10-Q Filing

SAGA COMMUNICATIONS INC CIK: 886136 Q3 2022

Filing Information

Form Type	10-Q
Accession Number	`0001558370-22-017212`
Period End Date	20220930
Filing Date	20221109
Fiscal Year	2022
Fiscal Period	Q3
XBRL Instance	sga-20220930x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 68 Cash Flow Statement 29 Stockholders Equity 39

Balance Sheet 63 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$48.23M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$54.76M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$10.06M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$16.27M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$16.50M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.17M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.45M	USD	Point-in-time
Barter transactions	`AccountsReceivableBilledForLongTermContractsOrPrograms`	$1.22M	USD	Point-in-time
Barter transactions	`AccountsReceivableBilledForLongTermContractsOrPrograms`	$971.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$79.19M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$74.45M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$144.72M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$147.80M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$91.38M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$93.59M	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$53.34M	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$54.20M	USD	Point-in-time
Broadcast licenses, net	`IndefiniteLivedLicenseAgreements`	$90.31M	USD	Point-in-time
Broadcast licenses, net	`IndefiniteLivedLicenseAgreements`	$90.28M	USD	Point-in-time
Goodwill	`Goodwill`	$19.24M	USD	Point-in-time
Goodwill	`Goodwill`	$19.21M	USD	Point-in-time
Other intangibles, right of use assets, deferred costs and investments, net	`OtherAssetsNoncurrent`	$10.65M	USD	Point-in-time
Other intangibles, right of use assets, deferred costs and investments, net	`OtherAssetsNoncurrent`	$8.49M	USD	Point-in-time
Total assets	`Assets`	$247.93M	USD	Point-in-time
Total assets	`Assets`	$251.43M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.35M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.50M	USD	Point-in-time
Accrued payroll and payroll taxes	`EmployeeRelatedLiabilitiesCurrent`	$9.06M	USD	Point-in-time
Accrued payroll and payroll taxes	`EmployeeRelatedLiabilitiesCurrent`	$6.20M	USD	Point-in-time
Dividend payable	`DividendsPayableCurrent`	$13.62M	USD	Point-in-time
Dividend payable	`DividendsPayableCurrent`	$3.99M	USD	Point-in-time
Other accrued expenses	`AccruedLiabilitiesCurrent`	$5.76M	USD	Point-in-time
Other accrued expenses	`AccruedLiabilitiesCurrent`	$5.74M	USD	Point-in-time
Barter transactions	`ContractWithCustomerLiabilityCurrent`	$901.00K	USD	Point-in-time
Barter transactions	`ContractWithCustomerLiabilityCurrent`	$1.13M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$32.05M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$19.20M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$25.76M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$24.80M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$7.01M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$5.60M	USD	Point-in-time
Total liabilities	`Liabilities`	$51.01M	USD	Point-in-time
Total liabilities	`Liabilities`	$63.41M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock	`CommonStockValue`	$77.00K	USD	Point-in-time
Common stock	`CommonStockValue`	$77.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$70.03M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$71.53M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$164.25M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$153.37M	USD	Point-in-time
Treasury stock	`TreasuryStockCommonValue`	$37.44M	USD	Point-in-time
Treasury stock	`TreasuryStockCommonValue`	$36.97M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$197.74M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$194.52M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$188.01M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$200.69M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$191.86M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$190.54M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$197.36M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$196.92M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$251.43M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$247.93M	USD	Point-in-time

