BEASLEY BROADCAST GROUP REPORTS FOURTH QUARTER REVENUE OF $67.3 MILLION
Beasley Broadcast Group (NASDAQ: BBGI) reported Q4 2024 financial results with net revenue increasing 2.3% to $67.3 million, primarily driven by $8.3 million in political advertising. The company posted an operating income of $7.6 million but recorded a net loss of $2.1 million ($1.17 per diluted share) in Q4 2024, compared to net income of $6.4 million in Q4 2023.
Key Q4 metrics showed mixed performance with new business revenue declining 12.8% year-over-year, while digital revenue decreased 4.1% to $11.5 million, representing 17.1% of net revenue. Local revenue accounted for 71% of net revenue.
For FY 2024, the company achieved $12.1 million in political revenue and saw digital revenue grow 2.9% to $46.7 million, comprising 19.4% of net revenue. The company implemented cost-reduction measures, achieving approximately $20.0 million in annualized expense reductions.
Beasley Broadcast Group (NASDAQ: BBGI) ha riportato i risultati finanziari del Q4 2024, con un aumento del fatturato netto del 2,3% a 67,3 milioni di dollari, principalmente grazie a 8,3 milioni di dollari in pubblicità politica. L'azienda ha registrato un reddito operativo di 7,6 milioni di dollari, ma ha riportato una perdita netta di 2,1 milioni di dollari (1,17 dollari per azione diluita) nel Q4 2024, rispetto a un reddito netto di 6,4 milioni di dollari nel Q4 2023.
I principali indicatori del Q4 hanno mostrato performance miste, con i ricavi da nuove attività in calo del 12,8% rispetto all'anno precedente, mentre i ricavi digitali sono diminuiti del 4,1% a 11,5 milioni di dollari, rappresentando il 17,1% del fatturato netto. I ricavi locali hanno costituito il 71% del fatturato netto.
Per l'anno fiscale 2024, l'azienda ha raggiunto 12,1 milioni di dollari in ricavi politici e ha visto i ricavi digitali crescere del 2,9% a 46,7 milioni di dollari, costituendo il 19,4% del fatturato netto. L'azienda ha implementato misure di riduzione dei costi, ottenendo circa 20,0 milioni di dollari in riduzioni di spesa annualizzate.
Beasley Broadcast Group (NASDAQ: BBGI) informó los resultados financieros del Q4 2024, con un aumento del 2.3% en los ingresos netos a 67.3 millones de dólares, impulsado principalmente por 8.3 millones de dólares en publicidad política. La compañía reportó un ingreso operativo de 7.6 millones de dólares, pero registró una pérdida neta de 2.1 millones de dólares (1.17 dólares por acción diluida) en el Q4 2024, en comparación con un ingreso neto de 6.4 millones de dólares en el Q4 2023.
Las métricas clave del Q4 mostraron un desempeño mixto, con los ingresos por nuevos negocios disminuyendo un 12.8% interanual, mientras que los ingresos digitales disminuyeron un 4.1% a 11.5 millones de dólares, representando el 17.1% de los ingresos netos. Los ingresos locales representaron el 71% de los ingresos netos.
Para el año fiscal 2024, la compañía logró 12.1 millones de dólares en ingresos políticos y vio crecer los ingresos digitales un 2.9% a 46.7 millones de dólares, que constituyen el 19.4% de los ingresos netos. La compañía implementó medidas de reducción de costos, logrando aproximadamente 20.0 millones de dólares en reducciones de gastos anualizadas.
비즐리 방송 그룹 (NASDAQ: BBGI)는 2024년 4분기 재무 결과를 보고했으며, 순수익이 2.3% 증가한 6,730만 달러를 기록했으며, 이는 주로 830만 달러의 정치 광고에 의해 주도되었습니다. 회사는 760만 달러의 운영 수익을 기록했지만, 2024년 4분기에 210만 달러의 순손실(희석 주당 1.17달러)을 기록했으며, 2023년 4분기에는 640만 달러의 순이익을 기록했습니다.
4분기의 주요 지표는 혼합된 성과를 보여주었으며, 신규 사업 수익은 전년 대비 12.8% 감소하였고, 디지털 수익은 4.1% 감소하여 1,150만 달러에 달하며, 이는 순수익의 17.1%를 차지했습니다. 지역 수익은 순수익의 71%를 차지했습니다.
