PART I - FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements](index=5&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements.) Beasley Broadcast Group reported an **$8.9 million net loss** in Q1 2020, driven by a **$6.8 million FCC license impairment** Condensed Consolidated Balance Sheet Highlights (Unaudited) | Account | March 31, 2020 ($) | December 31, 2019 ($) | | :--- | :--- | :--- | | Total current assets | $73,854,333 | $79,658,043 | | Total assets | $748,658,554 | $760,060,229 | | Total current liabilities | $45,963,738 | $53,192,459 | | Total liabilities | $474,280,516 | $475,588,271 | | Total equity | $274,378,038 | $284,471,958 | Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) | Account | Three Months Ended March 31, 2020 ($) | Three Months Ended March 31, 2019 ($) | | :--- | :--- | :--- | | Net revenue | $57,650,426 | $57,687,554 | | Operating income (loss) | ($7,144,030) | $6,809,578 | | Impairment losses | $6,804,412 | $0 | | Net income (loss) | ($8,946,163) | $1,353,263 | | Basic and diluted EPS ($) | ($0.32) | $0.05 | Condensed Consolidated Statements of Cash Flows (Unaudited) | Account | Three Months Ended March 31, 2020 ($) | Three Months Ended March 31, 2019 ($) | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,953,723 | $7,410,986 | | Net cash used in investing activities | ($4,193,430) | ($541,132) | | Net cash provided by (used in) financing activities | $2,070,737 | ($3,910,113) | | Net increase (decrease) in cash | ($168,970) | $2,959,741 | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail COVID-19's impact, including a **$6.8 million FCC license impairment** and credit agreement amendments - The COVID-19 pandemic caused a rapid increase in advertising cancellations and reduced new sales, negatively impacting net revenue starting mid-March 2020[10](index=10&type=chunk) - In response to COVID-19, the company implemented expense controls, including compensation reductions and furloughs, and suspended future quarterly dividend payments[13](index=13&type=chunk)[15](index=15&type=chunk) - Due to COVID-19's economic impact, the company recorded a **$6.8 million impairment loss** on its FCC licenses in several market clusters[19](index=19&type=chunk)[20](index=20&type=chunk) - On June 30, 2020, the company amended its credit agreement to modify financial covenants, increase interest rates, and add fees, projecting compliance through June 30, 2021[42](index=42&type=chunk)[43](index=43&type=chunk) - A promissory note was amended on June 30, 2020, changing interest to include a **10% payment-in-kind component** and modifying principal repayment terms, including partial payment via stock issuance[45](index=45&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=14&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses COVID-19's impact on Q1 2020, leading to an **$8.8 million net loss** from a **$6.8 million FCC license impairment** Results of Operations Comparison (Q1 2020 vs Q1 2019) | Financial Metric | Q1 2020 ($) | Q1 2019 ($) | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net revenue | $57,650,426 | $57,687,554 | ($37,128) | (0.1)% | | Operating expenses | $50,900,477 | $47,451,182 | $3,449,295 | 7.3% | | Impairment losses | $6,804,412 | $0 | $6,804,412 | N/A | | Net income (loss) | ($8,836,561) | $1,353,263 | ($10,189,824) | (753.0)% | - Net revenue remained flat as a decrease in non-political commercial advertising due to COVID-19 was offset by increases in political, digital, and esports revenue[78](index=78&type=chunk) - Operating expenses increased by **$3.4 million (7.3%)** due to higher digital advertising and esports expenses, and WDMK-FM acquisition costs[79](index=79&type=chunk) - Due to COVID-19's projected impact, the company amended its credit agreement on June 30, 2020, to avoid a breach of the First Lien Leverage Ratio covenant[51](index=51&type=chunk)[93](index=93&type=chunk) - The Board of Directors suspended future quarterly dividend payments in response to the COVID-19 pandemic to preserve liquidity[52](index=52&type=chunk)[88](index=88&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=24&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) This section is not applicable as the company qualifies as a smaller reporting company - Disclosure is not required for smaller reporting companies[111](index=111&type=chunk) [Item 4. Controls and Procedures](index=24&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded disclosure controls were effective as of March 31, 2020, with no material changes to internal control - The CEO and CFO concluded the company's disclosure controls and procedures were effective as of the reporting period end[112](index=112&type=chunk) - There were no material changes in internal control over financial reporting during Q1 2020[113](index=113&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=24&type=section&id=Item%201.%20Legal%20Proceedings.) The company is involved in incidental litigation, but management believes no proceedings will materially affect its financials - The company is not a party to any lawsuit or proceeding likely to have a material adverse effect on its financial condition or operations[113](index=113&type=chunk) [Item 1A. Risk Factors](index=25&type=section&id=Item%201A.%20Risk%20Factors.) Updated risk factors address COVID-19's material adverse effects, including potential for further impairment and covenant breaches - The COVID-19 pandemic has materially and adversely affected the company's operations, liquidity, and financial condition due to an advertising industry downturn[115](index=115&type=chunk)[116](index=116&type=chunk) - A **$6.8 million impairment loss** on FCC licenses was recorded in Q1 2020 due to COVID-19's impact, with increased risk of future impairments, especially in Boston and Charlotte[117](index=117&type=chunk)[118](index=118&type=chunk) - Decreased revenue from the pandemic increases the risk of failing to meet financial covenants under the credit facility, potentially leading to an event of default and debt acceleration[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=26&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) During Q1 2020, the company repurchased **7,581 shares** to fund withholding taxes for RSU vesting Share Repurchases in Q1 2020 | Period | Total Number of Shares Purchased | Average Price Paid per Share ($) | | :--- | :--- | :--- | | January 1 – 31, 2020 | 1,250 | $3.28 | | February 1 – 29, 2020 | 187 | $3.35 | | March 1 – 31, 2020 | 6,144 | $1.81 | - All shares purchased during the quarter were to fund withholding taxes for the vesting of restricted stock units and shares[126](index=126&type=chunk) [Item 3. Defaults Upon Senior Securities](index=26&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities.) No defaults upon senior securities were reported - No defaults upon senior securities were reported[127](index=127&type=chunk) [Item 4. Mine Safety Disclosures](index=26&type=section&id=Item%204.%20Mine%20Safety%20Disclosures.) This section is not applicable to the company's operations - This section is not applicable to the company's operations[127](index=127&type=chunk) [Item 5. Other Information](index=26&type=section&id=Item%205.%20Other%20Information.) No other material information is reported in this section - No other material information is reported in this section[127](index=127&type=chunk) [Item 6. Exhibits](index=27&type=section&id=Item%206.%20Exhibits.) This section lists exhibits filed with the report, including CEO and CFO certifications and XBRL data

