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Beasley Broadcast(BBGI) - 2024 Q4 - Annual Results
BBGIBeasley Broadcast(BBGI)2025-03-20 20:04

Financial Performance - Beasley Broadcast Group reported fourth quarter revenue of 67.3million,a2.367.3 million, a 2.3% increase from 65.7 million in Q4 2023[3]. - The company generated 8.3millioninpoliticalrevenueduringQ42024,whichhelpedoffsetdeclinesincommercialadvertising[6].−Operatingincomeremainedsteadyat8.3 million in political revenue during Q4 2024, which helped offset declines in commercial advertising[6]. - Operating income remained steady at 7.6 million for both Q4 2024 and Q4 2023, despite the absence of a one-time gain in Q4 2023[7]. - Beasley reported a net loss of 2.1million,or2.1 million, or 1.17 per diluted share, compared to a net income of 6.4million,or6.4 million, or 4.25 per diluted share, in the prior year[8]. - Net revenue for the three months ended December 31, 2024, was 67.29million,a2.3467.29 million, a 2.34% increase from 65.75 million in the same period of 2023[25]. - The company reported a net loss of (2.06)millionforthethreemonthsendedDecember31,2024,comparedtoanetincomeof(2.06) million for the three months ended December 31, 2024, compared to a net income of 6.38 million in the same period of 2023[25]. - Basic net income (loss) per share for the three months ended December 31, 2024, was (1.17),comparedto(1.17), compared to 4.26 in 2023[25]. Revenue Breakdown - Digital revenue accounted for 17.1% of net revenue, totaling 11.5million,reflectinga4.111.5 million, reflecting a 4.1% year-over-year decline[5]. - Digital revenue grew 2.9% year-over-year to 46.7 million, accounting for 19.4% of net revenue[12]. - Local revenue, including digital packages sold locally, represented 71% of net revenue in FY 2024[5]. Expense Management - EBITDA per Indenture for Q4 2024 was 12.5million,upfrom12.5 million, up from 6.2 million in Q4 2023, due to disciplined expense management[9]. - The company achieved approximately 20.0millioninannualizedexpensereductions,improvingitsleverageprofileandfinancialflexibility[10].−Totaloperatingexpensesdecreasedto20.0 million in annualized expense reductions, improving its leverage profile and financial flexibility[10]. - Total operating expenses decreased to 59.70 million for the three months ended December 31, 2024, down from 58.17millionin2023,reflectingareductionof2.6358.17 million in 2023, reflecting a reduction of 2.63%[25]. - The company incurred severance expenses of 1.20 million for the three months ended December 31, 2024, compared to 0.23millioninthesameperiodof2023,indicatingasignificantincreaseinrestructuringcosts[31].CashFlowandDebt−Netcashusedinoperatingactivitiesimprovedto0.23 million in the same period of 2023, indicating a significant increase in restructuring costs[31]. Cash Flow and Debt - Net cash used in operating activities improved to (3.71) million for the twelve months ended December 31, 2024, compared to (4.68)millionin2023,indicatinga20.6(4.68) million in 2023, indicating a 20.6% reduction in cash outflow[29]. - Cash and cash equivalents decreased to 13.77 million as of December 31, 2024, down from 26.73millionin2023,representingadeclineof48.626.73 million in 2023, representing a decline of 48.6%[27]. - Long-term debt decreased to 247.12 million as of December 31, 2024, from 264.20millionin2023,reflectingareductionof6.5264.20 million in 2023, reflecting a reduction of 6.5%[27]. Future Outlook - Beasley aims to drive sustainable revenue growth and expand digital offerings while optimizing its sales approach in 2025[10]. - Adjusted EBITDA for the twelve months ended December 31, 2024, was 25.84 million, an increase of 17.5% compared to 21.97millionin2023[31].−Totalassetsdecreasedto21.97 million in 2023[31]. - Total assets decreased to 549.21 million as of December 31, 2024, from $574.27 million in 2023, a decline of 4.37%[27].