2024 회계연도 동안, 회사는 1,210만 달러의 정치 수익을 달성하였고, 디지털 수익은 2.9% 성장하여 4,670만 달러에 달하며, 이는 순수익의 19.4%를 차지합니다. 회사는 비용 절감 조치를 시행하여 연간 약 2,000만 달러의 비용 절감을 달성했습니다.
Beasley Broadcast Group (NASDAQ: BBGI) a annoncé les résultats financiers du 4ème trimestre 2024, avec un chiffre d'affaires net en hausse de 2,3% à 67,3 millions de dollars, principalement grâce à 8,3 millions de dollars en publicité politique. L'entreprise a affiché un revenu opérationnel de 7,6 millions de dollars, mais a enregistré une perte nette de 2,1 millions de dollars (1,17 dollar par action diluée) au 4ème trimestre 2024, par rapport à un revenu net de 6,4 millions de dollars au 4ème trimestre 2023.
Les principaux indicateurs du 4ème trimestre ont montré des performances mitigées, avec des revenus de nouvelles activités en baisse de 12,8% par rapport à l'année précédente, tandis que les revenus numériques ont diminué de 4,1% à 11,5 millions de dollars, représentant 17,1% du chiffre d'affaires net. Les revenus locaux ont constitué 71% du chiffre d'affaires net.
Pour l'exercice 2024, l'entreprise a réalisé 12,1 millions de dollars de revenus politiques et a vu les revenus numériques croître de 2,9% à 46,7 millions de dollars, représentant 19,4% du chiffre d'affaires net. L'entreprise a mis en œuvre des mesures de réduction des coûts, réalisant environ 20,0 millions de dollars d'économies annuelles.
Beasley Broadcast Group (NASDAQ: BBGI) berichtete über die finanziellen Ergebnisse des 4. Quartals 2024, wobei der Nettoumsatz um 2,3% auf 67,3 Millionen Dollar stieg, hauptsächlich bedingt durch 8,3 Millionen Dollar aus politischen Werbeeinnahmen. Das Unternehmen erzielte einen operativen Gewinn von 7,6 Millionen Dollar, verzeichnete jedoch einen Nettoverlust von 2,1 Millionen Dollar (1,17 Dollar pro verwässerter Aktie) im 4. Quartal 2024, im Vergleich zu einem Nettogewinn von 6,4 Millionen Dollar im 4. Quartal 2023.
Die wichtigsten Kennzahlen des 4. Quartals zeigten eine gemischte Leistung, wobei die Einnahmen aus neuen Geschäften im Jahresvergleich um 12,8% zurückgingen, während die digitalen Einnahmen um 4,1% auf 11,5 Millionen Dollar sanken, was 17,1% des Nettoumsatzes ausmacht. Die lokalen Einnahmen machten 71% des Nettoumsatzes aus.
Für das Geschäftsjahr 2024 erzielte das Unternehmen 12,1 Millionen Dollar an politischen Einnahmen und verzeichnete ein Wachstum der digitalen Einnahmen um 2,9% auf 46,7 Millionen Dollar, was 19,4% des Nettoumsatzes ausmacht. Das Unternehmen setzte Maßnahmen zur Kostenreduzierung um und erzielte jährliche Einsparungen von etwa 20,0 Millionen Dollar.
- Q4 revenue increased 2.3% to $67.3 million
- Generated $8.3 million in political revenue in Q4
- EBITDA per Indenture doubled to $12.5 million in Q4
- Achieved $20.0 million in annualized cost reductions
- Digital revenue grew 2.9% to $46.7 million for FY 2024
- Net loss of $2.1 million in Q4 2024 vs net income of $6.4 million in Q4 2023
- New business revenue declined 12.8% year-over-year in Q4
- Digital revenue declined 4.1% year-over-year in Q4
- Substantial one-time costs from exchange offer and refinancing
- Significant severance expenses in Q4 2024
Insights
Beasley Broadcast Group's Q4 results present a mixed financial picture with both encouraging developments and persistent challenges. The 2.3% revenue increase to
The net loss of
The digital segment performance raises concerns, with Q4 digital revenue declining
The decline in new business revenue by
Beasley's Q4 results reveal a company in transition, balancing traditional radio broadcasting with digital evolution amid persistent industry headwinds. The company's dependence on political advertising (
The digital transformation story shows signs of stalling, with Q4 digital revenue declining
Beasley's cost structure optimization efforts are prudent, particularly the workforce realignment and operational efficiencies that contributed to stable operating income. The
The company's heavy reliance on local revenue (
Looking forward, Beasley's ability to accelerate digital growth while maintaining its traditional broadcast foundation will determine whether this transformation yields sustainable results or merely delays inevitable industry disruption challenges.
