Core Viewpoint - Beasley Broadcast Group, Inc. reported mixed financial results for the fourth quarter and full year of 2024, with a slight increase in net revenue but a significant net loss due to one-time costs and operational challenges [3][4][6]. Financial Performance Summary - For the three months ended December 31, 2024, net revenue was $67.3 million, a 2.3% increase from $65.7 million in the same period of 2023, primarily driven by $8.3 million in political advertising [3][4]. - Operating income remained stable at $7.6 million for Q4 2024, unchanged from Q4 2023, despite the absence of a one-time gain from the previous year [5]. - The company 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 Q4 2023 [6][22]. - EBITDA per Indenture for Q4 2024 was $12.5 million, up from $6.2 million in Q4 2023, reflecting improved expense management [7]. Operational Highlights - The increase in net revenue was partially offset by declines in commercial advertising and revenue losses from the divestiture of the Wilmington station and the closure of the esports division [4]. - The company achieved approximately $20 million in annualized expense reductions through operational efficiencies and workforce realignment [8]. - Digital revenue accounted for nearly 20% of total revenue, indicating a growing focus on digital platforms [8]. Year-End Results - For the full year ended December 31, 2024, net revenue was $240.3 million, down from $247.1 million in 2023 [3][22]. - The operating loss for the year was $13.1 million, a significant improvement from an operating loss of $82 million in 2023, largely due to the absence of non-cash impairment losses that affected the previous year [3][22]. - The net loss for the year was $5.9 million, compared to a net loss of $75.1 million in 2023, highlighting a recovery in financial performance [3][22]. Strategic Focus - The company aims to drive sustainable revenue growth and expand its digital offerings while optimizing its sales approach [8]. - Beasley is focused on leveraging data-driven insights and enhancing direct-to-consumer engagement to provide innovative marketing solutions for advertisers [8].

Core Viewpoint - Beasley Broadcast Group, Inc. will report its 2024 full-year financial results on March 20, 2025, and will host a conference call to discuss these results [1]. Group 1: Financial Reporting - The company will announce its financial results before the market opens on March 20, 2025 [1]. - A conference call and webcast will take place at 11:00 a.m. ET on the same day to review the results [1]. Group 2: Accessing the Conference Call - Interested parties can join the conference call by dialing (888) 672-2415 or +1 (646) 307-1963, using conference ID 1613596 [2]. - A live webcast will also be available on the company's website, with a replay accessible for five days post-event [2]. Group 3: Company Overview - Beasley Broadcast Group, Inc. was founded in 1961 and owns 57 AM and FM stations across 10 markets in the United States [4]. - The company's radio stations reach over 20 million unique consumers weekly through various platforms, including over-the-air, online, and mobile devices [4].

