Q1 2024 Beasley Broadcast Group Inc Earnings Call Transcript
Key Points
- Beasley Broadcast Group Inc reported generating $548,000 of net political revenue, exceeding the first quarter budget and anticipating robust political spend in 2024.
- Operating expenses declined by 2.8% or $1.4 million, reflecting cost efficiencies from divestitures and headcount reductions.
- Digital revenue grew by 20% year-over-year on a same-station basis, now accounting for 20.1% of Q1 total revenue, indicating successful digital transformation.
- Sports betting revenue increased by 17% year-over-year, contributing to 9% of total revenue for the quarter, driven by recent market expansions.
- Beasley Broadcast Group Inc has a strong focus on community engagement, as demonstrated by their successful fundraising event with Children's Miracle Network, raising over $50,000.
- First quarter revenue decreased by 5.9% or $3.4 million year-over-year, influenced by industry-wide advertising softness and divestitures.
- Local spot revenue was down significantly by 12.8%, with a decline in agency business impacting overall performance.
- Adjusted EBITDA for the first quarter was $731,000, a decrease from $2.6 million in the previous year, reflecting lower profitability.
- The company reported a negative operating income of $1.1 million for the quarter, compared to a positive $413,000 in the year-ago quarter.
- Beasley Broadcast Group Inc is pacing down in revenue for the second quarter, with economic uncertainties affecting advertising spend.
Good morning, and welcome to Beasley Broadcast Group's First Quarter 2024 earnings call. Before proceeding, I would like to emphasize that today's conference call and webcast will contain forward looking statements about our future performance and results of operations that involve risks and uncertainties described in the Risk Factors section of our most recent annual report on Form 10-K as supplemented by our quarterly reports on Form 10-Q.
Today's webcast will also contain a discussion of certain non-GAAP financial measures within the meaning of item 10, Item 10 on regulation S-K, a reconciliation of these non-GAAP measures with their most directly comparable financial measures calculated and presented in accordance with GAAP can be found in this morning's news announcement and on the company's website I would also like to remind listeners that following its completion, a replay of today's call can be accessed for five days on the Company's website, w. w. w. dot BBGI. dot com. You can also find a copy of today's press release on the Investors or Press Room sections of the site. At this time, I
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