Conference Call and Webcast |
Summary of Three Month and Full-Year Results | |||||||
Three Months Ended | Year Ended | ||||||
In millions, except per share data | December 31, | December 31, | |||||
2024 | 2023 | 2024 | 2023 | ||||
Net revenue | $ 67.3 | $ 65.7 | $ 240.3 | $ 247.1 | |||
Operating income (loss) 1 | 7.6 | 7.6 | 13.1 | (82.0) | |||
Net income (loss) 1 | (2.1) | 6.4 | (5.9) | (75.1) | |||
Net income (loss) per diluted share 1 | (1.17) | 4.25 | (3.73) | (50.26) | |||
EBITDA per Indenture (non-GAAP) 2 | $ 12.5 | $ 6.2 | $ 32.2 | $ 23.9 |
- Net loss and net loss per diluted share in the year ended December 31, 2024 both include a
gain on sale of an investment in Broadcast Music, Inc. Operating loss, net loss and net loss per diluted share in the year ended December 31, 2023 all reflect$6.0 million of non-cash impairment losses.$98.8 million - Following the closure of our debt exchange, we now report EBITDA per Indenture. See "Definitions" below for additional detail.
Fourth Quarter 2024 Highlights
- Revenue from new business declined
12.8% year-over-year - Generated
in political revenue$8.3 million - Local revenue, including digital packages sold locally, accounted for
71% of net revenue - Digital revenue declined
4.1% year-over-year to$11.5 million - Digital revenue accounted for
17.1% of net revenue
FY 2024 Highlights
- Revenue from new business increased
8.8% year-over-year - Generated
in political revenue$12.1 million - Local revenue, including digital packages sold locally, accounted for
76% of net revenue - Digital revenue grew
2.9% year-over-year to$46.7 million - Digital revenue accounted for
19.4% of net revenue
Net revenue during the three months ended December 31, 2024 increased
Beasley reported operating income of
Beasley reported a net loss of
EBITDA per Indenture (a non-GAAP financial measure defined in our indentures and used by our creditors) was
Please refer to the "Reconciliation of Net Income (Loss) to Adjusted EBITDA and EBITDA per Indenture" tables at the end of this release.
Commenting on the financial results, Caroline Beasley, Chief Executive Officer said, "2024 was a transformative year for Beasley as we took decisive actions to strengthen our balance sheet, streamline our operations, and position the Company for long-term success. Through disciplined cost management and strategic capital initiatives, we achieved approximately
"As we enter 2025, we remain focused on executing our strategy to drive sustainable revenue growth, expand our digital offerings, and optimize our sales approach. We see substantial opportunities in harnessing data-driven insights, enhancing direct-to-consumer engagement, and providing our advertisers with cutting-edge marketing solutions. With a refined portfolio of premium brands, a leaner and more agile cost structure, and a strengthened financial foundation, Beasley is well-positioned to accelerate our digital evolution and deliver long-term value for our shareholders, audiences, and partners."
Conference Call and Webcast Information
The Company will host a conference call and webcast today, March 20, 2025 at 11:00 a.m. ET to discuss its financial results and operations. To access the conference call, interested parties may dial 1 (646) 307-1963 or (888) 672-2415, conference ID 1613596 (domestic and international callers). Participants can also listen to a live webcast of the call at the Company's website at www.bbgi.com. Please allow 15 minutes to register and download and install any necessary software. Following its completion, a replay of the webcast can be accessed for five days on the Company's website, www.bbgi.com.
Questions from analysts, institutional investors and debt holders may be e-mailed to ir@bbgi.com at any time up until 9:00 a.m. ET on Thursday, March 20, 2025. Management will answer as many questions as possible during the conference call and webcast (provided the questions are not addressed in their prepared remarks).