Part I [Business](index=4&type=section&id=Item%201.%20Business) Beasley Broadcast Group operates US radio stations, generating advertising revenue, with a 2019 esports expansion, facing intense competition and FCC regulation - The company's primary business is operating radio stations in various US markets, with revenue mainly derived from advertising sales across audio, digital, and event platforms[7](index=7&type=chunk)[9](index=9&type=chunk) - In **2019**, the company diversified its operations by acquiring the Houston Outlaws, an esports team competing in the Overwatch League[10](index=10&type=chunk) - The radio broadcasting industry is highly competitive, with competition from other radio stations, digital audio streaming, satellite radio, television, and major digital platforms like Amazon, Apple, Facebook, and Google[11](index=11&type=chunk) - The business is subject to extensive regulation by the Federal Communications Commission (**FCC**), which governs station licenses, ownership limits, and program content[13](index=13&type=chunk)[14](index=14&type=chunk) - Company revenues are seasonal, typically lowest in the **first quarter**, and tend to be higher in even-numbered years due to political advertising, which is heaviest in the **fourth quarter**[48](index=48&type=chunk) - As of February 10, **2020**, the company employed **846** full-time and **592** part-time employees[49](index=49&type=chunk) [Risk Factors](index=10&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from economic sensitivity of advertising revenue, intense media competition, FCC license dependency, substantial debt, asset impairment, and family control - The company's advertising revenue is highly sensitive to economic conditions, as advertising is often a discretionary expense for businesses[54](index=54&type=chunk)[57](index=57&type=chunk) - The company faces intense competition for advertising revenue from other radio stations and a variety of other media, including digital, satellite, and television platforms[60](index=60&type=chunk)[61](index=61&type=chunk) - The business is dependent on federally-issued **FCC licenses**, which are renewable every **eight years**. Non-renewal or renewal with adverse conditions could materially harm the company[76](index=76&type=chunk) - As of December 31, **2019**, **FCC licenses** and **goodwill** represented **72%** of total assets, and a future impairment of these assets could adversely affect operating results[87](index=87&type=chunk) - The company has substantial debt (**$263.5 million** long-term debt vs. **$284.5 million** equity as of Dec 31, **2019**), which requires significant cash flow for debt service and includes restrictive covenants that may limit operational flexibility[88](index=88&type=chunk)[91](index=91&type=chunk) - A significant portion of revenue is generated from a few key markets. In **2019**, the Boston, Philadelphia, and Tampa-Saint Petersburg markets contributed **60.7%** of net revenue[84](index=84&type=chunk) - The company is controlled by its Chairman, George G. Beasley, and his family, who hold **59.3%** of the total voting power, which allows them to control stockholder votes and direct management and policies[114](index=114&type=chunk)[115](index=115&type=chunk) [Unresolved Staff Comments](index=18&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - There are no unresolved staff comments[123](index=123&type=chunk) [Properties](index=18&type=section&id=Item%202.%20Properties) The company owns or leases properties for its radio stations across the US, with several key locations leased from Beasley family-affiliated related parties - The company owns or leases properties for its radio station market clusters in locations such as Atlanta, Boston, Charlotte, Detroit, Philadelphia, and Tampa[124](index=124&type=chunk) - Several properties are leased from related parties, including entities controlled by George G. Beasley or held in trusts for the benefit of his family members[124](index=124&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk) [Legal Proceedings](index=19&type=section&id=Item%203.%20Legal%20Proceedings) The company is not party to any legal proceedings expected to have a material adverse effect on its financial condition or operations - The company is not currently party to any lawsuit or proceeding expected to have a material adverse effect on its financial condition or operations[128](index=128&type=chunk) [Mine Safety Disclosures](index=19&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[129](index=129&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=20&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%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; in 2019, it paid $5.5 million in dividends and repurchased shares for tax purposes - The company's Class A common stock trades on the NASDAQ Global Market (**BBGI**), while Class B common stock has no established public trading market[131](index=131&type=chunk) - The company paid aggregate annual cash dividends of **$5.5 million** in **2019**. Future dividends are at the discretion of the board and are limited by the company's credit agreement[133](index=133&type=chunk) Share Repurchases in Q4 2019 | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | November 1 – 30, 2019 | 5,625 | $2.89 | | December 1 – 31, 2019 | 51,550 | $3.14 | - All shares purchased in **Q4 2019** were to fund withholding taxes in connection with the vesting of restricted stock units and shares of restricted stock[135](index=135&type=chunk) [Selected Financial Data](index=21&type=section&id=Item%206.