Beasley Broadcast Group (BBGI) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system. ...

Beasley Broadcast Group, Inc. (NASDAQ:BBGI) Q1 2024 Earnings Conference Call May 8, 2024 11:00 AM ET Company Participants Caroline Beasley - CEO Marie Tedesco - CFO Conference Call Participants Operator Good morning, and welcome to Beasley Broadcast Group First Quarter 2024 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 desc ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _______________ FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2024 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 000-29253 BEASLEY BROADCAST GROUP, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 65-0960915 (State ...

Exhibit 99.1 | --- | --- | |-------|-----------------------------------------| | | | | | Replay information provided below | CONTACT: B. Caroline Beasley Jaffoni, Jennifer Neuman Chief Executive Officer Beasley Broadcast Group, Inc. 212/835-8500 or bbgi@jcir.com 239/263-5000 or ir@bbgi.com Joseph JCIR BEASLEY BROADCAST GROUP REPORTS FIRST QUARTER REVENUE OF $54.4 MILLION NAPLES, Florida, May 8, 2024 – Beasley Broadcast Group, Inc. (Nasdaq: BBGI) ("Beasley" or the "Company"), a multi-platform media company, ...

Beasley Broadcast Group (BBGI) reported break-even quarterly earnings per share versus the Zacks Consensus Estimate of a loss of $0.14. This compares to loss of $0.12 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 100%. A quarter ago, it was expected that this radio broadcaster would post a loss of $0.07 per share when it actually produced a loss of $0.13, delivering a surprise of -85.71%.Over the last four quarters, the comp ...

NAPLES, Fla., May 01, 2024 (GLOBE NEWSWIRE) -- May 1, 2024 – Beasley Broadcast Group, Inc. (NASDAQ:BBGI) ("Beasley" or the "Company"), a multi-platform media company, announced today that it will report its 2024 first quarter financial results before the market opens on Wednesday, May 8, 2024. The Company will host a conference call and webcast at 11:00 a.m. ET that morning to review the results. To access the conference call, interested parties may dial 877-407-4018 or 201-689-8471, conference ID 13746158 ...

