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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