The following is a summary of the Beasley Broadcast Group, Inc. (BBGI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Beasley Broadcast Group reported Q1 revenue decrease of 5.9%, slightly below pacings previewed during Q4 report.

• Net political revenue was $548,000 in Q1 compared to $19,000 in Q1 of 2023.

• Operating expenses declined 2.8% due to the divestiture of WJBR and their esports team.

• Adjusted EBITDA for the first quarter was $731,000, down from $2.6 million in the previous year.

• The company reported total debt of $267 million in Q1.

Business Progress:

• Positive revenue growth reported in Augusta, Charlotte, Fayetteville, and Digital Direct.

• 20% digital revenue growth witnessed in the quarter on a same-station basis.

• Beasley is highly focusing on digital growth through expansion of digital sales force, strong local relationships, digital marketing strategies, and CPM growth.

• Sports betting category recorded a 17% year-over-year increase with $4.9 million in Q1.

• The company has initiated a website redesign for improved user experience and carried out strategic realignments to reduce costs.

• Beasley is optimistic about 2024 growth prospects, expecting strong political spend in H2 and continued digital growth.

More details: Beasley Broadcast Group IR

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