10-Q Filing

SAGA COMMUNICATIONS INC CIK: 886136 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001558370-23-009124`
Period End Date	20230331
Filing Date	20230510
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	sga-20230331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 32 Cash Flow Statement 26 Stockholders Equity 16

Balance Sheet 60 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$27.25M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$36.80M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$10.21M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$10.12M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$14.28M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$17.44M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.88M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.48M	USD	Point-in-time
Barter transactions	`AccountsReceivableBilledForLongTermContractsOrPrograms`	$1.17M	USD	Point-in-time
Barter transactions	`AccountsReceivableBilledForLongTermContractsOrPrograms`	$1.01M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$55.79M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$67.86M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$147.15M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$146.05M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$92.86M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$93.84M	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$53.31M	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$53.20M	USD	Point-in-time
Broadcast licenses, net	`IndefiniteLivedLicenseAgreements`	$90.31M	USD	Point-in-time
Broadcast licenses, net	`IndefiniteLivedLicenseAgreements`	$90.24M	USD	Point-in-time
Goodwill	`Goodwill`	$19.24M	USD	Point-in-time
Goodwill	`Goodwill`	$19.24M	USD	Point-in-time
Other intangibles, right of use assets, deferred costs and investments, net	`OtherAssetsNoncurrent`	$9.96M	USD	Point-in-time
Other intangibles, right of use assets, deferred costs and investments, net	`OtherAssetsNoncurrent`	$10.15M	USD	Point-in-time
Total assets	`Assets`	$240.75M	USD	Point-in-time
Total assets	`Assets`	$228.54M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.65M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.89M	USD	Point-in-time
Accrued payroll and payroll taxes	`EmployeeRelatedLiabilitiesCurrent`	$5.01M	USD	Point-in-time
Accrued payroll and payroll taxes	`EmployeeRelatedLiabilitiesCurrent`	$5.62M	USD	Point-in-time
Dividend payable	`DividendsPayableCurrent`	$1.53M	USD	Point-in-time
Dividend payable	`DividendsPayableCurrent`	$13.75M	USD	Point-in-time
Other accrued expenses	`AccruedLiabilitiesCurrent`	$6.36M	USD	Point-in-time
Other accrued expenses	`AccruedLiabilitiesCurrent`	$6.93M	USD	Point-in-time
Barter transactions	`ContractWithCustomerLiabilityCurrent`	$987.00K	USD	Point-in-time
Barter transactions	`ContractWithCustomerLiabilityCurrent`	$1.09M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$29.38M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$17.46M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$25.74M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$25.81M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$6.86M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$7.11M	USD	Point-in-time
Total liabilities	`Liabilities`	$62.22M	USD	Point-in-time
Total liabilities	`Liabilities`	$50.12M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common Stock	`CommonStockValue`	$78.00K	USD	Point-in-time
Common Stock	`CommonStockValue`	$78.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$71.72M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$71.66M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$143.90M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$143.28M	USD	Point-in-time
Treasury stock	`TreasuryStockCommonValue`	$36.67M	USD	Point-in-time
Treasury stock	`TreasuryStockCommonValue`	$37.11M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$178.42M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$178.53M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$197.74M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$196.92M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$240.75M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$228.54M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net operating revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$24.97M	USD	1 Quarter
Net operating revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$25.30M	USD	1 Quarter
Station operating expenses	`OperatingCostsAndExpenses`	$20.57M	USD	1 Quarter
Station operating expenses	`OperatingCostsAndExpenses`	$21.70M	USD	1 Quarter
Corporate general and administrative	`GeneralAndAdministrativeExpense`	$2.62M	USD	1 Quarter
Corporate general and administrative	`GeneralAndAdministrativeExpense`	$2.69M	USD	1 Quarter
Other operating (income) expense, net	`OtherOperatingIncomeExpenseNet`	$-80.00K	USD	1 Quarter
Other operating (income) expense, net	`OtherOperatingIncomeExpenseNet`	$5.00K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$905.00K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$1.71M	USD	1 Quarter
Interest expense	`InterestExpense`	$32.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$43.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$4.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$289.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$119.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$2.00K	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.27M	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.68M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$480.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$350.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$920.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.20M	USD	1 Quarter
Basic (Dollars per share)	`EarningsPerShareBasic`	$0.20	USD	1 Quarter
Basic (Dollars per share)	`EarningsPerShareBasic`	$0.15	USD	1 Quarter
Diluted (Dollars per share)	`EarningsPerShareDiluted`	$0.20	USD	1 Quarter
Diluted (Dollars per share)	`EarningsPerShareDiluted`	$0.15	USD	1 Quarter
Weighted average common shares	`WeightedAverageNumberOfSharesOutstandingBasic`	6.03M	shares	1 Quarter
Weighted average common shares	`WeightedAverageNumberOfSharesOutstandingBasic`	5.95M	shares	1 Quarter
Weighted average common and common equivalent shares	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.95M	shares	1 Quarter
Weighted average common and common equivalent shares	`WeightedAverageNumberOfDilutedSharesOutstanding`	6.03M	shares	1 Quarter
Dividends declared per share	`CommonStockDividendsPerShareDeclared`	$0.16	USD	1 Quarter
Dividends declared per share	`CommonStockDividendsPerShareDeclared`	$0.25	USD	1 Quarter

