Q2 2024 Beasley Broadcast Group Inc Earnings Call Transcript
Key Points
- Second quarter same-station digital revenue grew by an impressive 10.2%.
- Digital revenue now accounts for 21.5% of total revenue, up from 19.4% in Q2 2023.
- Political revenue exceeded expectations, generating $586,000 in net political revenue.
- National revenue showed signs of stabilizing, with same-station national up 7.3%.
- Adjusted EBITDA increased 11.4% to $8.8 million in the second quarter.
- Total revenue was down 4.8% on an actual basis.
- Local spot revenue declined by 10.9%, driven by a 3% decline in local agency business and a 4.9% decline in local direct.
- Operating expenses included $1.3 million in severance costs.
- Auto category revenue was down 18.5% year-over-year.
- Interest expense remains high at $6.1 million for the quarter.
Good morning, and welcome to Beasley Broadcast Group's second 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 of 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 at www.bbgi.com. You can also find a copy of today's press release on the investors
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