Financial Performance - Net revenue for the three months ended March 31, 2025, decreased by $5.5 million, or 10.1%, compared to the same period in 2024, totaling $48.9 million[53]. - Audio revenue decreased by $5.3 million, or 12.1%, primarily due to a decrease in agency revenue, while digital revenue remained relatively stable[55]. - The net loss for the three months ended March 31, 2025, was $2.7 million, compared to a net income of approximately $8,000 for the same period in 2024, marking a substantial decline[59]. Operating Expenses - Operating expenses decreased by $4.0 million, or 8.1%, during the same period, with audio operating expenses down by $2.0 million and digital operating expenses down by $2.0 million[56]. - Interest expense decreased significantly by $2.2 million, or 39.5%, due to the amortization of a deferred interest premium from a debt restructure[57]. Tax and Dividend - The effective tax rate for the three months ended March 31, 2025, was 37%, compared to 104% for the same period in 2024, influenced by state income taxes and non-deductible expenses[58]. - The company has suspended future quarterly dividend payments until it is determined that resumption is in the best interest of stockholders[61]. Debt and Restructuring - The company completed an exchange of $194.7 million of prior notes for new senior secured second lien notes and common stock, representing 72.9% of the aggregate principal amount outstanding[63]. - The company incurred approximately $6.0 million in debt restructuring costs, primarily consisting of legal fees and financial advisory services[65]. - The carrying amount of the debt was reduced by the fair value of shares issued to holders of Prior Notes, amounting to $2.2 million[65]. - The company capitalized approximately $2.6 million in fees related to the debt restructuring[65]. Liquidity and Cash Flow - The company’s primary sources of liquidity include internally generated cash flow and cash on hand, with needs for working capital, debt service, and capital expenditures[60]. - The company expects to have sufficient liquidity and capital resources to meet financial obligations for the next 12 months[68]. - Future liquidity needs are expected to be met through internally generated cash flow and other sources[67]. - Net cash used in operating activities decreased from $4.0 million in Q1 2024 to $3.5 million in Q1 2025, with a $3.1 million decrease in cash paid for operating expenses[71]. - Net cash provided by investing activities in Q1 2025 was $1.9 million, down from $5.1 million in Q1 2024, with proceeds of $2.7 million from property and equipment dispositions[72]. - The net increase in cash and cash equivalents was a decrease of $1.5 million in Q1 2025 compared to an increase of $1.0 million in Q1 2024[71]. Stock Activity - The company repurchased 1,220 shares of Class A Common Stock for approximately $9,000 during the three months ended March 31, 2025[66]. - The company has no off-balance sheet arrangements as of March 31, 2025[69].

Financial Performance - Beasley Broadcast Group reported first quarter revenue of $48.9 million, a decrease of 10.1% from $54.4 million in the same period last year[4]. - The company experienced an operating loss of $2.0 million in Q1 2025, compared to an operating loss of $1.1 million in Q1 2024, primarily due to a $5.5 million reduction in net revenue[7]. - Net loss for the first quarter was approximately $2.7 million, or $1.50 per diluted share, compared to a net income of $8 thousand, or $0.01 per diluted share, in Q1 2024[9]. - Total net revenue for Q1 2025 was $48,912,465, down 10.8% from $54,380,346 in Q1 2024[34]. - Same station net revenue decreased to $48,912,465 from $53,481,347, reflecting a decline of 8.7% year-over-year[34]. - Audio net revenue decreased to $38,153,370 from $43,428,127, a decline of 12.1% year-over-year[35]. - Digital net revenue for Q1 2025 was $10,759,095, slightly down from $10,952,219 in Q1 2024[36]. Adjusted EBITDA and Operating Expenses - Adjusted EBITDA increased to $1.1 million in Q1 2025 from $0.9 million in Q1 2024, reflecting benefits from strategic streamlining initiatives despite revenue shortfalls[10]. - Adjusted EBITDA for Q1 2025 was $1,134,792, an increase of 28.2% compared to $884,877 in Q1 2024[32]. - Operating expenses for Q1 2025 were $45,241,261, down 8.1% from $49,240,998 in Q1 2024[34]. - Same station audio operating expenses were $36,394,976, down from $38,319,415, indicating a reduction of 5.0%[35]. - Same station digital operating expenses decreased to $8,846,285 from $9,495,226, a reduction of 6.9%[36]. Revenue Composition - Digital revenue accounted for 22% of net revenue, with a year-over-year increase of 6% to $10.8 million on a same-station basis[6]. - Revenue from new business represented 18% of net revenue, indicating growth in advertiser engagement[7]. - Local revenue, including digital packages sold locally, constituted 71% of total net revenue[7]. Cash and Assets - The company reported a decline in cash and cash equivalents to $12.2 million as of March 31, 2025, down from $13.8 million at the end of 2024[28]. - Total assets decreased to $539.3 million from $549.2 million at the end of 2024[28]. Strategic Initiatives - Beasley aims to unlock margin expansion and accelerate digital evolution while navigating short-term market challenges[11]. - The company incurred severance expenses of $889,470 and non-recurring expenses of $494,961 in Q1 2025[32].