Cash Flow Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.30M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.83M	USD	1 Quarter
Purchase of short-term investments	`PaymentsToAcquireShortTermInvestments`	$2.07M	USD	1 Quarter
Redemption of short-term investments	`ProceedsFromSaleOfShortTermInvestments`	$2.07M	USD	1 Quarter
Acquisition of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$923.00K	USD	1 Quarter
Acquisition of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.36M	USD	1 Quarter
Proceeds from sale and disposal of assets	`ProceedsFromSaleOfProductiveAssets`	$7.00K	USD	1 Quarter
Proceeds from sale and disposal of assets	`ProceedsFromSaleOfProductiveAssets`	$616.00K	USD	1 Quarter
Other investing activities	`PaymentsForProceedsFromOtherInvestingActivities`	$-117.00K	USD	1 Quarter
Other investing activities	`PaymentsForProceedsFromOtherInvestingActivities`	$5.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-921.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-629.00K	USD	1 Quarter
Cash dividends paid	`PaymentsOfDividendsCommonStock`	$13.75M	USD	1 Quarter
Cash dividends paid	`PaymentsOfDividendsCommonStock`	$3.99M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-13.75M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.99M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-9.55M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$387.00K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$27.25M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$36.80M	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`	$55.15M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$27.25M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$36.80M	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`	$55.15M	USD	Point-in-time

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$178.42M	USD	Point-in-time
Balance	`StockholdersEquity`	$178.53M	USD	Point-in-time
Balance	`StockholdersEquity`	$197.74M	USD	Point-in-time
Balance	`StockholdersEquity`	$196.92M	USD	Point-in-time
Net income	`NetIncomeLoss`	$920.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.20M	USD	1 Quarter
Dividends declared per common share	`DividendsCommonStockCash`	$968.00K	USD	1 Quarter
Dividends declared per common share	`DividendsCommonStockCash`	$1.53M	USD	1 Quarter
Compensation expense related to restricted stock awards	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$339.00K	USD	1 Quarter
Compensation expense related to restricted stock awards	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$245.00K	USD	1 Quarter
401(k) plan contribution	`StockIssuedDuringPeriodValueEmployeeBenefitPlan`	$248.00K	USD	1 Quarter
401(k) plan contribution	`StockIssuedDuringPeriodValueEmployeeBenefitPlan`	$256.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$178.42M	USD	Point-in-time
Balance	`StockholdersEquity`	$178.53M	USD	Point-in-time
Balance	`StockholdersEquity`	$197.74M	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.