%20Selected%20Financial%20Data) This section is not required for smaller reporting companies - Not required for smaller reporting companies[138](index=138&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2019, net revenue increased to $261.6 million and net income to $13.5 million, influenced by asset dispositions and impairment losses, with liquidity from cash flow and a $263.5 million credit facility, relying on critical accounting estimates and related-party transactions [Critical Accounting Estimates](index=23&type=section&id=Critical%20Accounting%20Estimates) The company's financial statements rely on critical accounting estimates, primarily for FCC licenses and goodwill valuation, which led to $12.4 million impairment losses in 2019 due to reduced revenue projections - As of December 31, **2019**, **FCC licenses** and **goodwill** represented **72%** of the company's total assets, making their valuation a critical accounting estimate[87](index=87&type=chunk) - The annual quantitative impairment test as of November 30, **2019**, resulted in impairment losses of **$12.4 million** for **FCC licenses** in the Atlanta, GA and West Palm Beach-Boca Raton, FL markets, primarily due to reduced projected revenue share[158](index=158&type=chunk) - The fair value of **FCC licenses** is estimated using a discounted cash flow model, with key assumptions including revenue growth rates (**0.4% - 1.5%**), market revenue shares (**0.6% - 44.3%**), operating income margins (**19.8% - 35.4%**), and a discount rate of **9.0%**[154](index=154&type=chunk)[156](index=156&type=chunk) [Results of Operations](index=25&type=section&id=Results%20of%20Operations) In 2019, net revenue increased by 1.6% to $261.6 million and net income rose 107.5% to $13.5 million, primarily due to a $20.7 million gain on dispositions, partially offset by $13.7 million impairment losses Comparison of Results of Operations (2019 vs. 2018) | Financial Metric | 2018 | 2019 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net revenue | $257,494,599 | $261,554,114 | $4,059,515 | 1.6% | | Operating expenses | $195,752,948 | $201,107,084 | $5,354,136 | 2.7% | | Gain on dispositions | $0 | $20,657,360 | $20,657,360 | N/A | | Impairment losses | $0 | $13,657,941 | $13,657,941 | N/A | | Net income | $6,481,049 | $13,450,224 | $6,969,175 | 107.5% | - The increase in net revenue was primarily driven by an additional **$6.8 million** from the Philadelphia market cluster following the acquisition of WXTU-FM[163](index=163&type=chunk) - The company recorded a **$20.7 million** gain on dispositions in **2019** from the sale of land in Las Vegas and Boca Raton, and radio towers in Tampa and New Jersey[167](index=167&type=chunk) - Impairment losses of **$13.7 million** were recorded in **2019**, consisting of **$12.4 million** for **FCC licenses** and **$1.3 million** for an investment in LN2 DB[168](index=168&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is primarily from cash flow and a credit facility, with $263.5 million in long-term debt as of 2019, while net cash from operations decreased to $21.0 million - As of December 31, **2019**, the company had total long-term debt of **$263.5 million**, including a term loan, revolving credit facility, and a promissory note[181](index=181&type=chunk) - The credit facility includes a term loan with a **$239.0 million** balance and a revolving credit facility with a **$20.0 million** maximum commitment, of which **$11.0 million** was outstanding at year-end[174](index=174&type=chunk) - The credit agreement requires compliance with financial covenants, such as a maximum First Lien Leverage Ratio, which was **5.75x** for December 31, **2019**[176](index=176&type=chunk) Cash Flow Summary (2019 vs. 2018) | Cash Flow Activity | 2018 | 2019 | | :--- | :--- | :--- | | Net cash provided by operating activities | $24,394,480 | $20,991,224 | | Net cash used in investing activities | ($45,612,343) | ($4,955,046) | | Net cash provided by (used in) financing activities | $20,729,301 | ($10,821,835) | [Related Party Transactions](index=28&type=section&id=Related%20Party%20Transactions) The company engages in numerous related party transactions, primarily leasing properties and towers from Beasley family-affiliated entities, with 2019 rental expenses totaling approximately $1.2 million - The company leases numerous properties, including its principal executive offices, land, and radio towers, from entities controlled by or affiliated with the Beasley family[191](index=191&type=chunk)[194](index=194&type=chunk)[198](index=198&type=chunk) - In **2019**, rental expenses for these related party leases included **$0.2 million** to Beasley Broadcasting Management, LLC, **$0.7 million** to Beasley Family Towers, LLC, and **$0.2 million** to GGB Las Vegas, LLC[191](index=191&type=chunk)[194](index=194&type=chunk)[198](index=198&type=chunk) - The company recorded a **$1.3 million** impairment loss on its investment in LN2 DB, LLC, which is managed by a firm partially owned by a company director, after a study concluded its patents had no significant remaining market value[195](index=195&type=chunk)[323](index=323&type=chunk) [Quantitative and Qualitative Disclosures About Market Risks](index=29&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risks) This section is not required for smaller reporting companies - Not required for smaller reporting companies[201](index=201&type=chunk) [Financial Statements and Supplementary Data](index=30&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for 2019 and 2018, including balance sheets, income statements, cash flows, and detailed notes on accounting policies, acquisitions, debt, and lease accounting [Consolidated Balance Sheets](index=32&type=section&id=Consolidated%20Balance%20Sheets) As of December 31, 2019, total assets were $760.1 million, with $517.5 million in FCC licenses and $28.6 million in goodwill, against total liabilities of $475.6 million and equity of $284.5 million Consolidated Balance Sheet Highlights (as of Dec 31, 2019) | Category | Amount | | :--- | :--- | | **Assets** | | | Cash and cash equivalents | $18,648,171 | | FCC licenses | $517,529,167 | | Goodwill | $28,596,547 | | **Total Assets** | **$760,060,229** | | **Liabilities & Equity** | | | Long-term debt (net) | $248,712,452 | | **Total Liabilities** | **$475,588,271** | | **Total Stockholders' Equity** | **$284,538,540** | [Consolidated Statements of Comprehensive Income](index=33&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) For 2019, net revenue was $261.6 million, operating income $38.1 million, and net income $13.5 million, influenced by a $20.7 million gain on dispositions and $13.7 million impairment losses Income Statement Highlights (Year Ended Dec 31, 2019) | Metric | Amount | | :--- | :--- | | Net Revenue | $261,554,114 | | Operating Income | $38,118,390 | | Gain on dispositions | $20,657,360 | | Impairment losses | $13,657,941 | | Net Income Attributable to BBGI | $13,450,224 | | Basic EPS | $0.49 | [Consolidated Statements of Cash Flows](index=35&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) In 2019, net cash from operations was $21.0 million, investing activities used $5.0 million (including acquisitions and capital expenditures offset by dispositions), and financing activities used $10.8 million, resulting in a $5.2 million cash increase Cash Flow Summary (Year Ended Dec 31, 2019) | Cash Flow Activity | Amount | | :--- | :--- | | Net cash provided by operating activities | $20,991,224 | | Net cash used in investing activities | ($4,955,046) | | Net cash provided by (used in) financing activities | ($10,821,835) | | **Net increase in cash and cash equivalents** | **$5,214,343** | [Notes to Consolidated Financial Statements](index=36&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, including 2019 ASC 842 adoption, significant transactions like esports and radio acquisitions, asset sales, debt