Beasley Broadcast Group Reports Third Quarter Revenue of $58.2 Million
Beasley Broadcast Group (BBGI) reported Q3 2024 financial results with net revenue of $58.2 million, down 3.2% year-over-year. The company posted operating income of $1.2 million, compared to an operating loss of $85.5 million in Q3 2023. Digital revenue grew 1.1% to $11.3 million, representing 19.4% of net revenue. The company reported a net loss of $3.6 million or $2.33 per diluted share. Notable highlights include a 1.9% growth in new business revenue and $2.7 million in political revenue. Local revenue accounted for 56.8% of net revenue, while 35% of the total audience accessed content via digital platforms.
Beasley Broadcast Group (BBGI) ha riportato i risultati finanziari del terzo trimestre 2024 con un fatturato netto di 58,2 milioni di dollari, in calo del 3,2% rispetto all'anno precedente. L'azienda ha registrato un reddito operativo di 1,2 milioni di dollari, rispetto a una perdita operativa di 85,5 milioni di dollari nel terzo trimestre 2023. I ricavi digitali sono aumentati dell'1,1%, raggiungendo 11,3 milioni di dollari, rappresentando il 19,4% del fatturato netto. L'azienda ha riportato una perdita netta di 3,6 milioni di dollari o 2,33 dollari per azione diluita. Tra i punti salienti si evidenziano una crescita del 1,9% nei ricavi da nuove attività e 2,7 milioni di dollari di ricavi politici. I ricavi locali hanno rappresentato il 56,8% del fatturato netto, mentre il 35% del pubblico totale ha acceduto ai contenuti tramite piattaforme digitali.
Beasley Broadcast Group (BBGI) reportó resultados financieros del tercer trimestre de 2024 con ingresos netos de 58,2 millones de dólares, una caída del 3,2% en comparación con el año anterior. La compañía registró un ingreso operativo de 1,2 millones de dólares, en comparación con una pérdida operativa de 85,5 millones de dólares en el tercer trimestre de 2023. Los ingresos digitales crecieron un 1,1% hasta 11,3 millones de dólares, representando el 19,4% de los ingresos netos. La compañía reportó una pérdida neta de 3,6 millones de dólares o 2,33 dólares por acción diluida. Los destacados incluyen un crecimiento del 1,9% en ingresos por nuevos negocios y 2,7 millones de dólares en ingresos políticos. Los ingresos locales representaron el 56,8% de los ingresos netos, mientras que el 35% de la audiencia total accedió al contenido a través de plataformas digitales.
비즐리 방송 그룹 (BBGI)는 2024년 3분기 재무 결과를 보고하며 순수익이 5,820만 달러로 전년 대비 3.2% 감소했다고 발표했습니다. 이 회사는 운영 수익 120만 달러를 기록했으며, 이는 2023년 3분기 운영적자 8550만 달러에 비해 개선된 수치입니다. 디지털 수익은 1.1% 증가하여 1,130만 달러에 이르렀으며, 이는 순수익의 19.4%를 차지합니다. 회사는 360만 달러의 순손실 또는 희석 주식당 2.33 달러를 보고했습니다. 주요 하이라이트에는 신규 비즈니스 수익에서 1.9%의 성장과 정치적 수익 270만 달러가 포함됩니다. 지역 수익은 순수익의 56.8%를 차지했으며, 전체 관객의 35%가 디지털 플랫폼을 통해 콘텐츠에 접근했습니다.