Revenue Performance - Net revenue for the three months ended September 30, 2024, decreased by $1.9 million (3.2%) to $58.19 million compared to $60.12 million for the same period in 2023[74] - Audio revenue decreased by $1.4 million (3.0%) to $46.89 million, primarily due to a decrease in local agency revenue and the disposition of WJBR-FM[75] - Digital revenue increased slightly by $0.12 million (1.1%) to $11.30 million, remaining comparable to the previous year[75] - Net revenue decreased by $8.4 million (4.6%) from $181.4 million in the nine months ended September 30, 2023, to $173.0 million in the same period of 2024[84] - Audio revenue decreased by $8.5 million (5.8%) primarily due to a decrease in local agency revenue and the sale of WJBR-FM[86] - Digital revenue increased by $1.8 million (5.4%) due to continued growth in the digital segment[86] Operating Expenses - Operating expenses decreased by $0.2 million (0.3%) to $49.95 million, with audio operating expenses increasing by $0.6 million (1.5%) due to workforce reductions[76] - Corporate expenses decreased by $0.2 million (4.4%) to $4.30 million, primarily due to an increase in digital expenses allocated to operating expenses[77] - Operating expenses decreased by $3.6 million (2.3%) from $152.1 million in the nine months ended September 30, 2023, to $148.5 million in 2024[84] Net Loss and Impairment - The company reported a net loss of $3.56 million for the three months ended September 30, 2024, a decrease of $63.98 million (94.7%) compared to a net loss of $67.54 million in the same period in 2023[74] - FCC licenses impairment losses were eliminated, resulting in a decrease of $78.20 million (100%) compared to the previous year[74] - Goodwill impairment losses decreased by $9.66 million (91.3%) to $0.92 million for the three months ended September 30, 2024[74] - Net loss for the nine months ended September 30, 2024, was $3.8 million compared to a net loss of $81.5 million for the same period in 2023, a reduction of $77.7 million (95.3%) [93] - FCC licenses impairment losses of $78.2 million recorded in Q3 2023 due to increased interest rates and decreased projected revenues[78] - Goodwill impairment loss of $10.6 million recorded in Q3 2023 related to the Philadelphia market cluster, attributed to increased discount rates and decreased projected revenues[79] Cash Flow and Liquidity - Net cash used in operating activities decreased to $2.2 million for the nine months ended September 30, 2024, from $5.0 million for the same period in 2023, reflecting an $11.5 million decrease in operating expenses[106] - Net cash provided by investing activities was $3.4 million for the nine months ended September 30, 2024, compared to net cash used of $2.8 million in the same period of 2023, including $6.0 million from the sale of an investment[107] - Net cash used in financing activities was approximately $90,000 for the nine months ended September 30, 2024, a significant decrease from $2.1 million in the same period of 2023[108] - The company expects to meet liquidity needs through internally generated cash flow, additional borrowings, and equity offerings[102] - The company believes it will have sufficient liquidity and capital resources to meet financial obligations for the next 12 months, although unexpected expenses could impact this outlook[103] - A total net increase in cash and cash equivalents was $1.1 million for the nine months ended September 30, 2024, compared to a net decrease of $9.9 million in the same period of 2023[106] Stock and Corporate Actions - The company executed a 1-for-20 reverse stock split on September 23, 2024, affecting the Class A and Class B Common Stock without changing the par value[56] - The board of directors has suspended future quarterly dividend payments until it is determined that resumption is in the best interest of stockholders[95] - The company entered into a common stock purchase agreement for the issuance of 56,864 shares at an offering price of approximately $12.31 per share, resulting in gross proceeds of $700,000[100] - The company may repurchase shares to fund withholding taxes related to restricted stock units, having repurchased 6,684 shares for approximately $90,000 during the nine months ended September 30, 2024[101] - The company may seek to repurchase or redeem existing notes depending on market conditions and liquidity requirements[101] Tax and Interest - Interest expense decreased by $2.0 million (10.1%) due to repurchases of Existing Notes throughout 2023[91] - Effective tax rate was approximately (24%) for the nine months ended September 30, 2024, compared to (32%) for the same period in 2023[92] Off-Balance Sheet Arrangements - There were no off-balance sheet arrangements as of September 30, 2024[104]

Financial Data and Key Metrics Changes - Total net revenue for Q3 2024 was $58.2 million, reflecting a decline of 3.2% compared to the previous year when adjusted for divestitures [9][17] - Same-station revenue increased by 0.5% for Q3, with a year-to-date decline of 1.6% [9][17] - Operating income for Q3 increased by 101.4% year-over-year, from a negative $85.5 million to a positive $1.2 million [20] - Interest expense decreased by $353,000 year-over-year to $6.1 million, reflecting benefits from debt reductions [21] Business Line Data and Key Metrics Changes - Digital segment revenue grew by 1.1% for the quarter, with same-station digital revenue increasing by 11.7% [12][24] - Same-station over-the-air local revenue decreased by 8.9%, driven by a 6.9% decline in local agency business [14] - Political revenue for the quarter was $2.7 million, bringing year-to-date political revenue to $3.7 million, up 23% from the same period in 2020 [11] Market Data and Key Metrics Changes - National advertising revenue was down 16% excluding political contributions, with same-station national revenue up 10.7% due to political spending [13] - The auto category saw an 11% year-over-year decline, representing 7.9% of total Q3 revenue [19] Company Strategy and Development Direction - The company is focused on improving its capital structure, having successfully completed a debt reduction of $47 million and extending maturities to August 2028 [7] - A reverse stock split was executed at a ratio of 1 for 20 to maintain NASDAQ listing and enhance share investability [8] - The company aims to grow digital revenue and has made strategic reductions in operating expenses projected to save over $5 million annually [27] Management's Comments on Operating Environment and Future Outlook - Management noted that advertisers are hesitant to book prior to election results, impacting national advertising [29] - The company expects revenue to be up in Q4, with pacing in the mid-single digits as of the call date [27][30] Other Important Information - The company experienced operational challenges due to Hurricane Halen, but successfully provided community support during the crisis [26] - The company ended Q3 with cash on hand of $27.8 million, down from $33.3 million at the end of Q2 2024 [22] Q&A Session Summary Question: Are you seeing any resumption in national advertising in Philadelphia and Boston? - Management indicated that there has not been a resumption yet, as advertisers are hesitant to book until after the election [29] Question: Post the exchange, how do you think about liquidity and the potential for more bond buybacks? - The company is focused on maintaining a minimum cash position but will seek opportunities for opportunistic bond buybacks [30] Question: When do you foresee year-over-year comps going positive again? - Management expects revenue to be up in Q4, with same-station revenue pacing up in the mid-single digits [30]