About Beasley Broadcast Group
The Company is a multi-platform media company whose primary business is operating radio stations throughout the United States. The Company offers local and national advertisers integrated marketing solutions across audio, digital and event platforms. The Company owns and operates 57 AM and FM stations in the following large- and mid-size markets in the United States: Augusta, GA, Boston, MA, Charlotte, NC, Detroit, MI, Fayetteville, NC, Fort Myers-Naples, FL, Las Vegas, NV,
For further information, or to receive future Beasley Broadcast Group news announcements via e-mail, please contact Beasley Broadcast Group, at 239-263-5000.
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, one- time severance expense, stock-based compensation or equity in earnings of unconsolidated affiliates. See "Reconciliation of Net Income (Loss) to Adjusted EBITDA and EBITDA per Indenture" for additional information.
Adjusted EBITDA can also be calculated as net revenue less operating and corporate expenses plus stock-based compensation and other one-time expenses such as severance. 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.
EBITDA per Indenture refers to EBITDA as defined by our creditors. The Company recognizes that because EBITDA per Indenture is not calculated in accordance with GAAP, it is not necessarily comparable to similarly titled measures employed by other companies. However, management believes that EBITDA per Indenture provides meaningful information to investors because it reflects how our creditors are benchmarking our performance.
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
- ability to comply with the continued listing standards of Nasdaq, continued listing on Nasdaq or make periodic filings with the SEC;
- risks from health epidemics, natural disasters, terrorism, and other catastrophic events;
- adverse effects of inflation;
- 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 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, extreme weather and other climate change conditions 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;
- modifications or interruptions of our information technology infrastructure and information systems;
- the loss of executives and other key employees;
- our ability to identify, consummate and integrate acquired businesses and stations;
- 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 SEC filings, including but not limited to our annual reports on Form 10-K or quarterly reports on Form 10-Q, copies of which can be obtained from the SEC, www.sec.gov, or our website, www.bbgi.com. All information in this release is as of March 20, 2025, and we undertake no obligation to update the information contained herein to actual results or changes to our expectations, except as required by law.
BEASLEY BROADCAST GROUP, INC. Condensed Consolidated Statements of Net Income (Loss) - Unaudited | |||||||
Three months ended | Twelve months ended | ||||||
December 31, | December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net revenue | $ 67,285,492 | $ 65,748,658 | $ 240,291,611 | $ 247,109,258 | |||
Operating expenses: | |||||||
Operating expenses (including stock-based compensation and excluding depreciation and amortization shown separately below) |
53,233,833 |
56,148,960 |
201,768,757 |
208,247,221 | |||
Corporate expenses (including stock-based compensation) | 4,688,478 | 4,865,328 | 17,272,696 | 18,246,731 | |||
Depreciation and amortization | 1,780,438 | 2,182,369 | 7,236,060 | 8,809,343 | |||
FCC licenses impairment losses | — | 969,600 | — | 89,214,665 | |||
Goodwill impairment losses | — | — | 922,000 | 10,582,360 | |||
Extinguishment of franchise fee | — | (6,000,000) | — | (6,000,000) | |||
Total operating expenses | 59,702,749 | 58,166,257 | 227,199,513 | 329,100,320 | |||
Operating income (loss) | 7,582,743 | 7,582,401 | 13,092,098 | (81,991,062) | |||
Non-operating income (expense): | |||||||
Interest expense | (3,460,070) | (6,843,853) | (21,233,027) | (26,607,920) | |||
Debt issuance expenses | (5,982,414) | — | (5,982,414) | — | |||
Gain on sale of investment | — | — | 6,026,776 | — | |||
Gain on repurchases of long-term debt | — | 6,834,667 | — | 7,807,875 | |||
