Saga Communications, Inc. (NASDAQ:SGA) Q4 2021 Earnings Conference Call March 10, 2022 1:00 PM ET Company Participants Edward Christian - President, CEO & Chairman Samuel Bush - SVP, Treasurer & CFO Christopher Forgy - SVP, Operations Conference Call Participants Operator Good day, ladies and gentlemen, and welcome to the Saga Communications Fourth Quarter and Year-end Earnings Conference Call. [Operator Instructions]. It is now my pleasure to turn the floor over to your host, Ed Christian. Sir, the floor i ...

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 September 30, 2021 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) (State or other juris ...

Saga Communications, Inc. (NASDAQ:SGA) Q3 2021 Earnings Conference Call November 4, 2021 1:00 PM ET Company Participants Ed Christian – President and Chief Executive Officer Sam Bush – Senior Vice President and Chief Financial Officer Conference Call Participants Operator Good day, ladies and gentlemen, and welcome to the Saga Communications, Inc. Q3 Earnings 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, Ed ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 or 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 June 30, 2021 (State or other jurisdiction of incorporation or organization) 73 Kercheval Avenue Grosse Pointe Farms, Michigan (Address of principal executive offices) Florida 38-3042953 (I.R.S. Employer Identification No.) 48236 (Zip Code) (313) 886-7070 (Registrant's telepho ...

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, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: | | | Name of each exchange on which | | --- | --- | --- | ...

Saga Communications, Inc (NASDAQ:SGA) Q1 2021 Earnings Conference Call May 6, 2021 11:00 AM ET Company Participants Sam Bush – Chief Financial Officer Conference Call Participants Operator Good morning, ladies and gentlemen, and welcome to the Saga Communications First Quarter Earnings Release and Conference Call. [Operator Instructions] It is now my pleasure to turn the floor over to your host for today, Sam Bush, Chief Financial Officer. Sir, the floor is yours. Sam Bush First, let me start by reading our ...