Beasley Broadcast Group (BBGI) Q1 2025 Earnings Call May 07, 2025 11:00 AM ET Company Participants Caroline Beasley - CEOLauren Burrows Coleman - CFO Operator Good morning, and welcome to Beasley Broadcast Group First Quarter twenty twenty five Earnings Call. Before proceeding, I would like to emphasize that today's conference call and webcast will contain forward looking statements about our future performance and results of operations that involve risks and uncertainties described in the Risk Factors sect ...

Beasley Broadcast Group (BBGI) Q1 2025 Earnings Call May 07, 2025 11:00 AM ET Company Participants Caroline Beasley - CEOLauren Burrows Coleman - CFO Operator Good morning, and welcome to Beasley Broadcast Group First Quarter twenty twenty five Earnings Call. Before proceeding, I would like to emphasize that today's conference call and webcast will contain forward looking statements about our future performance and results of operations that involve risks and uncertainties described in the Risk Factors sect ...

Financial Data and Key Metrics Changes - Total net revenue for Q1 2025 was $48.9 million, down 10.1% year over year, but down 8.5% on a same station basis [4][8] - Total operating expenses were $45.2 million, a decrease of nearly $4 million or 8.1% compared to the prior year [16] - Adjusted EBITDA for Q1 2025 was $1.1 million, up 28% from $900,000 in the prior year period [19][20] - Operating income for Q1 2025 was a loss of $2 million, compared to a loss of $1.1 million in the prior year [18] Business Line Data and Key Metrics Changes - Digital revenue accounted for 22% of total revenue, with digital segment operating income growing from $100,000 in Q1 2024 to $1.9 million in Q1 2025 [4][24] - Consumer services remained the largest revenue category, accounting for 30% of total revenue, but declined 15% year over year [10] - Legal services grew nearly 5% year over year, while HVAC grew 12% year over year [11][12] - National revenue, excluding political, declined 12.7%, while local direct revenue increased by 0.3% year over year [14][15] Market Data and Key Metrics Changes - Overall demand remained under pressure, with year-over-year declines consistent with broader industry trends [10] - Foreign automotive revenue was up 7.5%, while domestic automotive revenue declined 5% [13] - Local agency revenue declined 19.9% year over year, but local direct revenue showed resilience [14][15] Company Strategy and Development Direction - The company aims to accelerate digital growth, improve revenue quality, and execute with discipline [3] - A focus on high-margin digital products and deepening advertiser relationships is central to the company's strategy [4][5] - The company is committed to disciplined execution and long-term financial performance while investing in high-impact content and digital products [6][24] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing challenges in a cautious advertising environment and broader economic headwinds [10][32] - Revenue is currently pacing down 10% in Q2, primarily driven by continued macroeconomic pressure [32] - The company remains focused on cost management while funding initiatives in digital, content, and technology [33] Other Important Information - The company ended Q1 2025 with $12.2 million in cash on hand, down from $13.8 million at the end of fiscal year 2024 [20] - Capital expenditures were $800,000 in the quarter compared to $900,000 in the prior year [21] Q&A Session Summary Question: Update on cost savings initiatives - The company has realized the full amount of cost reductions implemented in 2024 in Q1, with an additional $1.3 million in cuts made in Q1 [34] Question: National performance in 2024 - National revenue is weaker in 2024 compared to the previous year, with Boston down consistent with overall declines, while Philadelphia and New Jersey saw double-digit growth [35] Question: M&A discussions and opportunities - There have been discussions regarding M&A, but uncertainty in the economy has softened some of these discussions; the company remains open to evaluating beneficial swaps [36]

Q 1 2 0 2 5 E A R N I NG S P R E S E N TAT I O N M A Y 2 0 2 5 Disclaimer Forward-Looking Statements and Non-GAAP Financial Measures This presentation includes certain financial measures that have not been prepared in a manner that complies with generally accepted accounting principles in the United States ("GAAP"), including, without limitation, EBITDA, Station Operating Income ("SOI", and "SOI Margin") (collectively, the "non-GAAP financial measures"). These non-GAAP financial measures are not measures of ...

