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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