Beasley Broadcast Group (BBGI) a annoncé ses résultats financiers pour le troisième trimestre 2024, avec un chiffre d'affaires net de 58,2 millions de dollars, en baisse de 3,2% par rapport à l'année précédente. L'entreprise a enregistré un résultat d'exploitation de 1,2 million de dollars, contre une perte d'exploitation de 85,5 millions de dollars au troisième trimestre 2023. Les revenus numériques ont augmenté de 1,1% pour atteindre 11,3 millions de dollars, représentant 19,4% du chiffre d'affaires net. L'entreprise a signalé une perte nette de 3,6 millions de dollars ou 2,33 dollars par action diluée. Parmi les points saillants figurent une croissance des revenus des nouvelles activités de 1,9% et 2,7 millions de dollars de revenus politiques. Les revenus locaux ont représenté 56,8% du chiffre d'affaires net, tandis que 35% de l'audience totale a accédé au contenu via des plateformes numériques.
Beasley Broadcast Group (BBGI) hat die finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht, mit einem Nettoumsatz von 58,2 Millionen Dollar, was einem Rückgang von 3,2% im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte ein Betriebsergebnis von 1,2 Millionen Dollar, im Vergleich zu einem Betriebsverlust von 85,5 Millionen Dollar im 3. Quartal 2023. Die digitalen Einnahmen stiegen um 1,1% auf 11,3 Millionen Dollar, was 19,4% des Nettoumsatzes ausmacht. Das Unternehmen meldete einen Nettoverlust von 3,6 Millionen Dollar oder 2,33 Dollar pro verwässerter Aktie. Zu den bemerkenswerten Höhepunkten zählen ein Umsatzwachstum von 1,9% in neuen Geschäftszweigen und 2,7 Millionen Dollar an politischen Einnahmen. Lokale Einnahmen machten 56,8% des Nettoumsatzes aus, während 35% des gesamten Publikums Inhalte über digitale Plattformen abriefen.
- Digital revenue grew 1.1% YoY to $11.3 million
- New business revenue increased 1.9% YoY
- Generated $2.7 million in political revenue
- Same-station revenue growth of 0.5%
- Overall net revenue decreased 3.2% YoY to $58.2 million
- Net loss of $3.6 million ($2.33 per diluted share)
- Adjusted EBITDA declined to $5.6 million from $6.0 million YoY
- Ongoing softness in commercial advertising business
Insights
The Q3 2024 results reveal concerning trends for BBGI. Net revenue declined
Key metrics show mixed performance: Digital revenue grew modestly at
The net loss of
| Conference Call and Webcast Today, November 5, 2024 at 11:30 a.m. ET 877-407-4018 or 201-689-8471, conference ID 13749767 or www.bbgi.com Replay information provided below |
NAPLES, Fla., Nov. 05, 2024 (GLOBE NEWSWIRE) -- Beasley Broadcast Group, Inc. (Nasdaq: BBGI) (“Beasley” or the “Company”), a multi-platform media company, today announced operating results for the three- and nine-month periods ended September 30, 2024. For further information, the Company has posted a presentation to its website regarding the second quarter highlights and accomplishments that management will review on today’s conference call.
| Summary of Three Month and Nine Month Results |
In millions, except per share data | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Net revenue | ||||||||||||
| Operating income (loss) | 1.2 | (85.5 | ) | 5.5 | (89.6 | ) | ||||||
| Net loss 1 | (3.6 | ) | (67.5 | ) | (3.8 | ) | (81.5 | ) | ||||
| Net loss per diluted share 1 | ( | ) | ( | ) | ( | ) | ( | ) | ||||
| Adjusted EBITDA (non-GAAP) 2 | 5.6 | 6.0 | 15.2 | 16.7 | ||||||||
- Net loss and net loss per diluted share in the nine months ended September 30, 2024 include a
$6.0 million gain on sale of an investment in Broadcast Music, Inc. Operating loss, net loss and net loss per diluted share in the three and nine months ended September 30, 2023 reflect$88.8 million and$98.8 million , respectively, of non-cash impairment losses. - In the second quarter of 2024, we revised the definition of adjusted EBITDA. See “Definitions” below for additional detail. Prior period amounts have been revised to reflect the new definition.