structure, employee benefits, and related-party transactions - The company adopted the new lease accounting standard (**ASC 842**) on January 1, **2019**, resulting in the initial recording of a **$43.1 million** lease liability and **$38.8 million** in right-of-use assets[240](index=240&type=chunk) - In **2019**, the company acquired the Houston Outlaws esports team and WDMK-FM in Detroit, and completed sales of land and towers for proceeds of **$23.0 million**, resulting in gains of **$20.7 million**[241](index=241&type=chunk)[242](index=242&type=chunk)[244](index=244&type=chunk)[245](index=245&type=chunk) - Revenue is broken down into Commercial advertising (**$223.8M**), Digital advertising (**$20.3M**), and Other revenue (**$17.4M**) for **2019**[302](index=302&type=chunk) - As of December 31, **2019**, the company had commitments for rating services and sports broadcast rights totaling **$127.7 million**, with future minimum payments extending beyond **2024**[325](index=325&type=chunk)[326](index=326&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=56&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[331](index=331&type=chunk) [Controls and Procedures](index=56&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2019, with no material changes during the fourth quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective at the reasonable assurance level as of December 31, **2019**[333](index=333&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of the end of the fiscal year, based on the **COSO framework**[336](index=336&type=chunk) [Other Information](index=57&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[339](index=339&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=57&type=section&id=Item%2010.%20Directors,%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance is incorporated by reference from the 2020 Proxy Statement - Information regarding directors, executive officers, and corporate governance is incorporated by reference from the **2020 Proxy Statement**[339](index=339&type=chunk) [Executive Compensation](index=58&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the 2020 Proxy Statement - Information regarding executive compensation is incorporated by reference from the **2020 Proxy Statement**[340](index=340&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=58&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership is incorporated by reference from the 2020 Proxy Statement - Information regarding security ownership is incorporated by reference from the **2020 Proxy Statement**[340](index=340&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=58&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions,%20and%20Director%20Independence) Information regarding certain relationships, related transactions, and director independence is incorporated by reference from the 2020 Proxy Statement - Information regarding certain relationships, related transactions, and director independence is incorporated by reference from the **2020 Proxy Statement**[341](index=341&type=chunk) [Principal Accounting Fees and Services](index=58&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information regarding principal accounting fees and services is incorporated by reference from the 2020 Proxy Statement - Information regarding principal accounting fees and services is incorporated by reference from the **2020 Proxy Statement**[342](index=342&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=58&type=section&id=Item%2015.%20Exhibits,%20Financial%20Statement%20Schedules) This section lists the financial statements, schedules, and exhibits filed as part of the annual report, including key corporate documents and required certifications - This section provides a list of all financial statements and exhibits filed with the Form **10-K**[342](index=342&type=chunk) [Form 10-K Summary](index=60&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports no information for the Form 10-K summary - None[345](index=345&type=chunk)

Financial Data and Key Metrics Changes - Fourth quarter revenue decreased 4.6% year-over-year to $72.1 million, primarily due to a decline in political revenue [6][10] - Full year 2019 revenue increased 1.6% on an actual basis, with a decrease of 1.1% on a same-station basis [8][10] - Fourth quarter free cash flow increased to $20.7 million compared to $8.6 million in the prior year [17] - Full year 2019 free cash flow increased to $33.5 million from $25.5 million in the prior year [18] Business Line Data and Key Metrics Changes - Digital revenues rose 44% year-over-year in Q4, accounting for 9.2% of total revenue, up from 6.1% in the same quarter last year [7][20] - Consumer services remained the largest revenue category at around 26% of total revenue, with a 4% year-over-year increase [12] - Retail category declined 8% year-over-year, while auto category increased by 2% driven by Boston, Detroit, and Philadelphia clusters [12] Market Data and Key Metrics Changes - Revenue increases were realized in six markets: Augusta, Charlotte, Detroit, Philadelphia, and Wilmington [10] - Las Vegas saw the biggest decline due to high political revenue booked in 2018 [10] Company Strategy and Development Direction - The company is focused on diversifying revenue and cash flow, particularly through investments in esports and digital initiatives [4][20] - The acquisition of the Houston Outlaws is part of the strategy to expand in the esports space [4][21] - The company aims to capture a 30% revenue share in each market while delivering valuable synergies [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing digital growth initiatives, expecting continued solid growth in 2020 [20][21] - The company anticipates EBITDA margins to grow throughout the year as digital revenue exceeds investment costs [28] Other Important Information - Corporate G&A expenses increased due to investments in building out the digital platform [13] - Total outstanding debt at December 31, 2019, was $263.5 million, with a leverage ratio of 5.02x [16] Q&A Session Summary Question: Are you seeing any political dollars from Bloomberg and can you quantify it? - The company has about $1 million in political revenue booked, with at least half coming from Bloomberg [25] Question: Where do you expect leverage to sit at the end of the year? - The company projects leverage to be around 4.2x at the end of 2020 [26] Question: How should we think about operating expense trends for 2020 given all the investment spend? - EBITDA margins are expected to be flat in the first quarter, with growth anticipated for the rest of the year as digital revenue increases [27][28]

Beasley Broadcast Group, Inc. (NASDAQ:BBGI) Q3 2019 Results Conference Call November 7, 2019 10:00 AM ET Company Participants Caroline Beasley - CEO Marie Tedesco - CFO Conference Call Participants Operator Good morning, and welcome to the Beasley Broadcast Group’s Third Quarter 2019 Conference 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 uncert ...

