Conference Call and Webcast Today, 877-407-4018 or 201-689-8471, conference ID 13746158 or www.bbgi.com Replay information provided below | ||
First Quarter Financial Highlights
In millions, except per share data | Three Months Ended | |||||
2024 | 2023 | |||||
Net revenue | ||||||
Operating income (loss) | (1.1 | ) | 0.4 | |||
Net income (loss)1 | 0.0 | (3.5 | ) | |||
Net income (loss) per diluted share1 | ( | ) | ||||
Adjusted EBITDA (non-GAAP) | 0.7 | 2.6 |
1 Net income (loss) and net income (loss) per diluted share in the three months ended
Net revenue during the three months ended
Beasley reported an operating loss of
Beasley reported net income of approximately
Adjusted EBITDA (a non-GAAP financial measure) was
Please refer to the “Calculation of Adjusted EBITDA” and “Reconciliation of Net Income (Loss) to Adjusted EBITDA” tables at the end of this release.
Commenting on the financial results,
“In summary, Beasley’s underlying fundamentals—mainly, our local audio and digital platforms and audience engagement—remain strong. We are proud of our teams’ steadfast commitment to delivering exceptional content and services to our listeners, advertisers, online users and sports fans, and remain confident that the actions we are taking to transform our company and strengthen our balance sheet, are laying the foundation for future growth and success.”
First Quarter 2024 Highlights
- Revenue from new customers grew 53% year over year
- Generated
$548,000 in political revenue - Local revenue, including digital packages sold locally, accounted for 69% of Total Revenue
- Digital revenue grew 10% year-over-year, or 20% year-over-year on a same station basis, to
$11,000,000 - Digital revenue accounted for 20% of total company revenue
- 38% of our total audience listens via the company’s digital platforms
Conference Call and Webcast Information
The Company will host a conference call and webcast today,
Questions from analysts, institutional investors and debt holders may be e-mailed to ir@bbgi.com at any time up until
About
For further information, or to receive future
Definitions
EBITDA is defined as net income (loss) before interest income or expense, income tax expense or benefit, depreciation, and amortization.
Adjusted EBITDA is defined as EBITDA further adjusted to exclude certain, non-operating or other items that we believe are not indicative of the performance of our ongoing operations, such as impairment losses, other income or expense, or equity in earnings of unconsolidated affiliates. See “Reconciliation of Net Income (Loss) to Adjusted EBITDA” for additional information.
Adjusted EBITDA can also be calculated as net revenue less operating and corporate expenses. We define operating expenses as cost of services and selling, general and administrative expenses. Corporate expenses include general and administrative expenses and certain other income and expense items not allocated to the operating segments.
Adjusted EBITDA is a measure widely used in the media industry. The Company recognizes that because Adjusted EBITDA is not calculated in accordance with GAAP, it is not necessarily comparable to similarly titled measures employed by other companies. However, management believes that Adjusted EBITDA provides meaningful information to investors because it is an important measure of how effectively we operate our business and assists investors in comparing our operating performance with that of other media companies.
Same station revenue excludes revenue from all divestitures and other operations that were exited in the prior 12 months.
New business revenue is defined as revenue from an advertiser that has not advertised in the prior 13 months before the start of the current quarter.
Note Regarding Forward-Looking Statements
Statements in this release that are “forward-looking statements” are based upon current expectations and assumptions and involve certain risks and uncertainties within the meaning of the
- our ability to comply with the continued listing standards of the Nasdaq Capital Market;
- risk from social and natural catastrophic events;
- external economic forces and conditions that could have a material adverse impact on our advertising revenues and results of operations;
- the ability of our stations to compete effectively in their respective markets for advertising revenues;
- our ability to develop compelling and differentiated digital content, products and services;
- audience acceptance of our content, particularly our audio programs;
- our ability to respond to changes in technology, standards and services that affect the audio industry;
- our dependence on federally issued licenses subject to extensive federal regulation;
- actions by the FCC or new legislation affecting the audio industry;
- increases to royalties we pay to copyright owners or the adoption of legislation requiring royalties to be paid to record labels and recording artists;
- our dependence on selected market clusters of stations for a material portion of our net revenue;
- credit risk on our accounts receivable;
- the risk that our FCC licenses and/or goodwill could become impaired;
- our substantial debt levels and the potential effect of restrictive debt covenants on our operational flexibility and ability to pay dividends;
- the potential effects of hurricanes on our corporate offices and stations;
- the failure or destruction of the internet, satellite systems and transmitter facilities that we depend upon to distribute our programming;
- disruptions or security breaches of our information technology infrastructure and information systems;
- the loss of key personnel;
- our ability to integrate acquired businesses and achieve fully the strategic and financial objectives related thereto and their impact on our financial condition and results of operations;
- the fact that our Company is controlled by the Beasley family, which creates difficulties for any attempt to gain control of our Company; and
- other economic, business, competitive, and regulatory factors affecting our businesses, including those set forth in our filings with the
SEC .
