Beasley Broadcast Group (BBGI) Q4 2024 earnings summary

Executive summary

• FY 2024 was transformative, with new leadership, operational streamlining, and extended debt maturity to 2028, positioning for long-term growth and efficiency.

• Q4 2024 net revenue increased 2.3% year-over-year to $67.3 million, driven by $8.3 million in political advertising, offsetting commercial ad softness and divestitures.

• Full-year 2024 net revenue was $240.3 million, down 2.8% from 2023, but same station revenue grew 0.2%.

• Digital revenue accounted for 19.4% of FY 2024 net revenue, up 2.9% year-over-year, with Q4 digital revenue at $11.5 million.

• Achieved over $20 million in annualized cost savings through workforce realignment and technology-driven efficiencies.

Financial highlights

• Q4 2024 SOI was $14.1 million, up 46% year-over-year; adjusted SOI excluding severance was $14.9 million.

• Full-year SOI was $38.5 million; adjusted for severance, SOI was $40.8 million, up from $39.5 million in 2023.

• Q4 2024 EBITDA per indenture was $12.5 million, up from $6.2 million in Q4 2023; full-year EBITDA per indenture was $32.2 million.

• Q4 2024 net loss was $2.1 million, mainly due to one-time debt exchange and severance costs.

• Ended 2024 with $13.8 million cash and $220 million in notes outstanding, down from $267 million at 2023 year-end.

Outlook and guidance

• Management expects to focus on sustainable revenue growth, digital expansion, and sales optimization in 2025.

• National advertising expected to face further pressure, especially in auto and consumer goods due to proposed tariffs.

• Q1 2025 same station revenue pacing down about 10%, with advertisers remaining cautious amid economic uncertainty.

• Full benefit of cost savings initiatives expected in 2025.

• Digital expected to drive about half of all new business in 2025.