[PART I FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Condensed Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements.) The unaudited condensed consolidated financial statements show total assets increased to **$739.9 million** and nine-month net income nearly doubled to **$8.7 million** [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets reached **$739.9 million** as of September 30, 2019, driven by new lease accounting standards and FCC licenses, with total liabilities rising to **$458.4 million** Condensed Consolidated Balance Sheet Summary | Balance Sheet Items | Sep 30, 2019 | Dec 31, 2018 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $11,898,751 | $13,433,828 | | Total current assets | $69,923,468 | $70,945,768 | | FCC licenses | $529,626,671 | $516,735,554 | | **Total assets** | **$739,883,343** | **$681,085,079** | | **Liabilities & Equity** | | | | Total current liabilities | $42,295,514 | $28,859,360 | | Long-term debt, net | $245,228,469 | $242,776,520 | | Operating lease liabilities (long-term) | $35,800,025 | $0 | | **Total liabilities** | **$458,414,451** | **$406,050,988** | | **Total stockholders' equity** | **$281,468,892** | **$275,034,091** | - The company adopted new lease accounting guidance on January 1, 2019, resulting in the recognition of **$38.8 million** in right-of-use assets and **$43.1 million** in lease liabilities on the balance sheet[10](index=10&type=chunk) [Condensed Consolidated Statements of Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Q3 2019 net revenue slightly increased to **$66.1 million**, while nine-month net income nearly doubled to **$8.7 million** due to revenue growth and dispositions Three Months Ended September 30 | Metric | 2019 | 2018 | | :--- | :--- | :--- | | Net Revenue | $66,114,701 | $65,147,080 | | Operating Income | $9,411,752 | $9,326,142 | | Net Income | $3,185,277 | $2,631,776 | | Net Income per Share (Basic & Diluted) | $0.11 | $0.10 | Nine Months Ended September 30 | Metric | 2019 | 2018 | | :--- | :--- | :--- | | Net Revenue | $189,461,003 | $181,926,003 | | Operating Income | $26,898,973 | $20,377,442 | | Net Income | $8,666,163 | $4,389,196 | | Net Income per Share (Basic & Diluted) | $0.31 | $0.16 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Nine-month operating cash flow significantly increased to **$23.3 million**, while investing cash use decreased and financing activities shifted to a net use Cash Flow Summary (Nine Months Ended Sep 30) | Cash Flow Activity | 2019 | 2018 | | :--- | :--- | :--- | | Net cash provided by operating activities | $23,313,498 | $15,833,485 | | Net cash used in investing activities | ($21,611,242) | ($43,069,058) | | Net cash provided by (used in) financing activities | ($3,237,333) | $23,292,684 | | **Net decrease in cash and cash equivalents** | **($1,535,077)** | **($3,942,889)** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail new lease accounting, the **$13.5 million** WDMK-FM acquisition, **$3.5 million** gain on dispositions, and **$253.0 million** in long-term debt - On August 31, 2019, the company acquired WDMK-FM in Detroit for **$13.5 million** in cash, financed through **$10.0 million** in borrowings and **$3.5 million** from cash operations[11](index=11&type=chunk) - The company recorded a total gain of **$3.5 million** from dispositions in the first quarter of 2019, comprising a **$0.4 million** gain from a land sale in Augusta, GA, and a **$3.1 million** gain from the cancellation of a broadband radio service license in Chattanooga, TN[12](index=12&type=chunk)[13](index=13&type=chunk) - The company made significant investments accounted for using the equity method, including an aggregate **$5.0 million** in esports organization Renegades Holdings, Inc. and an additional **$1.5 million** in technology company Quu, Inc[18](index=18&type=chunk)[19](index=19&type=chunk) Revenue by Type (Nine Months Ended Sep 30) | Revenue Type | 2019 | 2018 | | :--- | :--- | :--- | | Commercial advertising | $164,125,289 | $157,761,002 | | Digital advertising | $13,507,547 | $10,826,473 | | Other | $11,828,167 | $13,338,528 | | **Total** | **$189,461,003** | **$181,926,003** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=15&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management attributes Q3 revenue growth to the WXTU-FM acquisition, with nine-month net income significantly increasing due to revenue, dispositions, and prior-year charge absence [Results of Operations](index=18&type=section&id=Results%20of%20Operations) Q3 net revenue increased by **$1.0 million** due to the WXTU-FM acquisition, while nine-month net income rose to **$8.7 million** driven by revenue growth and disposition gains - Q3 2019 net revenue increased by **$1.0 million**, largely due to an additional **$1.3 million** from the Philadelphia market cluster following the acquisition of WXTU-FM in late 2018[69](index=69&type=chunk) - Q3 2018 station operating expenses included **$1.7 million** of bad debt expense related to United States Traffic Network, which did not recur in 2019, contributing to a year-over-year decrease in this expense line[70](index=70&type=chunk) - For the nine months ended Sep 30, 2019, net income rose to **$8.7 million** from **$4.4 million** in 2018. Key drivers were a **$7.5 million** revenue increase, a **$3.5 million** gain on dispositions, and the absence of a **$4.4 million** charge related to the fair value of contingent consideration that was recorded in 2018[77](index=77&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk)[85](index=85&type=chunk) [Liquidity and Capital Resources](index=20&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is supported by operating cash flow and a **$20.0 million** revolving credit facility with **$10.0 million** available, with the company in compliance with debt covenants - As of September 30, 2019, the credit facility consisted of a **$243.0 million** term loan and a **$10.0 million** outstanding balance on a **$20.0 million** revolving credit facility, with **$10.0 million** remaining available[88](index=88&type=chunk) - The company is required to maintain a maximum First Lien Leverage Ratio of **5.75x** through December 31, 2019, and was in compliance with all financial covenants as of the reporting date[91](index=91&type=chunk)[93](index=93&type=chunk) - The credit agreement permits annual dividends up to **$7.5 million** if the Total Leverage Ratio is above **3.5x**, and up to **$10.0 million** if it is at or below **3.5x**. The company paid **$4.2 million** in dividends during the first nine months of 2019[95](index=95&type=chunk) Cash Flow Comparison (Nine Months Ended Sep 30) | Cash Flow Activity | 2019 | 2018 | | :--- | :--- | :--- | | Net cash