Part I [Business](index=4&type=section&id=Item%201.%20Business) Saga Communications acquires, develops, and operates broadcast properties, focusing on achieving top ratings and advertising revenues in mid-sized markets - As of February 28, 2021, the company owned **79 FM stations**, **35 AM radio stations**, and **79 metro signals**, serving **27 markets**[14](index=14&type=chunk) - The company's strategy focuses on operating **top-billing radio stations** in mid-sized markets, specifically those ranked **20 to 200** by the Investing in Radio Market Report[22](index=22&type=chunk) Revenue Source Breakdown (Fiscal Year 2020) | Revenue Source | Gross Revenue | Percentage of Total | | :--- | :--- | :--- | | Local Advertising | $86,562,000 | 84% | | National Advertising | $16,361,000 | 16% | - The business is subject to extensive regulation by the **Federal Communications Commission (FCC)**, governing license renewals, ownership limits, and programming content[39](index=39&type=chunk) - As of December 31, 2020, the company employed approximately **607 full-time** and **221 part-time employees**, with no union representation[36](index=36&type=chunk) [Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20Factors) The company faces prominent risks related to the economy, financing, industry competition, regulatory oversight, technology, and stock ownership - The ongoing **COVID-19 pandemic** has caused significant disruptions, leading advertisers to reduce spending, adversely affecting revenue and financial forecasts[93](index=93&type=chunk)[94](index=94&type=chunk) - The company's **top five markets** represented **39% of net operating revenue in 2020**, creating exposure to adverse economic conditions in those specific areas[97](index=97&type=chunk) - As of December 31, 2020, the company had long-term debt of approximately **$10.0 million**, with credit facility covenants restricting operational flexibility and requiring cash flow for debt service[99](index=99&type=chunk)[102](index=102&type=chunk) - **FCC broadcasting licenses** represented **37% of total assets** as of December 31, 2020, with potential future impairment losses affecting operating results[109](index=109&type=chunk) - As of March 4, 2021, the President, CEO, and Chairman, Edward K. Christian, holds approximately **65% of the combined voting power**, enabling control over most stockholder votes and company policies[117](index=117&type=chunk) [Unresolved Staff Comments](index=36&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that there are no unresolved staff comments - None[119](index=119&type=chunk) [Properties](index=36&type=section&id=Item%202.%20Properties) The company's properties include offices, studios, and transmitter/antenna sites, with most facilities owned and the remainder leased - As of December 31, 2020, the company owns the facilities for **25 of its 28 operating locations**, with the remaining studios, offices, and transmitter sites leased under varying terms[121](index=121&type=chunk) [Legal Proceedings](index=36&type=section&id=Item%203.%20Legal%20Proceedings) The company is subject to various claims arising in the ordinary course of business, with no anticipated material impact on financial statements - Management does not expect any outstanding legal claims to have a **material impact** on the company's financial statements[124](index=124&type=chunk) [Mine Safety Disclosures](index=37&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company's operations - Not applicable[125](index=125&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=37&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) This section details the company's Class A Common Stock, dividend history, equity compensation plans, and stock repurchase activities - The company's Class A Common Stock trades on the **NASDAQ Global Market** under the symbol **SGA**, with approximately **164 holders of record** as of March 4, 2021[127](index=127&type=chunk)[128](index=128&type=chunk) Dividends Declared Per Share (Classes A & B) | Year | Dividend per Share | | :--- | :--- | | 2020 | $0.32 (suspended after Q1) | | 2019 | $1.20 | | 2018 | $1.45 (includes special dividend) | - The company has a stock buy-back program with approximately **$18.8 million remaining** for purchases as of December 31, 2020, though repurchases were suspended due to the COVID-19 pandemic[138](index=138&type=chunk)[192](index=192&type=chunk) [Selected Financial Data](index=41&type=section&id=Item%206.%20Selected%20Financial%20Data) This section presents a five-year summary of key financial and operating data, reflecting a significant decrease in 2020 net operating revenue and a net loss Selected Financial Data (2018-2020) | Metric (in thousands, except per share) | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Net Operating Revenue | $95,813 | $123,072 | $124,829 | | Operating Income (Loss) | $(1,249) | $18,808 | $19,682 | | Net Income (Loss) | $(1,913) | $13,279 | $13,690 | | Diluted Earnings (Loss) Per Share | $(0.32) | $2.23 | $2.30 | | Total Assets | $246,488 | $252,394 | $248,477 | | Long-term Debt | $10,000 | $10,000 | $20,000 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=43&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the significant negative impact of the COVID-19 pandemic on 2020 revenues, cost-reduction measures, liquidity, and a $5.1 million impairment charge on broadcast licenses - The **COVID-19 pandemic** significantly impacted 2020 results, causing a decline in advertising spending, leading the company to delay capital expenditures, suspend share repurchases and dividends, and implement cost controls[151](index=151&type=chunk)[153](index=153&type=chunk)[155](index=155&type=chunk) Year-over-Year Financial Comparison (2020 vs. 2019) | Metric (in thousands) | 2020 | 2019 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Net operating revenue | $95,813 | $123,072 | $(27,259) | (22.1)% | | Station operating expense | $81,586 | $92,692 | $(11,106) | (12.0)% | | Operating income (loss) | $(1,249) | $18,808 | $(20,057) | (106.6)% | | Net income (loss) | $(1,913) | $13,279 | $(15,192) | (114.4)% | - In 2020, the company recognized a **$5.1 million non-cash impairment charge** for broadcast licenses due to decreased revenue projections and an increased discount rate, primarily driven by the impact of the COVID-19 pandemic[211](index=211&type=chunk) - As of December 31, 2020, the company had **$10.0 million in long-term debt** and approximately **$60 million of unused borrowing capacity** under its Revolving Credit Facility, maturing in June 2023[185](index=185&type=chunk)[190](index=190&type=chunk) - Anticipated capital expenditures for 2021 are approximately **$4.5 million to $5.5 million**, expected to be financed through funds from operations[193](index=193&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=57&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's earnings are affected by changes in short-term interest rates due to its long-term debt arrangements - A hypothetical **1% increase in average interest rates** in 2020 would have decreased pre-tax income by **$100,000**[217](index=217&type=chunk) [Financial Statements and Supplementary Data](index=57&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section indicates that the company's financial statements are filed as part of the annual report - The financial statements are attached and filed as part of this annual report[221](index=221&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=57&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[222](index=222&type=chunk) [Controls and Procedures](index=57&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2020, with an unqualified auditor opinion - Management concluded that the company's disclosure controls and procedures and internal control over financial reporting were **effective** as of December 31, 2020[223](index=223&type=chunk)[227](index=227&type=chunk) - The independent auditor, UHY LLP, provided an **unqualified opinion** on the effectiveness of the company's internal control over financial reporting as of December 31, 2020[230](index=230&type=chunk) [Other Information](index=61&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[236](index=236&type=chunk) Part III [Directors, Executive Officers, Corporate Governance, Executive Compensation, Security Ownership, and Principal Accountant Fees](index=61&type=section&id=Items%2010-14) Information for Items 10 through 14 is incorporated by reference from the company's Proxy Statement for the 2021 Annual Meeting of Stockholders - Information for **Items 10, 11, 12, 13, and 14** is incorporated by reference from the company's **2021 Proxy Statement**[238](index=238&type=chunk)[239](index=239&type=chunk)[240](index=240&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=62&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements, financial statement schedules, and exhibits filed as part of the Form 10-K report - This section lists the consolidated financial statements and exhibits filed with the report, with Schedule II, Valuation and Qualifying Accounts, disclosed in Note 1 to the financial statements[245](index=245&type=chunk)[246](index=246&type=chunk) [Financial Statements and Notes](index=63&type=section&id=Financial%20Statements%20and%20Notes) This section contains the company's audited consolidated financial statements and notes, along with an unqualified auditor's report from UHY LLP - The independent auditor, UHY LLP, issued an **unqualified opinion** on the consolidated financial statements, stating they are presented fairly in conformity with U.S. GAAP[250](index=250&type=chunk) - The auditor identified the **broadcast license impairment analysis** as a critical audit matter due to significant judgments and estimates made by management in determining fair value[256](index=256&type=chunk) - Note 3 details the **$5.1 million non-cash impairment charge** on broadcast licenses taken in 2020, resulting from the economic impact of the COVID-19 pandemic on revenue projections and discount rates[319](index=319&type=chunk)[320](index=320&type=chunk) - Note 4 describes the company's **$10.0 million long-term debt** under a revolving credit facility that matures on June 27, 2023, with the company in compliance with all financial covenants as of December 31, 2020[332](index=332&type=chunk)[336](index=336&type=chunk) - Note 12 discloses that as of December 31, 2020, the company had operating lease liabilities of **$6.9 million** with a weighted average remaining lease term of **6.5 years**[381](index=381&type=chunk)[385](index=385&type=chunk)

Saga Communications, Inc. (NASDAQ:SGA) Q4 2020 Earnings Conference Call March 12, 2021 11:00 AM ET Company Participants Ed Christian – Chief Executive Officer Sam Bush – Chief Financial Officer Conference Call Participants Operator Good morning, ladies and gentlemen, and welcome to the Saga Communications Fourth Quarter and Year-End Earnings Release. At this time, all participants are placed on listen-only mode. It is now my pleasure to turn the floor over to your host, Ed Christian. Sir, the floor is yours ...

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 September 30, 2020 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) (State or other juris ...

Saga Communications, Inc. (NASDAQ:SGA) Q3 2020 Earnings Conference Call November 4, 2020 11:00 AM ET Company Participants Ed Christian - President & Chief Executive Officer Sam Bush - Chief Financial Officer Conference Call Participants Operator Good morning, ladies and gentlemen, and welcome to the Saga Communications Q3 Earnings Conference Call. At this time, all participants are placed on listen-only mode. It is now my pleasure to turn the floor over to your host, Ed Christian, President and CEO of Saga ...