Core Viewpoint - Beasley Broadcast Group, Inc. will report its third quarter financial results for 2024 on November 5, 2024, and will host a conference call to discuss these results [1]. Company Overview - Beasley Broadcast Group is a multi-platform media company primarily operating radio stations across the United States, offering integrated marketing solutions to local and national advertisers [4]. - The company owns and operates 57 AM and FM stations in various large- and mid-size markets, including cities like Atlanta, Boston, and Philadelphia [4]. - Approximately 20 million consumers engage with the company's radio stations weekly through various platforms, including over-the-air, online, and mobile devices [4].

Core Viewpoint - Beasley Broadcast Group, Inc. has successfully completed an exchange offer for its existing senior secured notes, alongside a cash tender offer and a new notes issuance, aimed at restructuring its debt and improving financial flexibility [1][2]. Group 1: Exchange Offer Details - Approximately $194.7 million of existing notes were exchanged for new 9.200% senior secured notes due August 1, 2028, at an exchange ratio of 95.0% [2]. - Holders received a pro rata share of 179,384 shares of Class A Common Stock and a consent fee of $5.00 per $1,000 principal amount of existing notes tendered [2]. - The company exercised an option to increase the cash paid to exchanging holders by a pro rata portion of $700,000, from a total of $3.0 million available for this purpose [3]. Group 2: Tender Offer and New Notes - The company purchased $68.0 million of existing notes at a purchase price of 62.5% plus accrued and unpaid interest as part of the tender offer [2]. - A total of $30.9 million of new superpriority senior secured notes due 2028 were issued in the new notes offer [1][2]. Group 3: Support and Legal Counsel - A supporting holder, representing approximately 73% of existing notes, agreed to backstop the new notes offer and waived the minimum participation condition for the exchange offer [4]. - Latham & Watkins LLP served as legal counsel to the company, while Moelis & Company LLC acted as the exclusive financial advisor and dealer manager [4].

Core Points - Beasley Broadcast Group, Inc. has extended the Withdrawal Deadline, Expiration Date, and Subscription Form Delivery Date for its exchange offer, tender offer, and new notes offering to October 4, 2024 [1] - The Settlement Date has also been extended to October 8, 2024 [1] - Approximately 93% of outstanding Existing Notes have been submitted for tender or exchange as of September 30, 2024 [2] Offer Details - The extension was granted at the request of key holders of the existing 8.625% Senior Secured Notes due 2026 to amend their participation in the Offers [2] - The total number of Existing Notes tendered or exchanged by the requesting Holders is expected to remain unchanged after accommodating the request [2] - Full details of the Offers are available in the Exchange Offer Memorandum and its supplement, which existing noteholders are encouraged to read [3] Company Overview - Beasley Broadcast Group operates radio stations across the United States and provides integrated marketing solutions across audio, digital, and event platforms [8] - The company reaches approximately 20 million consumers weekly through its radio stations and engages with audiences via digital platforms [8]

