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| Statement |
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| It's just a very exciting market |
| First, let me say that Chris and I are quite proud that our Board of Directors were able to declare our first ever variable dividend along with our fourth quarter and year-end 2023 press release this morning |
| What are you seeing that others are not? Christopher Forgy Well, again, as we've stated in previous earnings calls, because we're very proud of the team that we have – that is executing our national initiatives |
| And we're thus far, very excited and very pleased with the progress |
| We were a little slower, as you pointed out before and adapting – adapting to the digital marketplace, but we're running at a very fast pace right now, and I think you'll see some very good improvement in 2024 |
| I'm especially pleased with this opportunity to purchase some great radio stations that have tremendous opportunities in front of them as I received my master's degree from the Krannert School at Purdue |
| So we do have a positive outlook for political this year |
| All said, we believe Saga is in a strong financial position to continue to return value to our shareholders through our quarterly, special and variable dividends |
| This vertical helped us generate $1.4 million in the year ending 12/31/2023, by the way, a 100% increase and still growing |
| We're really optimistic about 2024 and beyond is simply this |
| We believe that there is still significant growth to be achieved in all these areas as well as in our continued digital efforts |
| Long and short of it is, I think, as Chris pointed out, we believe Lafayette is a great opportunity, you don't know much about the area |
| We anticipate big gains from this area |
| I think that's good |
| And again, I'm pleased to announce that in 2023, we have produced 25,500 spec spots for our customers in our marketplaces |
| And as a market, frankly, that we have covered for a number of years, we are acquiring an entity with great brands and a talented group of passionate broadcasters who are frankly delighted to get started |
| We will run like our hair is on fire, and set sale with a very optimistic belief for growth in 2024 |
| Total interactive for the quarter was up 35.4% and for the year ending 12/31/2023, was up 24.6% |
| Purdue University is growing extremely, strongly when you go down there and see the cranes and the new buildings |
| And once Sagafied, Lafayette has the potential for growth in several verticals, including local, digital and e-commerce |
| January started out strong |
| As Chris referenced earlier, for the year, we continued to diversify our revenue as we saw gross revenue growth in national, which was up $385,000, Interactive, which was up $1.9 million and nontraditional revenue, which was up $679,000 |
| Streaming business, which monetizes the simulcast streams of our over-the-air broadcast through multiple distribution channels, both locally and programmatically, was up 46% for the year ending 12/31/2023 |
| We continue to plan on utilizing our financial strength to strategically invest in our operations, both at a market and corporate level as we work to grow specific revenue types, including local, national, interactive, e-commerce and NTR |
| The current staff's commitment to serving their local community is a great foundation to build off of as we bring them into the Saga family |
| Samuel Bush Very good |
| Samuel Bush Very good |
| We do appreciate your continued interest and participation in Saga Communications, a company that we believe is the best broadcast company on the planet |
| As of today, I'm pleased to announce that we have already generated over $1 million in pre-booked revenue for 2024, and the year-end time line has been accelerated to have not 16, but 18 markets online by the end of – not the end of the year, but by the end of quarter two |
| Well, good |
| Statement |
|---|
| Total net rev Q4 was down 3.2%, and for the year ending 12/31/2023 was down 1.85% |
| Pacing for the first quarter is soft |
| For the 12-month period ended December 31, 2023, net revenue decreased 1.8% to $112.8 million compared to $114.9 million last year |
| It still continues to be an unsettled advertising market given the uncertain economy, the Fed's interest rate policy, the ongoing inflationary environment, in addition to other worldwide issues |
| As Chris said, for the quarter ended December 31, 2023, net revenue decreased 3.3% to $29.1 million compared to $30.1 million last year |
| Local Q4 was down 1.7% and for the year ending 12/31/2023 was down 2.7% |
| Inflation, interest rates, political upheaval and general economic headwinds |
| For the quarter, we are currently pacing down low to mid-single digits |
| February and March have been much softer |
| Again, as Chris said, political impacted the performance as we had $407,000 in gross political revenue this year compared to $1.9 million for the same period last year |
| We asked the question, where will we be today without the deployment of these growth strategies, probably right where many of our operators in the sector are currently in double-digit decline |
| In terms of your revenue diversification strategy, what is the outlook for national advertising? What is classified as national advertising? This has been a growth area for the company, but it's been tough for your peer group |
| We so far have not seen as much as we had thought we would see |
| As we begin a somewhat uncertain 2024, serving our communities, our customers, our employees and our shareholders, we do so with a sense of certainty of purpose, with an unrelenting faith and trust in our processes and without cynicism or despair |
| We missed out on the opportunity to acquire them a number of years ago when they were sold to the Neuhoff family |
| The activity level on our Saga markets is at an all-time high, yet we really never – our appetite is really never – for success is really never satisfied |
| It really wasn't |
| Are we experiencing the same countervailing forces you frequently hear about on other earnings calls? Absolutely, you bet we are |
| National in Q4 was down 4.2%, but for the year ending 12/31/2023 was up 3.7% |
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