Income Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net operating revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$84.77M	USD	3 Qtrs
Net operating revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$29.98M	USD	1 Quarter
Net operating revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$28.84M	USD	1 Quarter
Net operating revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$79.19M	USD	3 Qtrs
Station operating expenses	`OperatingCostsAndExpenses`	$64.65M	USD	3 Qtrs
Station operating expenses	`OperatingCostsAndExpenses`	$22.30M	USD	1 Quarter
Station operating expenses	`OperatingCostsAndExpenses`	$61.63M	USD	3 Qtrs
Station operating expenses	`OperatingCostsAndExpenses`	$21.69M	USD	1 Quarter
Corporate general and administrative	`GeneralAndAdministrativeExpense`	$7.47M	USD	3 Qtrs
Corporate general and administrative	`GeneralAndAdministrativeExpense`	$11.97M	USD	3 Qtrs
Corporate general and administrative	`GeneralAndAdministrativeExpense`	$6.67M	USD	1 Quarter
Corporate general and administrative	`GeneralAndAdministrativeExpense`	$2.54M	USD	1 Quarter
Other operating (income) expense, net	`OtherOperatingIncomeExpenseNet`	$25.00K	USD	3 Qtrs
Other operating (income) expense, net	`OtherOperatingIncomeExpenseNet`	$37.00K	USD	1 Quarter
Other operating (income) expense, net	`OtherOperatingIncomeExpenseNet`	$-3.00K	USD	3 Qtrs
Other operating (income) expense, net	`OtherOperatingIncomeExpenseNet`	$2.00K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$4.62M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$1.05M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$10.12M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$8.15M	USD	3 Qtrs
Interest expense	`InterestExpense`	$218.00K	USD	3 Qtrs
Interest expense	`InterestExpense`	$73.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$96.00K	USD	3 Qtrs
Interest expense	`InterestExpense`	$32.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$4.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$134.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$187.00K	USD	3 Qtrs
Interest income	`InvestmentIncomeInterest`	$14.00K	USD	3 Qtrs
Other income	`OtherNonoperatingIncomeExpense`	$582.00K	USD	3 Qtrs
Other income	`OtherNonoperatingIncomeExpense`	$36.00K	USD	3 Qtrs
Other income	`OtherNonoperatingIncomeExpense`	$279.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$34.00K	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.83M	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$10.49M	USD	3 Qtrs
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$8.27M	USD	3 Qtrs
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.19M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.29M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$3.35M	USD	3 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$3.03M	USD	3 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$1.38M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$758.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-104.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$4.92M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$1.20M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.45M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.25M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$7.46M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$3.82M	USD	1 Quarter
Basic earnings (loss) per share	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Basic earnings (loss) per share	`EarningsPerShareBasic`	$1.25	USD	3 Qtrs
Basic earnings (loss) per share	`EarningsPerShareBasic`	$0.58	USD	1 Quarter
Basic earnings (loss) per share	`EarningsPerShareBasic`	$0.82	USD	3 Qtrs
Diluted earnings (loss) per share	`EarningsPerShareDiluted`	$0.82	USD	3 Qtrs
Diluted earnings (loss) per share	`EarningsPerShareDiluted`	$0.58	USD	1 Quarter
Diluted earnings (loss) per share	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Diluted earnings (loss) per share	`EarningsPerShareDiluted`	$1.25	USD	3 Qtrs
Weighted average common shares	`WeightedAverageNumberOfSharesOutstandingBasic`	5.98M	shares	3 Qtrs
Weighted average common shares	`WeightedAverageNumberOfSharesOutstandingBasic`	5.92M	shares	3 Qtrs
Weighted average common shares	`WeightedAverageNumberOfSharesOutstandingBasic`	5.96M	shares	1 Quarter
Weighted average common shares	`WeightedAverageNumberOfSharesOutstandingBasic`	5.92M	shares	1 Quarter
Weighted average common and common equivalent shares	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.96M	shares	1 Quarter
Weighted average common and common equivalent shares	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.98M	shares	3 Qtrs
Weighted average common and common equivalent shares	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.92M	shares	3 Qtrs
Weighted average common and common equivalent shares	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.92M	shares	1 Quarter
Dividends declared per share	`CommonStockDividendsPerShareDeclared`	$2.25	USD	1 Quarter
Dividends declared per share	`CommonStockDividendsPerShareDeclared`	$2.61	USD	3 Qtrs
Dividends declared per share	`CommonStockDividendsPerShareDeclared`	$0.16	USD	1 Quarter
Dividends declared per share	`CommonStockDividendsPerShareDeclared`	$0.32	USD	3 Qtrs