Core Points - Beasley Broadcast Group, Inc. has initiated an exchange offer for its existing 8.625% Senior Secured Notes due 2026, allowing holders to exchange them for newly issued 9.200% Senior Secured Notes due August 1, 2028, along with shares of Class A common stock and a consent fee [1][2][13] - Approximately 73% of existing noteholders have agreed to support the exchange offer, which aims to improve the company's balance sheet and reduce leverage [2][3] - The company is also conducting a cash tender offer to purchase up to $68 million of existing notes at a price of 62.5% of their principal amount [2][12] Exchange Offer Details - The exchange offer allows existing noteholders to receive $950 in exchange notes, a pro rata share of 3,588,495 shares of Class A common stock, and a consent fee of $5 per $1,000 principal amount of existing notes tendered [1][13] - The tender offer will be funded with $12.5 million from the company's balance sheet and proceeds from new notes [3][4] - The exchange offer and tender offer are set to expire on October 2, 2024, with the settlement expected to occur shortly thereafter [14][15] Proposed Amendments - The company is soliciting consent from existing noteholders to adopt proposed amendments to the indenture governing the existing notes, which would eliminate most restrictive covenants and certain events of default [5][6] - The proposed amendments require the consent of a majority of existing noteholders for certain changes and two-thirds for the release of liens on collateral [6][12] New Notes Offer - The company plans to offer $30 million in new 11.000% Superpriority Senior Secured Notes due August 1, 2028, which will be backstopped by a majority holder of the existing notes [4][7] - Recipients of the new notes will receive a participation premium of 3.0% of the aggregate principal amount purchased [4][7] Financial Overview - The total outstanding principal amount of the existing notes is $267 million, with the company aiming to issue approximately $189.05 million of exchange notes assuming full participation [9][13] - The cash consideration for the tender offer is set at $625 per $1,000 principal amount of existing notes [12][13]

Revenue Performance - Net revenue decreased by $3.0 million, or 4.8%, from $63.5 million in Q2 2023 to $60.4 million in Q2 2024[67] - Audio revenue decreased by $3.0 million, or 6.0%, primarily due to a decrease in local agency and direct revenue[67] - Digital revenue increased by $0.7 million, or 5.7%, driven by continued growth in the digital segment[67] - Net revenue decreased by $6.4 million (5.3%) to $114.8 million for the six months ended June 30, 2024, compared to the same period in 2023[72] - Audio revenue declined by $7.0 million (7.2%) primarily due to a decrease in local agency and direct revenue, while digital revenue increased by $1.7 million (7.5%) due to growth in the digital segment[73] Operating Expenses - Operating expenses decreased by $2.0 million, or 3.9%, from $51.3 million in Q2 2023 to $49.3 million in Q2 2024[68] - Operating expenses decreased by $3.4 million (3.3%) to $98.6 million for the six months ended June 30, 2024, with audio operating expenses down by $1.4 million (1.7%) and other operating expenses down by $2.0 million (100.0%) due to the termination of esports operations[74] - Corporate expenses decreased by $0.5 million, or 11.9%, primarily due to an increase in digital expenses allocated to operating expenses[69] - Digital operating expenses decreased by $0.9 million, or 8.4%, due to expense management in the digital segment[68] Financial Performance - Net loss for Q2 2024 was $0.3 million compared to a net loss of $10.4 million in Q2 2023, reflecting improved financial performance[70] - Net loss for the six months ended June 30, 2024, was $0.3 million, a significant improvement from a net loss of $14.0 million in the same period in 2023[77] Cash Flow and Investments - Net cash provided by operating activities increased to $2.6 million for the six months ended June 30, 2024, compared to approximately $24,000 in the same period in 2023[84] - Net cash provided by investing activities included proceeds of $6.0 million from the sale of an investment, offset by $2.0 million in capital expenditures[85] - The company recorded a gain of $6.0 million from the sale of an investment in Broadcast Music, Inc. on March 8, 2024[75] Debt and Interest - Interest expense decreased by $0.6 million, or 9.4%, due to repurchases of the Notes throughout 2023[69] - Interest expense decreased by $1.6 million (12.3%) to $11.7 million, attributed to repurchases of the Notes throughout 2023[75] Dividend and Liquidity - The company has suspended future quarterly dividend payments until it is determined that resumption is in the best interest of stockholders[79] - The company expects to meet future liquidity needs through internally generated cash flow, additional borrowings, or equity offerings[82] Taxation - Effective tax rate was approximately (7)% for Q2 2023 and (21)% for Q2 2024, differing from the federal statutory rate of 21%[69] Impairment - Impairment loss of $10.0 million was recorded in Q2 2023 related to the FCC license for WJBR-FM[69]

Exhibit 99.1 | --- | --- | |-------|-----------------------------------------| | | | | | Replay information provided below | CONTACT: B. Caroline Beasley Joseph Jaffoni, Jennifer Neuman Chief Executive Officer Beasley Broadcast Group, Inc. 239/263-5000 or ir@bbgi.com JCIR 212/835-8500orbbgi@jcir.com BEASLEY BROADCAST GROUP REPORTS SECOND QUARTER REVENUE OF $60.4 MILLION Second Quarter Digital Revenue Grew 5.7% Year-over-year, and 10.4% on a Same Station Basis Net Loss Decreased by $10.2 Million and Adjusted ...