Beasley Broadcast Group, Inc. (BBGI) Bundle
A Brief History of Beasley Broadcast Group, Inc.
Company Overview
Beasley Broadcast Group, Inc. (BBGI), a leading radio broadcasting company, operates radio stations across the United States. As of 2024, the company has experienced significant fluctuations in its financial performance, largely influenced by economic conditions and strategic decisions.
Financial Performance
For the nine months ended September 30, 2024, Beasley Broadcast Group reported:
| Financial Metrics | 2023 | 2024 | Change ($) | Change (%) |
|---|---|---|---|---|
| Net Revenue | $181,360,600 | $173,006,119 | $(8,354,481) | (4.6%) |
| Operating Expenses | $152,098,261 | $148,534,924 | $(3,563,337) | (2.3%) |
| Net Loss | $81,504,032 | $3,828,626 | $(77,675,406) | (95.3%) |
| Interest Expense | $19,764,067 | $17,772,957 | $(1,991,110) | (10.1%) |
| Income Tax Benefit | $26,285,207 | $1,796,019 | $(24,489,188) | (93.2%) |
Segment Performance
In terms of segment performance for the nine months ended September 30, 2024:
| Segment | Net Revenue 2023 | Net Revenue 2024 | Change ($) | Change (%) |
|---|---|---|---|---|
| Audio | $146,198,774 | $137,748,127 | $(8,450,647) | (5.8%) |
| Digital | $33,455,935 | $35,257,992 | $1,802,057 | 5.4% |
| Other | $1,705,891 | $0 | $(1,705,891) | (100.0%) |
Impairment Losses
In 2023, the company recorded significant impairment losses due to various factors:
- FCC Licenses Impairment Losses: $78,204,065 recognized in 2023.
- Goodwill Impairment Losses: $10,582,360 recorded in 2023.
Cash Flow Analysis
For the nine months ended September 30, 2024, the cash flow summary is as follows:
| Cash Flow Activities | 2023 | 2024 |
|---|---|---|
| Net Cash Used in Operating Activities | $(5,004,885) | $(2,241,342) |
| Net Cash Provided by (Used in) Investing Activities | $(2,810,716) | $3,399,736 |
| Net Cash Used in Financing Activities | $(2,053,588) | $(90,136) |
| Net Increase (Decrease) in Cash and Cash Equivalents | $(9,869,189) | $1,068,258 |
Stock Performance
As of September 30, 2024, the net loss per Class A and Class B common share was as follows:
| Period | 2023 | 2024 |
|---|---|---|
| Net Loss per Share (Basic and Diluted) | $(45.08) | $(2.33) |
Debt and Liquidity
As of September 30, 2024, Beasley Broadcast Group's long-term debt included:
| Debt Type | Amount |
|---|---|
| Secured Notes | $267,000,000 |
| Less Unamortized Debt Issuance Costs | $(1,790,074) |
| Total Long-Term Debt | $265,209,926 |
Recent Developments
In 2024, Beasley Broadcast Group executed a series of financial maneuvers, including the exchange of existing notes and issuance of new notes, to improve liquidity amid ongoing market challenges:
- Exchange of $194.7 million of Existing Notes for $184.9 million of newly issued 9.200% Senior Secured Second Lien Notes.
- Purchase of $68.0 million of Existing Notes at a price of 62.5%.
- Issuance of $30.9 million of 11.000% Senior Secured First Lien notes due 2028.
A Who Owns Beasley Broadcast Group, Inc. (BBGI)
Ownership Structure
As of 2024, the ownership of Beasley Broadcast Group, Inc. (BBGI) consists of various institutional and individual shareholders, with a significant portion held by the Beasley family. The following table provides a breakdown of the major shareholders:
| Shareholder Type | Number of Shares | Percentage Ownership |
|---|---|---|
| Beasley Family (including Bruce G. Beasley and Caroline Beasley) | Approximately 60,000 shares | 4.5% |
| Institutional Investors | Approximately 1,200,000 shares | 90.3% |
| Individual Investors | Approximately 60,000 shares | 4.5% |
| Treasury Stock | 193,556 shares | 1.5% |
Recent Developments
In September 2024, Beasley Broadcast Group executed a 1-for-20 Reverse Stock Split which impacted the number of outstanding shares. Following this split, the Class A Common Stock was adjusted to reflect a decrease in the number of shares, while the par value remained unchanged at $0.001 per share.
Financial Overview
For the nine months ending September 30, 2024, Beasley Broadcast Group reported the following financial metrics:
| Metric | Value |
|---|---|
| Net Revenue | $173,006,119 |
| Operating Expenses | $148,534,924 |
| Net Loss | ($3,828,626) |
| Net Loss per Share (Basic and Diluted) | ($2.52) |
| Weighted Average Shares Outstanding | 1,521,204 |
Stock Performance
As of September 30, 2024, the estimated fair value of Beasley Broadcast Group's existing notes was approximately $158.4 million. The company's stock has shown volatility in the past year, reflecting broader market trends and specific operational challenges.
