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].

Core Viewpoint - Beasley Broadcast Group, Inc. will report its 2023 fourth quarter and full year financial results on February 12, 2024, and will host a conference call to discuss these results [1]. Group 1: Financial Reporting - The financial results will be announced before the market opens on February 12, 2024 [1]. - A conference call and webcast will take place at 11:00 a.m. ET on the same day to review the results [1]. - Interested parties can access the conference call by dialing specific numbers and using a conference ID [1]. Group 2: Company Overview - Beasley Broadcast Group, Inc. was founded in 1961 and owns 59 AM and FM stations across 13 markets in the United States [3]. - The company reaches over 30 million unique consumers weekly through various platforms, including over-the-air, online, and mobile devices [3]. - Beasley engages millions of consumers through digital platforms such as Facebook, Twitter, and mobile applications [3].

Core Viewpoint - Beasley Broadcast Group, Inc. will report its 2023 fourth quarter and full year financial results on February 12, 2024, before market opens, followed by a conference call and webcast to discuss the results [1] Group 1: Financial Reporting - The financial results will be announced before the market opens on February 12, 2024 [1] - A conference call and webcast will take place at 11:00 a.m. ET on the same day to review the results [1] - Interested parties can access the conference call by dialing specific numbers and using a conference ID [1] Group 2: Company Background - Beasley Broadcast Group, Inc. was founded in 1961 and owns 59 AM and FM stations across 13 markets in the United States [3] - The company's radio stations reach over 30 million unique consumers weekly through various platforms [3] - Beasley engages millions of consumers through digital platforms such as Facebook, Twitter, and mobile applications [3]

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 September 30, 2023 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 (St ...

Beasley Broadcast Group, Inc. (NASDAQ:BBGI) Q3 2023 Earnings Conference Call November 1, 2023 11:00 AM ET Company Participants Caroline Beasley - Chief Executive Officer Marie Tedesco - Chief Financial Officer Operator Good morning and welcome to Beasley Broadcast Group's Third Quarter 2023 Conference Call. Before proceeding, I'd 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 unc ...