Beasley Broadcast Group (BBGI) Q3 2024 earnings summary

Executive summary

• Achieved a $47 million debt reduction and extended maturities to August 2028 through exchange, new notes, and tender offer, supported by 98.4% of noteholders.

• Q3 2024 net revenue was $58.2 million, with adjusted EBITDA of $5.6 million and SOI of $8.2 million, reflecting a focus on diversified revenue streams and digital expansion.

• Net loss for Q3 2024 narrowed to $3.6 million from $67.5 million in Q3 2023, mainly due to the absence of large impairment charges.

• Effected a 1/20 reverse stock split in September 2024 to maintain NASDAQ listing and improve share investability.

• Appointed Lauren Burrows Coleman as new CFO, succeeding Marie Tedesco.

Financial highlights

• Q3 2024 net revenue: $58.2 million (down 3.2% year-over-year); net loss: $3.6 million (vs. $67.5 million loss in Q3 2023).

• Adjusted EBITDA for Q3 2024 was $5.6 million, compared to $6.0 million in Q3 2023.

• Cash and cash equivalents at quarter-end were $27.8 million, with CapEx of $642,000 for Q3.

• Total debt at quarter-end was $267 million, pro forma $220 million after post-quarter transactions.

• Operating income improved to $1.2 million from a loss of $85.5 million in Q3 2023, driven by lower impairment losses.

Outlook and guidance

• Q4 2024 same station revenue pacing up mid-single digits, with October up 24%, November and December expected to decline.

• Annualized expense reductions projected to exceed $5 million, with total annualized savings of approximately $20 million.

• Full-year 2024 CapEx expected in the $4–5 million range.

• Management expects sufficient liquidity and capital resources for the next 12 months and beyond, but notes that poor results or unexpected expenses could accelerate financing needs.

• Dividend payments remain suspended, and new debt covenants limit the ability to pay dividends.