Beasley Broadcast(BBGI) - 2024 Q2 - Quarterly Results

Revenue Performance - Beasley Broadcast Group reported second quarter revenue of $60.4 million, a decrease of 4.8% year-over-year from $63.5 million[2]. - Net revenue for the three months ended June 30, 2024, was $60,435,657, a decrease of 4.8% from $63,461,723 for the same period in 2023[17]. - Local revenue, including digital packages sold locally, accounted for 72.8% of net revenue[3]. Digital Revenue - Digital revenue grew 5.7% year-over-year to $13.0 million, accounting for 21.5% of net revenue, with a 10.4% increase on a same station basis[3]. - Beasley aims for digital revenue to represent 20% to 25% of total revenue for the full year 2024[6]. - Net digital revenue for the three months ended June 30, 2024, was $13,005,577, an increase from $12,301,269 in the same period of 2023[24]. Operating Income and Expenses - Operating income improved to $5.4 million in Q2 2024, compared to an operating loss of $4.5 million in Q2 2023[4]. - Operating expenses for the three months ended June 30, 2024, were $55,060,458, down 19.1% from $67,969,578 in the prior year[17]. - Adjusted EBITDA increased by 11.4% to $8.8 million, up from $7.9 million in Q2 2023, primarily due to lower operating and corporate expenses[5]. Net Loss and Financial Position - Net loss decreased significantly to $0.3 million, or $0.01 per diluted share, from a net loss of $10.4 million, or $0.35 per diluted share, in the prior year[4]. - The company reported a net loss of $(276,021) for the three months ended June 30, 2024, compared to a net loss of $(10,430,629) in the same period last year[23]. - Cash and cash equivalents increased to $33,294,000 as of June 30, 2024, compared to $26,734,000 at the end of 2023[18]. Customer Acquisition and Political Revenue - Revenue from new customers grew 16.5% year-over-year, indicating successful customer acquisition efforts[3]. - The company generated $586,000 in political revenue during the quarter[3]. Future Outlook - The company expects to achieve $10 million in annualized expense savings through aggressive expense management initiatives[6]. - Long-term debt remained stable at $264,874,000 as of June 30, 2024, compared to $264,203,000 at the end of 2023[18].