Third Quarter 2024 Highlights
- Revenue from new business grew
1.9% year-over-year - Generated
$2.7 million in political revenue - Local revenue, including digital packages sold locally, accounted for
56.8% of net revenue - Digital revenue grew
1.1% year-over-year to$11.3 million , or11.7% year-over-year on a same station basis to$11.1 million - Digital revenue accounted for
19.4% of net revenue and19.1% of net revenue on a same station basis 35% of our total audience listens via the company’s digital platforms
Net revenue during the three months ended September 30, 2024 decreased
Beasley reported operating income of
Beasley reported a net loss of approximately
Adjusted EBITDA (a non-GAAP financial measure) was
Please refer to the “Calculation of Adjusted EBITDA” and “Reconciliation of Net Loss to Adjusted EBITDA” tables at the end of this release.
Commenting on the financial results, Caroline Beasley, Chief Executive Officer, said, “Beasley delivered third quarter net revenue of
"At the same time, we continued to take the necessary actions that we believe will transform our business and position the Company to deliver long-term success. During the third quarter and subsequent to quarter end, Beasley executed on several strategic actions to further streamline the organization, strengthen our capital structure, and improve our stock’s marketability. As a result, we expect to exit 2024 with a healthier balance sheet, a leaner cost structure and a refined portfolio of leading audio and digital brands that will support our goals for delivering sustainable, profitable growth and the enhancement of long-term stockholder value. At the corporate level, we were excited to welcome Lauren Burrows Coleman, our new CFO, at the start of the month. She brings deep experience in finance and business strategy, as well as a strong track record of leadership.”
Conference Call and Webcast Information
The Company will host a conference call and webcast today, November 5, 2024, at 11:30 a.m. ET to discuss its financial results and operations. To access the conference call, interested parties may dial 877-407-4018 or 201-689-8471, conference ID 13749767 (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 Tuesday, November 5, 2024. 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: Atlanta, GA, Augusta, GA, Boston, MA, Charlotte, NC, Detroit, MI, Fayetteville, NC, Fort Myers-Naples, FL, Las Vegas, NV, Middlesex, NJ, Monmouth, NJ, Morristown, NJ, Philadelphia, PA, and Tampa-Saint Petersburg, FL. Approximately 20 million consumers listen to the Company’s radio stations weekly over-the-air, online and on smartphones and tablets, and millions regularly engage with the Company’s brands and personalities through digital platforms such as Facebook, X, text, apps and email. For more information, please visit www.bbgi.com.
For further information, or to receive future Beasley Broadcast Group news announcements via e-mail, please contact Beasley Broadcast Group, at 239-263-5000 or email@bbgi.com, or Joseph Jaffoni, JCIR, at 212-835-8500 or bbgi@jcir.com.
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 Loss to Adjusted EBITDA” 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.