Cash Flow Statement 29 line items

Line Item	Tag	Value	Unit	Period
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$14.36M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$13.90M	USD	3 Qtrs
Purchase of Short-term investments	`PaymentsToAcquireShortTermInvestments`	$14.00M	USD	3 Qtrs
Redemption of Short-term investments	`ProceedsFromSaleOfShortTermInvestments`	$4.00M	USD	3 Qtrs
Acquisition of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.69M	USD	3 Qtrs
Acquisition of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.73M	USD	3 Qtrs
Acquisition of broadcast properties	`PaymentsToAcquireBroadcastProperties`	$150.00K	USD	3 Qtrs
Acquisition of broadcast properties	`PaymentsToAcquireBroadcastProperties`	$57.00K	USD	3 Qtrs
Proceeds from sale and disposal of assets	`ProceedsFromSaleOfProductiveAssets`	$138.00K	USD	3 Qtrs
Proceeds from sale and disposal of assets	`ProceedsFromSaleOfProductiveAssets`	$66.00K	USD	3 Qtrs
Proceeds from insurance claims	`ProceedsFromInsuranceSettlementInvestingActivities`	$567.00K	USD	3 Qtrs
Other investing activities	`PaymentsForProceedsFromOtherInvestingActivities`	$-11.00K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-14.72M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.12M	USD	3 Qtrs
Cash dividends paid	`PaymentsOfDividendsCommonStock`	$6.17M	USD	3 Qtrs
Cash dividends paid	`PaymentsOfDividendsCommonStock`	$956.00K	USD	3 Qtrs
Purchase of treasury shares	`PaymentsForPurchaseOfTreasuryStock`	$7.00K	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-6.17M	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-956.00K	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-6.53M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$10.83M	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$48.23M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$54.76M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$62.18M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$51.35M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$48.23M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$54.76M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$62.18M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$51.35M	USD	Point-in-time

Stockholders Equity 39 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$197.74M	USD	Point-in-time
Balance	`StockholdersEquity`	$194.52M	USD	Point-in-time
Balance	`StockholdersEquity`	$188.01M	USD	Point-in-time
Balance	`StockholdersEquity`	$200.69M	USD	Point-in-time
Balance	`StockholdersEquity`	$191.86M	USD	Point-in-time
Balance	`StockholdersEquity`	$190.54M	USD	Point-in-time
Balance	`StockholdersEquity`	$197.36M	USD	Point-in-time
Balance	`StockholdersEquity`	$196.92M	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$758.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-104.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$4.92M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$1.20M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.45M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.25M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$7.46M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$3.82M	USD	1 Quarter
Conversion of shares from Class B to Class A	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	1 Quarter
Dividends declared per common share	`DividendsCommonStockCash`	$956.00K	USD	1 Quarter
Dividends declared per common share	`DividendsCommonStockCash`	$956.00K	USD	1 Quarter
Dividends declared per common share	`DividendsCommonStockCash`	$968.00K	USD	1 Quarter
Dividends declared per common share	`DividendsCommonStockCash`	$13.62M	USD	1 Quarter
Dividends declared per common share	`DividendsCommonStockCash`	$1.21M	USD	1 Quarter
Compensation expense related to restricted stock awards	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$338.00K	USD	1 Quarter
Compensation expense related to restricted stock awards	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$1.05M	USD	1 Quarter
Compensation expense related to restricted stock awards	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$357.00K	USD	1 Quarter
Compensation expense related to restricted stock awards	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$343.00K	USD	1 Quarter
Compensation expense related to restricted stock awards	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$348.00K	USD	1 Quarter
Compensation expense related to restricted stock awards	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$339.00K	USD	1 Quarter
Purchase of shares held in treasury	`TreasuryStockValueAcquiredCostMethod`	$7.00K	USD	1 Quarter
401(k) plan contribution	`StockIssuedDuringPeriodValueEmployeeBenefitPlan`	$221.00K	USD	1 Quarter
401(k) plan contribution	`StockIssuedDuringPeriodValueEmployeeBenefitPlan`	$248.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$197.74M	USD	Point-in-time
Balance	`StockholdersEquity`	$194.52M	USD	Point-in-time
Balance	`StockholdersEquity`	$188.01M	USD	Point-in-time
Balance	`StockholdersEquity`	$200.69M	USD	Point-in-time
Balance	`StockholdersEquity`	$191.86M	USD	Point-in-time
Balance	`StockholdersEquity`	$190.54M	USD	Point-in-time
Balance	`StockholdersEquity`	$197.36M	USD	Point-in-time
Balance	`StockholdersEquity`	$196.92M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.