Q3 2024 Beasley Broadcast Group Inc Earnings Call Transcript
Key Points
- Beasley Broadcast Group Inc (BBGI) successfully reduced its debt by $47 million and extended maturities to August 2028, reflecting strong confidence from noteholders.
- Digital revenue continues to grow, accounting for 19.4% of Q3 total revenue, up from previous years.
- Political revenue exceeded expectations, contributing significantly to the company's financial performance.
- The company achieved a 0.5% increase in same-station revenue for Q3, indicating resilience in a challenging ad environment.
- Operational efficiencies led to a 0.3% decline in operating expenses, despite severance costs, showcasing effective cost management.
- Total net revenue declined by 3.2% compared to the previous year, indicating challenges in overall revenue growth.
- Local over-the-air revenue decreased by 8.9%, driven by a decline in local agency business.
- National advertising remains constrained, with a 16% decline excluding political revenue.
- The auto category revenue fell by 11% year-over-year, reflecting ongoing challenges in the automotive sector.
- Cash on hand decreased from $33.3 million at the end of Q2 2024 to $27.8 million, indicating a reduction in liquidity.
Good morning, and welcome to Beasley Broadcast Group third-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 report 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 remind listeners that following its completion, a replay of today's call can be accessed for 5 days on the company's website, www.bbgi.com. You can also find a copy of today's press release on the Investors or Press
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