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 U.S. Private Securities Litigation Reform Act of 1995. Words or expressions such as “looking ahead,” “intends,” “believes,” “expects,” “seek,” “will,” “should” or variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements, by their nature, address matters that are, to different degrees, uncertain. Key risks are described in the Company’s reports filed with the Securities and Exchange Commission (“SEC”) including its annual report on Form 10-K and quarterly reports on Form 10-Q. Readers should note that forward-looking statements are subject to change and to inherent risks and uncertainties and may be impacted by several factors, including:
- 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 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 November 5, 2024, 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 Loss – Unaudited | |||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| $ | 58,190,116 | $ | 60,119,757 | $ | 173,006,119 | $ | 181,360,600 | ||||||||
| Net revenue | |||||||||||||||
| Operating expenses: | |||||||||||||||
| Operating expenses (including stock-based compensation and excluding depreciation and amortization shown separately below) | 49,946,133 | 50,117,044 | 148,534,924 | 152,098,261 | |||||||||||
| Corporate expenses (including stock-based compensation) | 4,296,615 | 4,493,277 | 12,584,218 | 13,381,403 | |||||||||||
| Depreciation and amortization | 1,788,126 | 2,201,664 | 5,455,622 | 6,626,974 | |||||||||||
| FCC licenses impairment losses | - | 78,204,065 | - | 88,245,065 | |||||||||||
| Goodwill impairment losses | 922,000 | 10,582,360 | 922,000 | 10,582,360 | |||||||||||
| Total operating expenses | 56,952,874 | 145,598,410 | 167,496,764 | 270,934,063 | |||||||||||
| Operating income (loss) | 1,237,242 | (85,478,653 | ) | 5,509,355 | (89,573,463 | ) | |||||||||
| Non-operating income (expense): | |||||||||||||||
| Interest expense | (6,092,820 | ) | (6,445,746 | ) | (17,773,957 | ) | (19,764,067 | ) | |||||||
| Gain on sale of investment | - | - | 6,026,776 | - | |||||||||||
| Other income (expense), net | (75,120 | ) | 1,106,918 | 552,145 | 1,684,168 | ||||||||||
| Loss before income taxes | (4,930,698 | ) | (90,817,481 | ) | (5,685,681 | ) | (107,653,362 | ) | |||||||
| Income tax benefit | (1,309,803 | ) | (23,299,388 | ) | (1,796,019 | ) | (26,285,207 | ) | |||||||
| Loss before equity in earnings of unconsolidated affiliates | (3,620,895 | ) | (67,518,093 | ) | (3,889,662 | ) | (81,368,155 | ) | |||||||
| Equity in earnings of unconsolidated affiliates, net of tax | 60,320 | (18,744 | ) | 60,036 | (135,877 | ) | |||||||||
| Net loss | $ | (3,560,575 | ) | $ | (67,536,837 | ) | $ | (3,829,626 | ) | $ | (81,504,032 | ) | |||
| Basic and diluted net loss per share | $ | (2.33 | ) | $ | (45.08 | ) | $ | (2.52 | ) | $ | (54.58 | ) | |||
| Basic and diluted common shares outstanding | 1,529,521 | 1,498,131 | 1,521,204 | 1,493,391 | |||||||||||
| Selected Balance Sheet Data - Unaudited (in thousands) | |||||
| September 30, | December 31, | ||||
| 2024 | 2023 | ||||
| Cash and cash equivalents | $ | 27,802 | $ | 26,734 | |
| Working capital | 32,883 | 38,351 | |||
| Total assets | 571,479 | 574,268 | |||
| Long-term debt, net of unamortized debt issuance costs | 265,210 | 264,203 | |||
| Stockholders' equity | $ | 145,833 | $ | 148,979 | |
| Selected Statement of Cash Flows Data – Unaudited | |||||||
| Nine months ended | |||||||
| September 30, | |||||||
| 2024 | 2023 | ||||||
| Net cash used in operating activities | $ | (2,241,342 | ) | $ | (5,004,885 | ) | |
| Net cash provided by (used in) investing activities | 3,399,736 | (2,810,716 | ) | ||||