provided by operating activities | $23,313,498 | $15,833,485 | | Net cash used in investing activities | ($21,611,242) | ($43,069,058) | | Net cash provided by (used in) financing activities | ($3,237,333) | $23,292,684 | [Quantitative and Qualitative Disclosures About Market Risk](index=22&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) Disclosure on market risk is not required as the company qualifies as a smaller reporting company - Disclosure is not required as the company qualifies as a smaller reporting company[103](index=103&type=chunk) [Controls and Procedures](index=22&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded disclosure controls and procedures were effective as of September 30, 2019, with no material changes to internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[104](index=104&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[105](index=105&type=chunk) [PART II OTHER INFORMATION](index=22&type=section&id=PART%20II%20OTHER%20INFORMATION) [Legal Proceedings](index=22&type=section&id=Item%201.%20Legal%20Proceedings.) Management believes no current legal proceedings are likely to have a material adverse effect on the company's financial condition or operations - The company is not a party to any lawsuit or proceeding that, in management's opinion, is likely to have a material adverse effect on its financial condition or operations[105](index=105&type=chunk) [Risk Factors](index=23&type=section&id=Item%201A.%20Risk%20Factors.) No material changes to the company's risk factors occurred during the third quarter of 2019 - No material changes to the company's risk factors occurred during the third quarter of 2019[106](index=106&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=23&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) The company repurchased **1,875** shares of Class A common stock at **$2.98** per share in Q3 2019 to fund withholding taxes for restricted stock vesting Share Repurchases in Q3 2019 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | July 1 – 31, 2019 | — | — | | August 1 – 31, 2019 | — | — | | September 1 – 30, 2019 | 1,875 | $2.98 | - All share purchases were made to fund withholding taxes in connection with the vesting of restricted stock, as permitted by the 2007 Equity Incentive Award Plan and the company's credit agreement[108](index=108&type=chunk) [Defaults Upon Senior Securities](index=23&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities.) The company reported no defaults upon senior securities - The company reported no defaults upon senior securities[109](index=109&type=chunk) [Mine Safety Disclosures](index=23&type=section&id=Item%204.%20Mine%20Safety%20Disclosures.) This item is not applicable to the company - This item is not applicable to the company[109](index=109&type=chunk) [Other Information](index=23&type=section&id=Item%205.%20Other%20Information.) The company reported no other information for this item - The company reported no other information for this item[109](index=109&type=chunk) [Exhibits](index=24&type=section&id=Item%206.%20Exhibits.) The report lists filed exhibits, including CEO and CFO certifications and XBRL data files - Exhibits filed with the report include certifications from the Chief Executive Officer and Chief Financial Officer pursuant to SEC rules, as well as XBRL Instance Documents[111](index=111&type=chunk)

[PART I FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section provides the unaudited condensed consolidated financial statements and related notes, along with management's discussion and analysis of financial condition and results of operations [Condensed Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements.) This section presents the unaudited condensed consolidated financial statements, including Balance Sheets, Statements of Comprehensive Income, and Statements of Cash Flows, for Beasley Broadcast Group, Inc Condensed Consolidated Balance Sheets (Unaudited) | Account | June 30, 2019 | December 31, 2018 | | :--- | :--- | :--- | | **Total Assets** | **$723,895,925** | **$681,085,079** | | Total Current Assets | $69,706,067 | $70,945,768 | | FCC broadcasting licenses | $516,735,554 | $516,735,554 | | Goodwill | $25,377,447 | $25,377,447 | | **Total Liabilities** | **$444,678,579** | **$406,050,988** | | Total Current Liabilities | $36,596,373 | $28,859,360 | | Long-term debt, net | $237,244,486 | $242,776,520 | | **Total Stockholders' Equity** | **$279,217,346** | **$275,034,091** | Condensed Consolidated Statements of Comprehensive Income (Unaudited) | Metric | Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | | :--- | :--- | :--- | | Net revenue | $65,658,748 | $61,625,296 | | Operating income | $10,677,644 | $10,655,652 | | Net income | $4,269,001 | $4,918,612 | | Basic and diluted EPS | $0.15 | $0.18 | | Dividends declared per share | $0.05 | $0.05 | | **Metric** | **Six Months Ended June 30, 2019** | **Six Months Ended June 30, 2018** | | Net revenue | $123,346,302 | $116,778,923 | | Operating income | $17,487,222 | $11,051,300 | | Net income | $5,622,264 | $1,757,420 | | Basic and diluted EPS | $0.20 | $0.06 | Condensed Consolidated Statements of Cash Flows (Unaudited, Six Months Ended June 30) | Cash Flow Activity | 2019 | 2018 | | :--- | :--- | :--- | | Net cash provided by operating activities | $11,533,939 | $10,982,567 | | Net cash used in investing activities | ($3,369,405) | ($2,329,499) | | Net cash used in financing activities | ($9,325,978) | ($7,753,709) | | **Net (decrease) increase in cash** | **($1,161,444)** | **$899,359** | | Cash and cash equivalents at end of period | $12,272,384 | $14,821,749 | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements.) This section provides detailed explanations for financial statement figures, covering lease accounting, acquisitions, debt, revenue recognition, and stock-based compensation [Recent Accounting Pronouncements](index=7&type=section&id=Note%202%20Recent%20Accounting%20Pronouncements) The company adopted new FASB lease accounting guidance on January 1, 2019, recognizing significant lease liabilities and right-of-use assets - On January 1, 2019, the Company adopted the new lease guidance, recording a lease liability of **$43.1 million** and right-of-use assets of **$38.8 million**, with a cumulative effect adjustment of **$0.9 million** to retained earnings[10](index=10&type=chunk) [Acquisitions and Dispositions](index=7&type=section&id=Note%203%20Acquisitions%20and%20Dispositions) The company agreed to acquire WDMK-FM for $13.5 million and completed two dispositions in Q1 2019, generating a $3.5 million gain - On June 10, 2019, the Company agreed to acquire WDMK-FM and three translators in Detroit from Urban One, Inc. for **$13.5 