Beasley Broadcast(BBGI) - 2024 Q4 - Annual Results

Financial Performance - Beasley Broadcast Group reported fourth quarter revenue of $67.3 million, a 2.3% increase from $65.7 million in Q4 2023[3]. - The company generated $8.3 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 $2.1 million, or $1.17 per diluted share, compared to a net income of $6.4 million, or $4.25 per diluted share, in the prior year[8]. - Net revenue for the three months ended December 31, 2024, was $67.29 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) 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), compared to $4.26 in 2023[25]. Revenue Breakdown - Digital revenue accounted for 17.1% of net revenue, totaling $11.5 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 $12.5 million, up from $6.2 million in Q4 2023, due to disciplined expense management[9]. - The company achieved approximately $20.0 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 $58.17 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 $0.23 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) 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 $26.73 million in 2023, representing a decline of 48.6%[27]. - Long-term debt decreased to $247.12 million as of December 31, 2024, from $264.20 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 $21.97 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].