Part I [Business](index=3&type=section&id=Item%201.%20Business) Beasley Broadcast Group operates as a multi-platform media company, primarily in radio, generating revenue from advertising and digital solutions, facing intense competition and FCC regulation - The company operates as a multi-platform media company with its core business in radio station operations across various U.S. markets, including Atlanta, Boston, Detroit, and Philadelphia[8](index=8&type=chunk) - The primary source of revenue is the sale of advertising time, supplemented by a growing digital advertising segment[10](index=10&type=chunk) - The radio broadcasting industry is highly competitive, facing rivals including other radio stations, digital audio streaming, and major technology companies[11](index=11&type=chunk) - The business is heavily regulated by the FCC, with all radio station licenses renewed for full eight-year terms in the last cycle[13](index=13&type=chunk)[15](index=15&type=chunk) - As of February 6, 2024, the company employed **755 full-time** and **372 part-time employees**, and is party to collective bargaining agreements[49](index=49&type=chunk) [Risk Factors](index=18&type=section&id=Item%201A.%20Risk%20Factors) The company faces diverse risks including potential Nasdaq delisting, economic downturns impacting advertising, intense competition, FCC license dependency, substantial debt, and Beasley family control - The company received a Nasdaq notice on October 13, 2023, for failing to meet the **$1.00 minimum bid price**, with a compliance deadline of April 10, 2024[56](index=56&type=chunk) - Economic risks include inflation's impact on costs and advertising revenue sensitivity to economic downturns, as advertising is a discretionary expense[60](index=60&type=chunk)[63](index=63&type=chunk) - The company is dependent on federally issued FCC licenses, renewable every eight years, with non-renewal posing material harm risks[78](index=78&type=chunk) - As of December 31, 2023, the company had **$267.0 million** in long-term debt against **$149.0 million** in equity, potentially limiting financial flexibility and dividend payments[90](index=90&type=chunk) - FCC licenses and goodwill constituted **69% of total assets** as of December 31, 2023, with future impairment potentially affecting operating results[89](index=89&type=chunk) - The Beasley family controls **94% of the total voting power**, enabling them to direct management, policies, and control stockholder vote outcomes, including changes in control[111](index=111&type=chunk)[112](index=112&type=chunk) [Unresolved Staff Comments](index=32&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - None [Cybersecurity](index=32&type=section&id=Item%201C.%20Cybersecurity) The company's cybersecurity program, based on NIST CSF and overseen by the Audit Committee, is integrated into enterprise risk management, with no material incidents identified to date - The company's cybersecurity program is designed based on the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF)[118](index=118&type=chunk) - Oversight is provided by the Audit Committee of the Board of Directors, which receives periodic reports on cybersecurity risks[120](index=120&type=chunk) - The management team responsible for cybersecurity includes the Chief Technology Officer, General Counsel, and the Senior Vice President of Information Technology & Security[121](index=121&type=chunk) - The company has not identified any cybersecurity risks or prior incidents that have materially affected its business, operations, or financial condition[119](index=119&type=chunk) [Properties](index=35&type=section&id=Item%202.%20Properties) The company owns or leases various properties for its radio station operations, with several key offices leased from entities affiliated with the Beasley family Property Locations and Ownership | Location | Description | Owned/Leased | | :--- | :--- | :--- | | Atlanta, GA | Office space for stations | Third-party lease | | Augusta, GA | Office space for stations | Owned | | Boston, MA | Office space for stations | Third-party lease | | Camden, NJ | Office space for station | Owned | | Charlotte, NC | Office space for stations | Third-party lease | | Detroit, MI | Office space for stations | Owned | | Estero, FL | Office space for stations | Related party lease | | Fayetteville, NC | Office space for stations | Related party lease | | Las Vegas, NV | Office space for stations | Related party lease | | Middlesex, NJ | Office space for stations | Owned | | Monmouth, NJ | Office space for stations | Owned | | Morristown, NJ | Office space for stations | Owned | | Philadelphia, PA | Office space for stations | Third-party lease | | Tampa, FL | Office space for stations | Third-party lease | - Several properties, including principal executive offices, are leased from related parties controlled by members of the Beasley family[124](index=124&type=chunk)[125](index=125&type=chunk) [Legal Proceedings](index=35&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in routine litigation, with management not expecting any material adverse effects on financial condition or operations - The company is not a party to any lawsuit or proceeding likely to have a material adverse effect on its financial condition or results[126](index=126&type=chunk) [Mine Safety Disclosures](index=35&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[127](index=127&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=36&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's Class A common stock trades on NASDAQ, while Class B has no public market; quarterly dividends are suspended, and shares were repurchased in Q4 2023 for tax purposes - The company's Class A common stock trades on the NASDAQ Global Market (BBGI), while Class B common stock has no public trading market[129](index=129&type=chunk) - The Board of Directors has suspended future quarterly dividend payments, a decision also constrained by its Notes indenture[131](index=131&type=chunk) - In Q4 2023, the company purchased **15,601 shares** of Class A common stock at an average price of **$0.90 per share** to