| Net cash used in financing activities | (90,136 | ) | (2,053,588 | ) | |||
| Net increase (decrease) in cash and cash equivalents | $ | 1,068,258 | $ | (9,869,189 | ) | ||
| Calculation of Adjusted EBITDA – Unaudited | |||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net revenue | $ | 58,190,116 | $ | 60,119,757 | $ | 173,006,119 | $ | 181,360,600 | |||||||
| Operating expenses | (49,946,133 | ) | (50,117,044 | ) | (148,534,924 | ) | (152,098,261 | ) | |||||||
| Corporate expenses | (4,296,615 | ) | (4,493,277 | ) | (12,584,218 | ) | (13,381,403 | ) | |||||||
| Severance expenses | 1,247,305 | 279,700 | 2,501,502 | 279,700 | |||||||||||
| Stock-based compensation expenses | 358,206 | 177,814 | 773,258 | 533,421 | |||||||||||
| Adjusted EBITDA | $ | 5,552,879 | $ | 5,966,950 | $ | 15,161,737 | $ | 16,694,057 | |||||||
| Reconciliation of Net Loss to Adjusted EBITDA – Unaudited | |||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net loss | $ | (3,560,575 | ) | $ | (67,536,837 | ) | $ | (3,829,626 | ) | $ | (81,504,032 | ) | |||
| Interest expense | 6,092,820 | 6,445,746 | 17,773,957 | 19,764,067 | |||||||||||
| Income tax benefit | (1,309,803 | ) | (23,299,388 | ) | (1,796,019 | ) | (26,285,207 | ) | |||||||
| Depreciation and amortization | 1,788,126 | 2,201,664 | 5,455,622 | 6,626,974 | |||||||||||
| EBITDA | 3,010,568 | (82,188,815 | ) | 17,603,934 | (81,398,198 | ) | |||||||||
| Severance expenses | 1,247,305 | 279,700 | 2,501,502 | 279,700 | |||||||||||
| Stock-based compensation | 358,206 | 177,814 | 773,258 | 533,421 | |||||||||||
| FCC licenses impairment losses | - | 78,204,065 | - | 88,245,065 | |||||||||||
| Goodwill impairment losses | 922,000 | 10,582,360 | 922,000 | 10,582,360 | |||||||||||
| Gain on sale of investment | - | - | (6,026,776 | ) | - | ||||||||||
| Other loss (income), net | 75,120 | (1,106,918 | ) | (552,145 | ) | (1,684,168 | ) | ||||||||
| Equity in earnings of unconsolidated affiliates, net of tax | (60,320 | ) | 18,744 | (60,036 | ) | 135,877 | |||||||||
| Adjusted EBITDA | $ | 5,552,879 | $ | 5,966,950 | $ | 15,161,737 | $ | 16,694,057 | |||||||
| Calculation of Same-Station Net Digital Revenue, excluding dispositions – Unaudited | |||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net digital revenue | $ | 11,300,196 | $ | 11,177,881 | $ | 35,257,992 | $ | 33,455,935 | |||||||
| Dispositions | (207,412 | ) | (1,242,707 | ) | (1,653,725 | ) | (3,878,564 | ) | |||||||
| Same-station net digital revenue | $ | 11,092,784 | $ | 9,935,174 | $ | 33,604,267 | $ | 29,577,371 | |||||||
| Reconciliation of Same-Station Net Digital Revenue, excluding dispositions to Net Revenue – Unaudited | |||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net revenue | $ | 58,190,116 | $ | 60,119,757 | $ | 173,006,119 | $ | 181,360,600 | |||||||
| Net audio revenue | (46,889,920 | ) | (48,332,715 | ) | (137,748,127 | ) | (146,198,774 | ) | |||||||
| Net other revenue | - | (609,161 | ) | - | (1,705,891 | ) | |||||||||
| Net digital revenue | 11,300,196 | 11,177,881 | 35,257,992 | 33,455,935 | |||||||||||
| Dispositions | (207,412 | ) | (1,242,707 | ) | (1,653,725 | ) | (3,878,564 | ) | |||||||
| Same-station net digital revenue | $ | 11,092,784 | $ | 9,935,174 | $ | 33,504,207 | $ | 29,577,371 | |||||||
| CONTACT: | |
| B. Caroline Beasley | Joseph Jaffoni, Jennifer Neuman |
| Chief Executive Officer | JCIR |
| Beasley Broadcast Group, Inc. | 212/835-8500 or bbgi@jcir.com |
| 239/263-5000 or ir@bbgi.com |
FAQ
What was Beasley Broadcast Group's (BBGI) revenue in Q3 2024?
How much digital revenue did BBGI generate in Q3 2024?
What was BBGI's net loss per share in Q3 2024?
How much political revenue did BBGI generate in Q3 2024?
