Saga Communications (SGA) Q1 2025 earnings summary

Executive summary

• Q1 2025 net revenue decreased 4.3% year-over-year to $24.2 million, with net loss steady at $1.6 million and diluted EPS at $(0.25).

• Operating loss was $2.3 million, nearly flat year-over-year; station operating expenses decreased 2.2% to $22.0 million.

• Digital and interactive revenues grew significantly, offsetting some declines in traditional ad sales.

• Board refreshment included a new director and retirement of a long-serving member; further changes planned through 2025.

• Evaluating a non-binding letter of intent to sell tower sites, with proceeds earmarked for stock buybacks.

Financial highlights

• Station operating income (non-GAAP) was $2.2 million; capital expenditures were $700,000, down from $1.1 million last year.

• Cash and short-term investments totaled $27 million as of March 31, 2025; $17.9 million in cash and equivalents reported in some filings.

• Net cash provided by operating activities was $1.4 million, down from $3.8 million in Q1 2024.

• Trailing twelve-month consolidated EBITDA was $10.2 million; leverage ratio stood at 0.49.

• Five largest markets contributed 34% of consolidated net operating revenue.

Outlook and guidance

• Q2 revenue pacing is improving: April down high single digits, May down low single digits, June flat year-over-year.

• Interactive revenue pacing up 18.4% for Q2.

• 2025 capital expenditures expected between $4 million and $4.5 million.

• Station operating expense expected to be flat or decrease by 1% for 2025; corporate G&A expense projected at $12 million.

• Political advertising revenue expected to decrease in 2025 due to fewer elections.