fund withholding taxes for vesting restricted stock units[133](index=133&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In FY2023, net revenue decreased to **$247.1 million** due to audio decline, offset by digital growth, resulting in a **$75.1 million** net loss driven by significant impairment charges, with liquidity challenges and **$267.0 million** in long-term debt Key Financial Performance Metrics | Metric | 2022 | 2023 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net revenue | $256.4M | $247.1M | ($9.3M) | -3.6% | | Operating expenses | $213.2M | $208.2M | ($5.0M) | -2.3% | | FCC licenses impairment | $23.8M | $89.2M | $65.4M | 274.9% | | Goodwill impairment | $16.3M | $10.6M | ($5.7M) | -34.9% | | Net loss | ($42.1M) | ($75.1M) | ($33.0M) | 78.6% | Revenue by Segment | Revenue Segment | 2022 | 2023 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Audio | $213.0M | $199.5M | ($13.5M) | -6.4% | | Digital | $40.8M | $45.4M | $4.6M | 11.4% | - The company recorded total impairment losses of **$89.2 million** on FCC licenses and **$10.6 million** on goodwill in 2023, driven by increased discount rates and decreased projected revenues[167](index=167&type=chunk)[169](index=169&type=chunk) - Net cash used in operating activities was **$4.7 million** in 2023, a significant decrease from **$11.1 million** provided in 2022, due to lower cash receipts and higher payments[183](index=183&type=chunk) - As of December 31, 2023, the company had **$267.0 million** in 8.625% senior secured notes due 2026[287](index=287&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=51&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This disclosure is not required for smaller reporting companies - Not required for smaller reporting companies[191](index=191&type=chunk) [Financial Statements and Supplementary Data](index=52&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for 2022-2023, including balance sheets, income statements, equity, and cash flows, with the auditor's report highlighting FCC licenses impairment as a critical audit matter - The independent auditor, Crowe LLP, issued a fair opinion, identifying FCC Licenses Impairment Assessment as a Critical Audit Matter due to high subjectivity and judgment[197](index=197&type=chunk)[201](index=201&type=chunk) Consolidated Balance Sheet Highlights (Millions USD) | Balance Sheet Item | Dec 31, 2022 | Dec 31, 2023 | | :--- | :--- | :--- | | Total Assets | $714.9M | $574.3M | | FCC Licenses | $487.2M | $393.0M | | Goodwill | $13.3M | $0.9M | | Long-term Debt, net | $285.5M | $264.2M | | Total Stockholders' Equity | $223.5M | $149.0M | Consolidated Income Statement Highlights (Millions USD) | Income Statement Item | Year Ended Dec 31, 2022 | Year Ended Dec 31, 2023 | | :--- | :--- | :--- | | Net Revenue | $256.4M | $247.1M | | Operating Loss | ($34.3M) | ($82.0M) | | Net Loss | ($42.1M) | ($75.1M) | | Net Loss Per Share | ($1.43) | ($2.51) | - In 2023, the company terminated esports operations, receiving a **$6.0 million** payment and forgiveness of a **$6.0 million** franchise fee, and sold stations WJBR-FM for **$5.0 million** and WWWE-AM for **$250,000**[244](index=244&type=chunk)[245](index=245&type=chunk)[246](index=246&type=chunk)[247](index=247&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=86&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None [Controls and Procedures](index=86&type=section&id=Item%209A.%20Controls%20and%20Procedures) As of December 31, 2023, the CEO and CFO concluded that disclosure controls and internal control over financial reporting were effective, with no material changes reported in Q4 2023 - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of December 31, 2023[338](index=338&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of year-end, based on the COSO 2013 framework[341](index=341&type=chunk) [Other Information](index=87&type=section&id=Item%209B.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during Q4 2023 - No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during Q4 2023[343](index=343&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=87&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not Applicable[343](index=343&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=88&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2024 Proxy Statement - Information is incorporated by reference from the 2024 Proxy Statement[345](index=345&type=chunk) [Executive Compensation](index=88&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the 2024 Proxy Statement - Information is incorporated by reference from the 2024 Proxy Statement[346](index=346&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=88&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information concerning security ownership is incorporated by reference from the 2024 Proxy Statement - Information is incorporated by reference from the 2024 Proxy Statement[347](index=347&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=88&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding related party transactions and director independence is incorporated by reference from the 2024 Proxy Statement - Information is incorporated by reference from the 2024 Proxy Statement[348](index=348&type=chunk) [Principal Accountant Fees and Services](index=88&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the 2024 Proxy Statement - Information is incorporated by reference from the 2024 Proxy Statement[349](index=349&type=chunk) Part IV [Exhibit and Financial Statement Schedules](index=89&type=section&id=Item%2015.%20Exhibit%20and%20Financial%20Statement%20Schedules) This section lists financial statements from Item 8 and provides a detailed index of all exhibits filed with the Form 10-K, including governance documents and certifications - This item lists the financial statements and schedules filed with the report and provides an index of all exhibits, including governance documents and certifications[351](index=351&type=chunk)[352](index=352&type=chunk) [Form 10-K Summary](index=91&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports no Form 10-K summary - None

