The following is a summary of the Beasley Broadcast Group, Inc. (BBGI) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Beasley Broadcast Group's Q4 net revenue decreased 8.7%, to $65.7 million, while full-year revenue decreased 3.6% to $247.1 million.

• Operating expenses for the quarter decreased 3.3% year-over-year, and stationary operating income (SOI) declined by $4.3 million compared to Q4 2022.

• Full-year operating expenses declined by $5 million, largely due to wage reductions, partially offset by increased third-party digital expenses and investment in cybersecurity.

• Operating income increased by $39.3 million to $7.6 million compared to a loss of $31.7 million in the year-ago quarter.

• Earnings before interest, taxes, depreciation, and amortization (EBITDA) for Q4 was $4.7 million, a drop of 52% from the prior year quarter, while the full-year EBITDA decreased 18% compared to 2022.

• The company ended the year with total debt of $267 million, reflecting the impact of a $20 million bond buyback within Q4.

Business Progress:

• Consumer services remained the largest revenue category, despite a year-over-year drop of 10.1%. The company saw a 17.1% increase in the quarter for entertainment, its second-largest category.

• There were increases in the auto sector at their Boston, Philadelphia, Augusta, and Fayetteville clusters and a 70% increase in the auto category from their digital agency.

• Through reducing headcount and managing digital and cybersecurity expenses, the company was successful in controlling costs.

• For 2024, Beasley Broadcast Group's projected capital expenditures range from $4 million to $5 million.

More details: Beasley Broadcast Group IR

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