Management and Board of Directors
The management team includes key figures from the Beasley family, notably Bruce G. Beasley, who serves as CEO, and Caroline Beasley, who is the Executive Vice President. Their leadership has been instrumental in navigating the company through recent financial difficulties and strategic shifts.
Future Outlook
Beasley Broadcast Group is focusing on enhancing its digital advertising revenue streams while managing its traditional broadcasting operations. The company aims to recover from recent losses and improve its profitability through strategic investments and operational efficiencies.
Beasley Broadcast Group, Inc. (BBGI) Mission Statement
Company Overview
Beasley Broadcast Group, Inc. is a multi-platform media company primarily engaged in operating radio stations across the United States. As of 2024, the company continues to focus on providing integrated marketing solutions through its audio, digital, and event platforms.
Mission Statement
The mission of Beasley Broadcast Group, Inc. is to deliver high-quality content and advertising solutions that connect audiences with advertisers across various platforms. The company aims to enhance the listener experience while maximizing revenue opportunities for its advertising partners.
Financial Performance Overview
As of the nine months ended September 30, 2024, Beasley Broadcast Group reported the following financial metrics:
| Financial Metric | 2023 | 2024 |
|---|---|---|
| Net Revenue | $181,360,600 | $173,006,119 |
| Operating Income (Loss) | ($89,573,463) | $5,509,355 |
| Net Loss | ($81,504,032) | ($3,828,626) |
| Net Loss per Share (Basic and Diluted) | ($54.58) | ($2.52) |
| Weighted-average Shares Outstanding | 1,493,391 | 1,521,204 |
Market Strategy
Beasley Broadcast Group's strategy revolves around leveraging its extensive radio station portfolio and digital platforms to deliver compelling advertising solutions. The company operates in key U.S. markets including:
- Augusta, GA
- Boston, MA
- Charlotte, NC
- Detroit, MI
- Fayetteville, NC
- Fort Myers-Naples, FL
- Las Vegas, NV
- Philadelphia, PA
- Tampa-Saint Petersburg, FL
Recent Developments
In 2024, Beasley Broadcast Group executed a 1-for-20 reverse stock split effective September 23, 2024, aimed at enhancing the company's stock price and shareholder value. The company continues to adapt to changes in the broadcasting landscape, focusing on innovation in its content delivery and marketing strategies.
Key Financial Ratios
As of September 30, 2024, the following key financial ratios were reported:
| Ratio | Value |
|---|---|
| Current Ratio | 1.60 |
| Debt to Equity Ratio | 2.25 |
| Return on Equity (ROE) | (2.62)% |
Conclusion
Beasley Broadcast Group, Inc. remains focused on its mission to connect audiences with advertisers through innovative media solutions, reflecting its commitment to growth and adaptation in a rapidly changing industry.
How Beasley Broadcast Group, Inc. (BBGI) Works
Overview of Operations
Beasley Broadcast Group, Inc. operates as a multi-platform media company primarily focused on radio broadcasting. The company owns and operates radio stations across various U.S. markets including Augusta, GA, Boston, MA, Charlotte, NC, Detroit, MI, Fayetteville, NC, Fort Myers-Naples, FL, Las Vegas, NV, Middlesex, NJ, Monmouth, NJ, Morristown, NJ, Philadelphia, PA, and Tampa-Saint Petersburg, FL.
Financial Performance
As of September 30, 2024, Beasley Broadcast Group reported net revenue of $173,006,119, a decrease of 4.6% from the previous year's revenue of $181,360,600. The breakdown of revenue sources is detailed below:
| Segment | Net Revenue (2023) | Net Revenue (2024) | Change ($) | Change (%) |
|---|---|---|---|---|
| Audio | $146,198,774 | $137,748,127 | $(8,450,647) | (5.8)% |
| Digital | $33,455,935 | $35,257,992 | $1,802,057 | 5.4% |
| Other | $1,705,891 | $0 | $(1,705,891) | (100.0)% |
Operating Expenses
The total operating expenses for the nine months ending September 30, 2024, were $148,534,924, down from $152,098,261 in 2023. The operational breakdown is as follows:
| Segment | Operating Expenses (2023) | Operating Expenses (2024) | Change ($) | Change (%) |
|---|---|---|---|---|
| Audio | $118,200,967 | $117,418,596 | $(782,371) | (0.7)% |
| Digital | $30,804,774 | $31,116,328 | $311,554 | 1.0% |
| Other | $3,092,520 | $0 | $(3,092,520) | (100.0)% |
Net Loss
Beasley Broadcast Group reported a net loss of $3,828,626 for the nine months ending September 30, 2024, significantly reduced from a net loss of $81,504,032 in the same period of the previous year. The net loss per share for Class A and Class B common stock was $(2.52) compared to $(54.58) in 2023, reflecting the impact of a 1-for-20 reverse stock split executed on September 23, 2024.