NAPLES, Fla., May 7, 2025 /PRNewswire/ -- Beasley Broadcast Group, Inc. (Nasdaq: BBGI) ("Beasley" or the "Company"), a multi-platform media company, today announced operating results for the three-month period ended March 31, 2025. For further information, the Company has posted a presentation to its website regarding the first quarter highlights and accomplishments that management will review on today's conference call. Conference Call and Webcast Today, May 7, 2025 at 11:00 a.m. ET (800) 715-9871 or +1 (6 ...

Financial Position - As of December 31, 2024, the company's FCC licenses represented 71% of total assets, indicating potential future impairment risks [106]. - The company had long-term debt of $220.1 million and equity of $147.2 million as of December 31, 2024, highlighting a substantial debt-to-equity ratio [107]. Dividend Policy - The company has suspended future quarterly dividend payments, which will depend on future operations, earnings, and capital requirements [108]. Revenue Sources and Risks - Stations located in Florida contributed 14% of net revenue in 2024, exposing the company to risks from hurricanes and extreme weather [110]. - The company relies on third-party contracts for distribution, which could be disrupted by various events, potentially affecting operating results [111]. Cybersecurity Concerns - Cybersecurity threats, including phishing and ransomware attacks, pose risks to the company's financial condition and operations [114]. Shareholder Control - The Beasley family controls 92% of the total voting power of the company's common stock, which may conflict with the interests of other shareholders [125]. - The Beasley family controls a significant portion of Class B and Class A Common Stock, impacting potential changes in control of the Company [130]. - Future sales of Class A Common Stock by the Beasley family could adversely affect its market price and complicate capital raising efforts [127]. Operational Challenges - The company faces challenges in integrating acquired stations, which may impact financial performance and operational efficiency [124]. - The company’s ability to attract and retain key personnel is critical for competitiveness, with potential losses to competing media entities [121]. Regulatory and Market Risks - The Company faces regulatory limitations on ownership and control transfers, which may adversely affect the trading price of Class A Common Stock [130]. - There may be a lack of an active market for Class A Common Stock, leading to potential price volatility and execution issues for investors [131]. - Historical fluctuations in stock price and trading volume may not correlate with the Company's operational performance [131]. - The Company’s operating results may fall below public market analysts' expectations, potentially leading to a significant decrease in stock price [131].

Financial Data and Key Metrics Changes - For Q4 2024, total net revenue was $67.3 million, a 2.3% increase compared to Q4 2023 [5] - Full year 2024 total net revenue was $240 million, a 2.8% decline compared to full year 2023 [15] - Same-station revenue for Q4 grew 4.4% [6] - Station operating income (SOI) for Q4 was $14.1 million, a 46% increase year-over-year [21] - Full year operating income totaled $13.1 million versus a loss of $82 million in 2023 [25] - Interest expense for Q4 was $3.5 million, a reduction of $3.4 million year-over-year [25] - Total principal outstanding on notes was $220 million, down from $267 million at the end of 2023 [26] - EBITDA for Q4 was $12.5 million, with full year lender EBITDA at $32.2 million, a 35% improvement versus the prior year [26] Business Line Data and Key Metrics Changes - Digital revenue accounted for 17.1% of total revenue in Q4, down from 19.4% in Q3, but total digital revenue increased sequentially [7] - For the full year, digital revenue as a percentage of total revenue reached 19.4%, up from 18.4% in the prior year [8] - National revenue, excluding political, declined 4.9% in Q4, an improvement from the 16% decline in Q3 [8] - Local over-the-air revenue declined 5.7% in Q4 [9] - Sports betting revenue for Q4 was $4.1 million, a $1.1 million decrease year-over-year [16] Market Data and Key Metrics Changes - Political revenue for Q4 was $8.3 million, helping to offset weakness in national and local ad spend [6] - The auto sector remained flat but took more share, rising to 9% of total revenue in Q4 [18] - Anticipated tariffs could drive up consumer vehicle prices significantly, leading to advertiser pullback in the auto sector [19] Company Strategy and Development Direction - The company executed strategic capital structure initiatives to improve leverage profile and reduce financial risk [5] - Focus on digital growth and enhancing digital operations to drive higher-margin offerings [30][32] - Plans to redesign digital platforms to enhance user experience and increase engagement [35] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued near-term pressure in advertising due to economic uncertainty [12][38] - Same-station revenue is pacing down roughly 10% for Q1 2025, with significant declines starting in February [37] - Management remains focused on driving digital growth and strengthening advertiser relationships [38] Other Important Information - The company delivered over $20 million in annualized savings through workforce realignment and technology-driven efficiencies [5] - Corporate expenses for Q4 totaled $4.7 million, reflecting a reduction year-over-year [23] Q&A Session Summary Question: Which markets led in political revenue for Q4? - Significant political dollars were seen in Charlotte, Philadelphia, Detroit, and Las Vegas [41] Question: Are there signs of resumption in national advertising in Philadelphia and Boston? - National in Boston is pacing down, while national in Philadelphia is pacing up, but overall national pacing is down roughly 10% [43] Question: How much of the $20 million cost savings impacted 2024 numbers? - Improvements in EBITDA reflect annualized cost savings exceeding $20 million, with further reductions in Q4 contributing to additional savings [44][45] Question: What is the potential for regulatory changes and openness to station swaps or sales? - The regulatory environment seems ripe for deregulation, and the company is open to swaps or sales if the deal is right [46][47]

