conversion of his Class B shares to Class A shares, eliminating all Class B Common Stock[49](index=49&type=chunk) - Shareholders approved the **2023 Incentive Compensation Plan**, replacing the 2005 plan, authorizing up to **600,000 shares** of Class A Common Stock for awards[76](index=76&type=chunk) - The company had no debt outstanding at December 31, 2022, or September 30, 2023, but maintains a Credit Facility with **$50 million** unused borrowing capacity[80](index=80&type=chunk)[88](index=88&type=chunk) - The Board declared a quarterly cash dividend of **$0.25 per share** on Class A Common Stock on September 27, 2023, paid November 3, 2023[90](index=90&type=chunk) - In 2023, the company disposed of WPVQ-AM for **$2,000** (loss of **$43,000**) and canceled WHMQ-AM license (loss of **$22,000**)[66](index=66&type=chunk)[67](index=67&type=chunk) - The effective tax rate for the three months ended September 30, 2023, was **28.9%** (vs. **108.7%** in 2022), and for nine months was **27.9%** (vs. **40.5%** in 2022), with prior year impacted by former CEO's compensation[72](index=72&type=chunk) [1. Summary of Significant Accounting Policies](index=10&type=section&id=1.%20Summary%20of%20Significant%20Accounting%20Policies) This section outlines the company's accounting policies for interim financial statements, EPS calculation, financial instruments, doubtful accounts, income tax, and segment reporting. - Unaudited condensed consolidated financial statements are prepared in accordance with GAAP for interim financial information and are not necessarily indicative of full-year results[17](index=17&type=chunk)[18](index=18&type=chunk) - Earnings per share is calculated using the two-class method, allocating earnings to common shares and participating securities (restricted stock units)[21](index=21&type=chunk) - Held-to-maturity U.S. Treasury Bills are recorded at amortized cost, totaling **$10.5 million** at September 30, 2023[25](index=25&type=chunk) - Allowance for doubtful accounts was **$497,000** at September 30, 2023, and **$519,000** at December 31, 2022[28](index=28&type=chunk) - The company operates as one reportable business segment (Radio) across **27 markets**[30](index=30&type=chunk) [2. Recent Accounting Pronouncements](index=12&type=section&id=2.%20Recent%20Accounting%20Pronouncements) Management has reviewed all recent accounting pronouncements and believes they will not materially affect the company's financial statements. - Management believes recent accounting pronouncements will not have a material effect on the Company's financial statements[32](index=32&type=chunk) [3. Revenue](index=13&type=section&id=3.%20Revenue) The company generates revenue primarily from broadcast and digital advertising, with net revenue slightly decreasing for both the three and nine months ended September 30, 2023. - Primary revenue sources include Broadcast Advertising, Digital Advertising, and Other Revenue (concerts, promotional events, tower rent)[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) | Type of Revenue | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :---------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Broadcast Advertising | $23,946 | $25,500 | $69,798 | $72,523 | | Digital Advertising | $2,757 | $2,142 | $7,140 | $6,124 | | Other Revenue | $2,446 | $2,338 | $6,690 | $

Saga Communications, Inc. (NASDAQ:SGA) Q3 2023 Earnings Conference Call November 2, 2023 11:00 AM ET Company Participants Chris Forgy - CEO Sam Bush - CFO Operator Good day, and welcome to the Saga Communications Inc. Third Quarter Earnings Release and Conference Call. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Chris Forgy, President and CEO. Sir, the floor is yours. Chris Forgy Thank you, Paul, and thanks to all of you who have taken the time to join Saga's Q3 earnin ...

Saga Communications, Inc. (NASDAQ:SGA) Q2 2023 Results Conference Call August 8, 2023 11:00 AM ET Company Participants Chris Forgy - CEO Sam Bush - CFO Operator Good morning, everybody, and welcome to the Saga Communications Inc. Second Quarter Earnings Release and Conference Call. [Operator Instructions] And it is now my pleasure to turn the floor over to your host, Mr. Chris Forgy of Saga Communications. Chris, the floor is yours. Chris Forgy Thank you, Jenny. And thanks to all of you on the call for your ...