Beasley Broadcast Group Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Beasley Broadcast Group Inc. has submitted its annual 10-K filing for the fiscal year 2023, detailing financial performance and assets.</b>

AI Summary

BEASLEY BROADCAST GROUP INC (BBGI) filed a Annual Report (10-K) with the SEC on February 16, 2024. Beasley Broadcast Group Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key financial elements such as retained earnings, common stock, and additional paid-in capital are detailed for the fiscal year. The report includes information on various assets including FCC licenses, digital assets, and advertiser relationships. Specific financial instruments like secured notes and new promissory notes are also referenced within the filing.

Why It Matters

For investors and stakeholders tracking BEASLEY BROADCAST GROUP INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Beasley Broadcast Group's financial health and operational status for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. The detailed breakdown of assets, liabilities, and equity, along with specific financial instruments, allows stakeholders to understand the company's financial structure and risk exposure.

Risk Assessment

Risk Level: medium — BEASLEY BROADCAST GROUP INC shows moderate risk based on this filing. The company operates in the radio broadcasting industry, which is subject to significant regulatory oversight from the FCC and faces evolving market dynamics due to digital media competition, posing medium-level risks.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Beasley Broadcast Group's financial stability and strategic positioning in the evolving media landscape.

Key Numbers

• 20231231 — Fiscal Year End (Conformed Period of Report)
• 20240216 — Filing Date (Filed as of Date)
• 120 — Public Document Count (Document Details)
• 000-29253 — SEC File Number (Filing Information)

Key Players & Entities

• BEASLEY BROADCAST GROUP INC (company) — Filer
• 0000950170-24-016348 (other) — Accession Number
• 20231231 (date) — Conformed Period of Report
• 20240216 (date) — Filed as of Date
• 0001099160 (company) — Central Index Key
• 4832 (other) — Standard Industrial Classification
• DE (other) — State of Incorporation
• NAPLES (other) — City

FAQ

Risk Factors

• Regulatory Compliance [medium — regulatory]: The company's operations are subject to extensive regulation by the Federal Communications Commission (FCC), including licensing requirements and broadcast rules.
• Competition and Evolving Media Landscape [high — market]: Beasley Broadcast Group faces intense competition from other radio broadcasters, as well as digital media platforms and other forms of entertainment.
• Debt Obligations [medium — financial]: The company has significant debt obligations, including secured notes and promissory notes, which require substantial interest payments and principal repayments.
• Reliance on Advertising Revenue [high — operational]: A substantial portion of the company's revenue is derived from advertising, making it susceptible to economic downturns and shifts in advertiser spending.

Key Financial Figures

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• $4,573,840 — violation is $495,500 per incident and $4,573,840 for any continuing violation arising fr
• $325,000 — r the then maximum forfeiture amount of $325,000 against a television station for violat

Filing Documents

• bbgi-20231231.htm (10-K) — 2440KB
• bbgi-ex21_1.htm (EX-21.1) — 2KB
• bbgi-ex23_1.htm (EX-23.1) — 6KB
• bbgi-ex31_1.htm (EX-31.1) — 13KB
• bbgi-ex31_2.htm (EX-31.2) — 13KB
• bbgi-ex32_1.htm (EX-32.1) — 7KB
• bbgi-ex32_2.htm (EX-32.2) — 7KB
• bbgi-ex97_1.htm (EX-97.1) — 34KB
• img129140233_0.jpg (GRAPHIC) — 2KB
• 0000950170-24-016348.txt (&nbsp;) — 12119KB
• bbgi-20231231.xsd (EX-101.SCH) — 1917KB
• bbgi-20231231_htm.xml (XML) — 2316KB

—Financial Information

Part I—Financial Information Item 1. Business. 3 Item 1A. Risk Factors. 11 Item 1B. Unresolved Staff Comments. 19 Item 1C. Cybersecurity. 19 Item 2. Properties. 21 Item 3. Legal Proceedings. 21 Item 4. Mine Safety Disclosures. 21

—Other Information

Part II—Other Information Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 22 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 23 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 32 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 33 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 60 Item 9A.

Controls and Procedures

Controls and Procedures. 60 Item 9B. Other Information. 61 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 61 Part III Item 10. Directors, Executive Officers and Corporate Governance. 62 Item 11.

Executive Compensation

Executive Compensation. 62 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 62 Item 13. Certain Relationships and Related Transactions, and Director Independence. 62 Item 14. Principal Accountant Fees and Services. 62 Part IV Item 15. Exhibit and Financial Statement Schedules. 63 Item 16. Form 10-K Summary. 64

Signatures

Signatures 65 CERTAIN DEFINITIONS Unless the context requires otherwise, all references in this report to the "Company," "we," "us," "our" and similar terms refer to Beasley Broadcast Group, Inc. and its consolidated subsidiaries. 2 Table of Contents PAR T I

BUSINESS

ITEM 1. BUSINESS Overview We are a multi-platform media company whose primary business is operating radio stations throughout the United States. We offer local and national advertisers integrated marketing solutions across audio, digital and event platforms. We own and operate stations in the following markets: Atlanta, GA, 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. We refer to each group of stations in each market as a market cluster. Beasley Broadcast Group, Inc., a Delaware corporation, was formed in 1999. Unless the context otherwise requires, all references in this report to "the Company," "we," "us" or "our" are to Beasley Broadcast Group, Inc. and its subsidiaries. Strategy We seek to secure and maintain a leadership position in the markets we serve by developing high quality local content, through our audio and digital platforms, including events and experiences in the communities we serve and, in turn, offer advertisers access to a highly effective marketing platform to reach large and targeted local audiences. We operate our stations in clusters to capture a variety of demographic listener groups, which we believe enhances our stations' appeal to a wide range of advertisers. Current rules and regulations of the Federal Communications Commission ("FCC") do not permit us to add more AM or FM stations to our Augusta, GA and Philadelphia, PA market clusters, or more FM stations to our Boston, MA, Charlotte, NC, Fayetteville, NC, Fort Myers-Naples, FL, Las Vegas, NV and Tampa-Saint Petersburg, FL market clusters. The primary source of revenue for our stations is the sale of advertising time to local, regional and national advertisers and national network advertisers who purchase commercials in varying lengths. A growing source of revenue is from station-related digital product suites, which al