Financial Performance - Beasley Broadcast Group reported fourth quarter revenue of $67.3 million, a 2.3% increase from $65.7 million in Q4 2023[3]. - The company generated $8.3 million in political revenue during Q4 2024, which helped offset declines in commercial advertising[6]. - Operating income remained steady at $7.6 million for both Q4 2024 and Q4 2023, despite the absence of a one-time gain in Q4 2023[7]. - Beasley reported a net loss of $2.1 million, or $1.17 per diluted share, compared to a net income of $6.4 million, or $4.25 per diluted share, in the prior year[8]. - Net revenue for the three months ended December 31, 2024, was $67.29 million, a 2.34% increase from $65.75 million in the same period of 2023[25]. - The company reported a net loss of $(2.06) million for the three months ended December 31, 2024, compared to a net income of $6.38 million in the same period of 2023[25]. - Basic net income (loss) per share for the three months ended December 31, 2024, was $(1.17), compared to $4.26 in 2023[25]. Revenue Breakdown - Digital revenue accounted for 17.1% of net revenue, totaling $11.5 million, reflecting a 4.1% year-over-year decline[5]. - Digital revenue grew 2.9% year-over-year to $46.7 million, accounting for 19.4% of net revenue[12]. - Local revenue, including digital packages sold locally, represented 71% of net revenue in FY 2024[5]. Expense Management - EBITDA per Indenture for Q4 2024 was $12.5 million, up from $6.2 million in Q4 2023, due to disciplined expense management[9]. - The company achieved approximately $20.0 million in annualized expense reductions, improving its leverage profile and financial flexibility[10]. - Total operating expenses decreased to $59.70 million for the three months ended December 31, 2024, down from $58.17 million in 2023, reflecting a reduction of 2.63%[25]. - The company incurred severance expenses of $1.20 million for the three months ended December 31, 2024, compared to $0.23 million in the same period of 2023, indicating a significant increase in restructuring costs[31]. Cash Flow and Debt - Net cash used in operating activities improved to $(3.71) million for the twelve months ended December 31, 2024, compared to $(4.68) million in 2023, indicating a 20.6% reduction in cash outflow[29]. - Cash and cash equivalents decreased to $13.77 million as of December 31, 2024, down from $26.73 million in 2023, representing a decline of 48.6%[27]. - Long-term debt decreased to $247.12 million as of December 31, 2024, from $264.20 million in 2023, reflecting a reduction of 6.5%[27]. Future Outlook - Beasley aims to drive sustainable revenue growth and expand digital offerings while optimizing its sales approach in 2025[10]. - Adjusted EBITDA for the twelve months ended December 31, 2024, was $25.84 million, an increase of 17.5% compared to $21.97 million in 2023[31]. - Total assets decreased to $549.21 million as of December 31, 2024, from $574.27 million in 2023, a decline of 4.37%[27].