million** in cash, with the deal expected to close in Q3 2019[11](index=11&type=chunk) - In Q1 2019, the company generated a total gain of **$3.5 million** from two dispositions: the sale of land in Augusta, GA (**$0.4 million** gain) and the cancellation of a broadband radio service license in Chattanooga, TN (**$3.1 million** gain)[12](index=12&type=chunk)[13](index=13&type=chunk) [Other Assets](index=8&type=section&id=Note%204%20Other%20Assets) The company invested $4.5 million in esports organization Renegades Holdings, Inc., acquiring an approximate 43% stake through cash, stock, and media advertising - The company invested **$4.5 million** in esports organization Renegades Holdings, Inc. for an approximate **43% stake** The investment consisted of **$2.5 million** in cash, **$1.0 million** in Class A common stock, and **$1.0 million** in media advertising[17](index=17&type=chunk) [Long-Term Debt](index=8&type=section&id=Note%205%20Long-Term%20Debt) As of June 30, 2019, long-term debt primarily consisted of a $245.5 million term loan, with the company in compliance with all financial covenants and full availability of its $20.0 million revolving credit facility Long-Term Debt Composition (June 30, 2019) | Component | Amount | | :--- | :--- | | Term loan | $245,500,000 | | Revolving credit facility | $0 | | Less unamortized debt issuance costs | ($8,255,514) | | **Total Long-Term Debt, Net** | **$237,244,486** | - The term loan matures on **November 1, 2023**, and carried an interest rate of **6.4%** as of June 30, 2019 The company was in compliance with its financial covenants, including a maximum First Lien Leverage Ratio of **5.75x**[18](index=18&type=chunk)[21](index=21&type=chunk)[23](index=23&type=chunk) [Revenue](index=11&type=section&id=Note%208%20Revenue) The company's revenue, primarily from commercial advertising, grew to $123.3 million for the six months ended June 30, 2019, driven by increases in both commercial and digital advertising Revenue by Type (Six Months Ended June 30) | Revenue Type | 2019 | 2018 | | :--- | :--- | :--- | | Commercial advertising | $106,957,086 | $101,116,875 | | Digital advertising | $8,455,130 | $7,330,337 | | Other | $7,934,086 | $8,331,711 | | **Total Revenue** | **$123,346,302** | **$116,778,923** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=14&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses the company's financial performance for the three and six months ended June 30, 2019, highlighting revenue growth, net income changes, and liquidity - The company operates **64 radio stations** across various markets, including Atlanta, Boston, Detroit, Philadelphia, and Tampa[48](index=48&type=chunk) - Net revenue is primarily derived from the sale of commercial spots, with rates based on audience share (Nielsen Audio ratings), competition, and market size Revenue is typically lowest in the first quarter[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk) [Results of Operations (Three Months Ended June 30)](index=16&type=section&id=Three%20Months%20Ended%20June%2030%2C%202019%20Compared%20to%20the%20Three%20Months%20Ended%20June%2030%2C%202018) Q2 2019 net revenue increased by 6.5% to $65.7 million due to acquisitions and market growth, though net income decreased by 13.2% to $4.3 million due to higher expenses Q2 2019 vs Q2 2018 Financial Comparison | Metric | Q2 2019 | Q2 2018 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net revenue | $65,658,748 | $61,625,296 | $4,033,452 | 6.5% | | Station operating expenses | $47,759,693 | $44,967,293 | $2,792,400 | 6.2% | | Net income | $4,269,001 | $4,918,612 | ($649,611) | (13.2)% | - The **$4.0 million** revenue increase was primarily due to **$3.2 million** from the Philadelphia market (WXTU-FM acquisition) and a **$1.6 million** increase in the Boston market[64](index=64&type=chunk) - Corporate general and administrative expenses rose by **$1.0 million**, mainly due to a **$0.7 million** increase in cash compensation from a higher employee count at corporate offices[67](index=67&type=chunk) [Results of Operations (Six Months Ended June 30)](index=17&type=section&id=Six%20Months%20Ended%20June%2030%2C%202019%20Compared%20to%20the%20Six%20Months%20Ended%20June%2030%2C%202018) H1 2019 net revenue grew 5.6% to $123.3 million, with net income significantly increasing by 219.9% to $5.6 million, primarily due to disposition gains H1 2019 vs H1 2018 Financial Comparison | Metric | H1 2019 | H1 2018 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net revenue | $123,346,302 | $116,778,923 | $6,567,379 | 5.6% | | Gain on dispositions | $3,545,755 | $0 | $3,545,755 | N/A | | Net income | $5,622,264 | $1,757,420 | $3,864,844 | 219.9% | - The **$6.6 million** revenue increase was driven by the Philadelphia (**$5.4 million**), Boston (**$2.1 million**), and Tampa-Saint Petersburg (**$0.9 million**) markets, partially offset by declines in Las Vegas and Charlotte[72](index=72&type=chunk) - A **$3.5 million** gain on dispositions was recorded in H1 2019 from the sale of land in Augusta and the cancellation of a license in Chattanooga[76](index=76&type=chunk) [Liquidity and Capital Resources](index=18&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity relies on cash from operations and its $20.0 million revolving credit facility, with management confident in sufficient liquidity despite debt covenants and dividend restrictions - As of June 30, 2019, the company had a term loan balance of **$245.5 million** and **$20.0 million** available under its revolving credit facility[82](index=82&type=chunk) - The credit agreement restricts annual cash dividends to **$7.5 million** if the Total Leverage Ratio is above **3.5x**, and **$10.0 million** if it is at or below **3.5x** The company paid **$2.8 million** in dividends in H1 2019[88](index=88&type=chunk) Cash Flow Summary (Six Months Ended June 30) | Cash Flow Activity | 2019 | 2018 | | :--- | :--- | :--- | | Net cash provided by operating activities | $11,533,939 | $10,982,567 | | Net cash used in investing activities | ($3,369,405) | ($2,329,499) | | Net cash used in financing activities | ($9,325,978) | ($7,753,709) | [Quantitative and Qualitative Disclosures About Market Risk](index=20&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) This section is omitted as it is not required for smaller reporting companies - Disclosure is not required for smaller reporting companies[96](index=96&type=chunk) [Controls and Procedures](index=20&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of June 30, 2019, with no material changes to internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures are effective as of the end of the reporting period[97](index=97&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended June 30, 2019, that have materially affected, or are reasonably likely to materially affect, internal controls[98](index=98&type=chunk) [PART II OTHER INFORMATION](index=21&type=section&id=PART%20II%20OTHER%20INFORMATION) This section provides other information, including legal proceedings, risk factors, equity security sales, and exhibits [Legal Proceedings](index=21&type=section&id=Item%201.