Our actual performance and results could differ materially because of these factors and other factors discussed in our
Condensed Consolidated Statements of Net Income (Loss) – Unaudited | |||||||
Three months ended | |||||||
2024 | 2023 | ||||||
Net revenue | $ | 54,380,346 | $ | 57,779,120 | |||
Operating expenses: | |||||||
Operating expenses (including stock-based compensation and excluding depreciation and amortization shown separately below) | 49,240,998 | 50,653,655 | |||||
Corporate expenses (including stock-based compensation) | 4,407,832 | 4,483,095 | |||||
Depreciation and amortization | 1,834,602 | 2,229,325 | |||||
Total operating expenses | 55,483,432 | 57,366,075 | |||||
Operating income (loss) | (1,103,086 | ) | 413,045 | ||||
Non-operating income (expense): | |||||||
Interest expense | (5,587,308 | ) | (6,593,852 | ) | |||
Gain on sale of investment | 6,026,776 | - | |||||
Other income, net | 270,005 | 540,515 | |||||
Loss before income taxes | (393,613 | ) | (5,640,292 | ) | |||
Income tax benefit | (410,230 | ) | (2,163,983 | ) | |||
Income (loss) before equity in earnings of unconsolidated affiliates | 16,617 | (3,476,309 | ) | ||||
Equity in earnings of unconsolidated affiliates, net of tax | (8,647 | ) | (60,257 | ) | |||
Net income (loss) | $ | 7,970 | $ | (3,536,566 | ) | ||
Basic and diluted net loss per share | $ | - | $ | (0.12 | ) | ||
Basic common shares outstanding | 30,325,802 | 29,785,759 | |||||
Diluted common shares outstanding | 30,466,730 | 29,785,759 | |||||
Selected Balance Sheet Data - Unaudited (in thousands) | |||||||
2024 | 2023 | ||||||
Cash and cash equivalents | $ | 27,763 | $ | 26,734 | |||
Working capital | 38,629 | 38,351 | |||||
Total assets | 566,280 | 574,268 | |||||
Long-term debt, net of unamortized debt issuance costs | 264,539 | 264,203 | |||||
Stockholders' equity | $ | 149,127 | $ | 148,979 | |||
Selected Statement of Cash Flows Data – Unaudited | |||||||
Three months ended | |||||||
2024 | 2023 | ||||||
Net cash used in operating activities | $ | (4,036,884 | ) | $ | (2,445,165 | ) | |
Net cash provided by (used in) investing activities | 5,079,052 | (1,169,280 | ) | ||||
Net cash used in financing activities | (12,636 | ) | (25,545 | ) | |||
Net increase (decrease) in cash and cash equivalents | $ | 1,029,532 | $ | (3,639,990 | ) | ||
Reconciliation of Same Station Digital Revenue– Unaudited | |||||
Three months ended, | |||||
2024 | 2023 | ||||
Net revenue, Digital | 10,952,219 | 9,976,785 | |||
Wilmington Digital Revenue | 499 | 456,100 | |||
Esport Digital Revenue | 384,369 | ||||
Same Station Revenue | 10,951,720 | 9,136,316 | |||
Calculation of Adjusted EBITDA– Unaudited | |||||||
Three months ended | |||||||
2024 | 2023 | ||||||
Net revenue | $ | 54,380,346 | $ | 57,779,120 | |||
Operating expenses | (49,240,998 | ) | (50,653,655 | ) | |||
Corporate expenses | (4,407,832 | ) | (4,483,095 | ) | |||
Adjusted EBITDA | $ | 731,516 | $ | 2,642,370 | |||
Reconciliation of Net Income (Loss) to Adjusted EBITDA – Unaudited | |||||||
Three months ended | |||||||
2024 | 2023 | ||||||
Net income (loss) | $ | 7,970 | $ | (3,536,566 | ) | ||
Interest expense | 5,587,308 | 6,593,852 | |||||
Income tax benefit | (410,230 | ) | (2,163,983 | ) | |||
Depreciation and amortization | 1,834,602 | 2,229,325 | |||||
EBITDA | 7,019,650 | 3,122,628 | |||||
Gain on sale of investment | (6,026,776 | ) | - | ||||
Other income, net | (270,005 | ) | (540,515 | ) | |||
Equity in earnings of unconsolidated affiliates, net of tax | 8,647 | 60,257 | |||||
Adjusted EBITDA | $ | 731,516 | $ | 2,642,370 | |||
CONTACT: | |
Chief Executive Officer | JCIR |
212/835-8500 or bbgi@jcir.com | |
239/263-5000 or ir@bbgi.com | |
Source:
2024 GlobeNewswire, Inc., source