Other income, net | 247,413 | 821,171 | 799,558 | 1,532,131 | |||
Income (loss) before income taxes | (1,612,328) | 8,394,386 | (7,297,009) | (99,258,976) | |||
Income tax expense (benefit) | 451,058 | 1,997,841 | (1,344,961) | (24,287,366) | |||
Income (loss) before equity in earnings of unconsolidated affiliates |
(2,063,386) |
6,396,545 |
(5,952,048) |
(74,971,610) | |||
Equity in earnings of unconsolidated affiliates, net of tax | 4,754 | (12,651) | 64,790 | (148,528) | |||
Net income (loss) | $ (2,058,632) | $ 6,383,894 | $ (5,887,258) | $ (75,120,138) | |||
Basic net income (loss) per share | $ (1.17) | $ 4.26 | $ (3.73) | $ (50.26) | |||
Diluted net income (loss) per share | $ (1.17) | $ 4.25 | $ (3.73) | $ (50.26) | |||
Basic common shares outstanding | 1,754,092 | 1,498,529 | 1,579,744 | 1,494,686 | |||
Diluted common shares outstanding | 1,754,092 | 1,501,400 | 1,579,744 | 1,494,686 |
Selected Balance Sheet Data - Unaudited | ||
December 31, 2024 | December 31, 2023 | |
Cash and cash equivalents | $ 13,773 | $ 26,734 |
Working capital | 16,303 | 38,351 |
Total assets | 549,207 | 574,268 |
Long-term debt, net of unamortized debt issuance costs | 247,118 | 264,203 |
Stockholders' equity | $ 147,220 | $ 148,979 |
Selected Statement of Cash Flows Data – Unaudited | |||
Twelve months ended | |||
December 31, | |||
2024 | 2023 | ||
Net cash used in operating activities | $ (3,711,785) | $ (4,678,549) | |
Net cash provided by investing activities | 4,322,076 | 6,870,446 | |
Net cash used in financing activities | (13,571,492) | (14,992,629) | |
Net decrease in cash and cash equivalents | $ (12,961,201) | $ (12,800,732) |
Calculation of Adjusted EBITDA – Unaudited | |||||||
Three months ended | Twelve months ended | ||||||
December 31, | December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net revenue | $ 67,285,492 | $ 65,748,658 | $ 240,291,611 | $ 247,109,258 | |||
Operating expenses | (53,233,833) | (56,148,960) | (201,768,757) | (208,247,221) | |||
Corporate expenses | (4,688,478) | (4,865,328) | (17,272,696) | (18,246,731) | |||
Severance expenses | 1,195,411 | 225,072 | 3,696,913 | 504,772 | |||
Stock-based compensation expenses | 120,034 | 312,954 | 893,292 | 846,375 | |||
Adjusted EBITDA | $ 10,678,626 | $ 5,272,396 | $ 25,840,363 | $ 21,966,453 |
Reconciliation of Net Income (Loss) to Adjusted EBITDA and EBITDA per Indenture – Unaudited | |||||||
Three months ended | Twelve months ended | ||||||
December 31, | December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net income (loss) | $ (2,058,632) | $ 6,383,894 | $ (5,887,258) | $ (75,120,138) | |||
Interest expense | 3,460,070 | 6,843,853 | 21,233,027 | 26,607,920 | |||
Income tax benefit | 451,058 | 1,997,841 | (1,344,961) | (24,287,366) | |||
Depreciation and amortization | 1,780,438 | 2,182,369 | 7,236,060 | 8,809,343 | |||
EBITDA | 3,632,934 | 17,407,957 | 21,236,868 | (63,990,241) | |||
Severance expenses | 1,195,411 | 225,072 | 3,696,913 | 504,772 | |||
Stock-based compensation expenses | 120,034 | 312,954 | 893,292 | 846,375 | |||
FCC licenses impairment losses | — | 969,600 | — | 89,214,665 | |||
Goodwill impairment losses | — | — | 922,000 | 10,582,360 | |||
Debt issuance expenses | 5,982,414 | — | 5,982,414 | — | |||
Gain on sale of investment | — | — | (6,026,776) | — | |||
Extinguishment of franchise fee | — | (6,000,000) | — | (6,000,000) | |||
Gain on repurchases of long-term debt | — | (6,834,667) | — | (7,807,875) | |||
Other income, net | (247,413) | (821,171) | (799,558) | (1,532,131) | |||
Equity in earnings of unconsolidated affiliates, net of tax | (4,754) | 12,651 | (64,790) | 148,528 | |||
Adjusted EBITDA | $ 10,678,626 | $ 5,272,396 | $ 25,840,363 | $ 21,966,453 | |||
Non-recurring restructuring and reformatting expenses | — | 197,493 | 760,637 | 197,493 | |||
Contract services | 92,602 | — | 275,936 | — | |||
Non-cash trade adjustments | 42,954 | 272,771 | 414,564 | (178,329) | |||
Property and franchise taxes | 555,703 | 481,741 | 1,970,371 | 1,883,620 | |||
Pro-forma cost savings | 1,136,989 | — | 2,926,187 | — | |||
EBITDA per Indenture | $ 12,506,874 | $ 6,224,401 | $ 32,188,058 | $ 23,869,237 |
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SOURCE Beasley Media Group, Inc.