Beasley Broadcast Group, Inc. (NASDAQ:BBGI) Q4 2023 Earnings Call Transcript February 12, 2024 11:00 AM ET Company Participants Caroline Beasley - CEO Marie Tedesco - CFO Operator Good morning. Welcome to the Beasley Broadcast Group Fourth Quarter 2023 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 fact ...

F Y 2 0 2 3 E A R N I N G S P R E S E N TAT I O N F E B R U A R Y 2 0 2 4 Disclaimer Forward-LookingStatementsandNon-GAAPFinancialMeasures ThispresentationincludescertainfinancialmeasuresthathavenotbeenpreparedinamannerthatcomplieswithgenerallyacceptedaccountingprinciplesintheUnitedStates(“GAAP”),including,withoutlimitation,EBITDA,StationOperating Income(“SOI”)(collectively,the“non-GAAPfinancialmeasures”). Thesenon-GAAPfinancialmeasuresarenotmeasuresoffinancialperformanceinaccordancewithGAAPandmayexcludeite ...

Core Viewpoint - Beasley Broadcast Group reported a mixed financial performance for the fourth quarter and full year of 2023, with a notable improvement in operating income and net income compared to the previous year, despite a decline in net revenue primarily due to decreased political and commercial advertising [3][4][5]. Financial Results Summary - For the three months ended December 31, 2023, net revenue was $65.7 million, down from $72.0 million in the same period of 2022, reflecting a decrease of $6.3 million [2][5]. - Operating income for the fourth quarter was $7.6 million, a significant increase from an operating loss of $31.7 million in Q4 2022, attributed to lower operating expenses and non-cash impairment losses [2][3]. - Net income for the fourth quarter was $6.4 million, or $0.21 per diluted share, compared to a net loss of $24.5 million, or $0.83 per diluted share, in the prior year [4][5]. - Adjusted EBITDA for Q4 2023 was $4.7 million, down from $9.9 million in Q4 2022, primarily due to lower net revenue [4][5]. Revenue and Expense Analysis - The decrease in net revenue for the full year 2023 was $9.3 million, totaling $247.1 million compared to $256.4 million in 2022 [2][5]. - Operating expenses for the fourth quarter decreased by 3.3% year-over-year, contributing to the improved operating income [7]. - The company reported a year-over-year decline in operating expenses of 2.3% for the full year [7]. Strategic Initiatives and Market Position - Beasley emphasized its revenue diversification strategy and cost management initiatives, which helped mitigate the impacts of cyclical political revenue and advertising market softness [5][6]. - Digital revenue grew by 11.4% year-over-year, representing 18.4% of total revenue for 2023, with expectations to increase to 20%-25% in 2024 [7][9]. - The company executed strategic transactions, including the sale of WJBR-FM for $5 million and the return of its Overwatch e-sports franchise license for $6 million, allowing a pivot towards higher-margin gaming content [8][9]. Debt Management and Financial Flexibility - Beasley reduced its long-term debt by $23 million in 2023, enhancing its balance sheet and lowering quarterly interest expenses [9]. - The company utilized proceeds from asset sales to repurchase $20 million of senior secured notes at a discount, aiming for continued debt reduction in 2024 [9][10].