%20Legal%20Proceedings.) The company is involved in incidental litigation, but management believes no current proceedings will materially adversely affect its financial condition or operations - The company is not a party to any lawsuit or proceeding that is likely to have a material adverse effect on its financial condition or operations[98](index=98&type=chunk) [Risk Factors](index=21&type=section&id=Item%201A.%20Risk%20Factors.) This section refers to risk factors from the 2018 Form 10-K, confirming no material changes during Q2 2019 - There have been no material changes to the risk factors affecting the Company during the second quarter of 2019 For details, refer to Item 1A of the 2018 Form 10-K[102](index=102&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=21&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) During Q2 2019, the company repurchased Class A common shares to fund withholding taxes related to employee restricted stock vesting, as permitted by its equity plan and credit agreement Share Repurchases (Q2 2019) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 1 – 30, 2019 | 1,875 | $3.78 | | May 1 – 31, 2019 | 500 | $3.57 | | June 1 – 30, 2019 | 750 | $3.18 | - All share purchases were made to fund withholding taxes in connection with the vesting of restricted stock units and shares, not as part of a publicly announced program[100](index=100&type=chunk) [Defaults Upon Senior Securities](index=21&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities.) The company reports no defaults upon senior securities during the period - None[104](index=104&type=chunk) [Mine Safety Disclosures](index=21&type=section&id=Item%204.%20Mine%20Safety%20Disclosures.) This item is not applicable to the company - Not applicable[105](index=105&type=chunk) [Other Information](index=21&type=section&id=Item%205.%20Other%20Information.) No information was provided under this item - None[105](index=105&type=chunk) [Exhibits](index=21&type=section&id=Item%206.%20Exhibits.) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL data files - Exhibits filed include CEO and CFO certifications pursuant to Rule 13a-14(a)/15d-14(a) and Section 1350, as well as XBRL documents[107](index=107&type=chunk) [Signatures](index=23&type=section&id=SIGNATURES) This section contains the formal signatures authorizing the report [Signatures](index=23&type=section&id=Signatures) The report was formally signed and authorized by Caroline Beasley, CEO, and Marie Tedesco, CFO, on August 7, 2019 - The report was signed on **August 7, 2019**, by Caroline Beasley (CEO) and Marie Tedesco (CFO)[108](index=108&type=chunk)[109](index=109&type=chunk)

Beasley Broadcast Group, Inc. (NASDAQ:BBGI) Q2 2019 Earnings Conference Call August 5, 2019 10:00 AM ET Company Participants Caroline Beasley - Chief Executive Officer Marie Tedesco - Chief Financial Officer Conference Call Participants Operator Operator Good morning and welcome to the Beasley Broadcast Group Second Quarter 2019 Conference 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 resu ...

Financial Performance - Net revenue for the three months ended March 31, 2019, was $57.7 million, an increase of $2.5 million or 4.6% compared to $55.2 million for the same period in 2018[60]. - Net income for the three months ended March 31, 2019, was $1.4 million, an increase of $4.5 million compared to a net loss of $3.2 million for the same period in 2018[67]. - Net cash provided by operating activities increased by $2.6 million to $7.4 million for the three months ended March 31, 2019 compared to the same period in 2018[81]. Expenses - Station operating expenses increased by $1.9 million or 4.3% to $47.5 million for the three months ended March 31, 2019, compared to $45.5 million in the same period of 2018[61]. - Corporate general and administrative expenses rose by $1.7 million or 51.2% to $5.0 million for the three months ended March 31, 2019, compared to $3.3 million in the same period of 2018[62]. - Interest expense increased by $1.0 million or 26.6% to $4.6 million for the three months ended March 31, 2019, compared to $3.6 million in the same period of 2018[65]. Cash Flow - Cash receipts from revenue increased by $10.9 million, while cash paid for station operating expenses rose by $4.6 million during the same period[81]. - Net cash used in investing activities was $541,132 for the three months ended March 31, 2019, which included $2.5 million for investments and $1.8 million for capital expenditures[82]. - Net cash used in financing activities decreased to $3.9 million for the three months ended March 31, 2019, down from $4.3 million in the same period in 2018[83]. Debt and Liquidity - As of March 31, 2019, the carrying amount of the Company's long-term debt was $249.5 million, which approximated fair value based on current market interest rates[44]. - The revolving credit facility had $20.0 million in available commitments as of March 31, 2019, with interest based on LIBOR at 6.5%[70]. - The company expects to meet liquidity needs through internally generated cash flow, revolving credit facility, and potential equity offerings[78]. Tax and Compliance - The effective tax rate for the three months ended March 31, 2019, was 31.9%, compared to (13.7)% for the same period in 2018[66]. - The company was in compliance with all applicable financial covenants under the credit agreement as of March 31, 2019[75]. Acquisitions and Investments - The Company completed the acquisition of WXTU-FM on September 27, 2018, contributing $2.2 million in additional revenue in the Philadelphia market cluster[60]. - The credit agreement allows for additional dividends of up to $10 million annually if the Total Leverage Ratio is less than or equal to 3.5x[77]. - The scheduled principal repayments for the credit facility total $249.5 million, with $247.2 million due in 2023[76].

Beasley Broadcast Group, Inc. (NASDAQ:BBGI) Q1 2019 Earnings Conference Call April 29, 2019 11:00 AM ET Company Participants Caroline Beasley - CEO Marie Tedesco - CFO Conference Call Participants Operator Good morning and welcome to Beasley Broadcast Group's First Quarter 2019 Conference 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 uncertaintie ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 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 ...