Cash Flows
For the nine months ended September 30, 2024, the company reported cash flows from operating activities resulting in a net cash used of $(2,241,342). The cash flows from investing and financing activities were as follows:
| Activity | Cash Flow (2023) | Cash Flow (2024) |
|---|---|---|
| Operating Activities | $(5,004,885) | $(2,241,342) |
| Investing Activities | $(2,810,716) | $3,399,736 |
| Financing Activities | $(2,053,588) | $(90,136) |
Debt and Equity Structure
As of September 30, 2024, Beasley Broadcast Group's long-term debt stood at $265,209,926. The company issued $300 million in senior secured notes in February 2021 with an interest rate of 8.625% due in 2026. The equity structure is reflected in the following table:
| Equity Component | Value (2023) | Value (2024) |
|---|---|---|
| Class A Common Stock | $17,389 | $17,917 |
| Class B Common Stock | $16,662 | $16,662 |
| Additional Paid-in Capital | $152,794,353 | $153,567,083 |
| Treasury Stock | $(29,239,179) | $(29,329,315) |
| Retained Earnings | $25,042,926 | $21,214,300 | Total Stockholders' Equity | $148,978,635 | $145,833,131 |
Market Position and Future Outlook
Beasley Broadcast Group continues to focus on its core operations while adapting to market changes, including the integration of digital advertising solutions. The company remains committed to enhancing its operational efficiency and addressing financial challenges through strategic initiatives.
How Beasley Broadcast Group, Inc. (BBGI) Makes Money
Revenue Streams
Beasley Broadcast Group generates revenue through two primary segments: Audio and Digital.
- Audio Revenue: Primarily from the sale of commercial advertising to customers of the company’s radio stations.
- Digital Revenue: Generated from the sale of digital advertising, including streamed commercial spots and station-owned assets.
Financial Performance Overview
For the nine months ended September 30, 2024, Beasley Broadcast Group reported a net revenue of $173,006,119, a decrease of 4.6% compared to $181,360,600 for the same period in 2023.
| Financial Metrics | 2023 | 2024 | Change ($) | Change (%) |
|---|---|---|---|---|
| Net Revenue | $181,360,600 | $173,006,119 | $(8,354,481) | (4.6)% |
| Operating Expenses | $152,098,261 | $148,534,924 | $(3,563,337) | (2.3)% |
| Net Loss | $81,504,032 | $3,828,626 | $(77,675,406) | (95.3)% |
Segment Revenue Analysis
Breaking down the revenue by segment for the nine months ended September 30, 2024:
| Segment | 2023 Revenue | 2024 Revenue | Change ($) | Change (%) |
|---|---|---|---|---|
| Audio | $146,198,774 | $137,748,127 | $(8,450,647) | (5.8)% |
| Digital | $33,455,935 | $35,257,992 | $1,802,057 | 5.4% |
| Other | $1,705,891 | $0 | $(1,705,891) | (100.0)% |
Advertising Revenue Sources
Advertising is categorized into local, regional, and national sales, with local agency revenue witnessing a decline. Political advertising revenue increased due to the 2024 elections.
Cost Structure
The operating expenses for the nine months ended September 30, 2024, totaled $148,534,924, with $117,418,596 attributed to audio operating expenses and $31,116,328 to digital operating expenses.
| Expense Type | 2023 Expenses | 2024 Expenses | Change ($) | Change (%) |
|---|---|---|---|---|
| Audio Operating Expenses | $118,200,967 | $117,418,596 | $(782,371) | (0.7)% |
| Digital Operating Expenses | $30,804,774 | $31,116,328 | $311,554 | 1.0% |
Impairment Losses
Significant impairment losses were recorded, including $88,245,065 related to FCC licenses in 2023, which was reduced to $0 in 2024.
Net Loss and Earnings Per Share
The net loss for the nine months ended September 30, 2024, was $3,828,626, compared to $81,504,032 in 2023. The loss per share for 2024 was $(2.52) compared to $(54.58) in the previous year.
| Metric | 2023 | 2024 |
|---|---|---|
| Net Loss | $81,504,032 | $3,828,626 |
| Loss Per Share | $(54.58) | $(2.52) |
Conclusion on Financial Health
Beasley Broadcast Group has experienced a decrease in overall revenue but has managed to reduce losses significantly, indicating a potential turnaround in financial health.
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Resources:
- Beasley Broadcast Group, Inc. (BBGI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Beasley Broadcast Group, Inc. (BBGI)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Beasley Broadcast Group, Inc. (BBGI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.