Beasley Broadcast Group Inc. Files 10-Q for Q1 2024

TL;DR

<b>Beasley Broadcast Group Inc. filed its Q1 2024 10-Q report, detailing financial information and corporate structure.</b>

AI Summary

BEASLEY BROADCAST GROUP INC (BBGI) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Filing is a 10-Q for Beasley Broadcast Group Inc. for the period ending March 31, 2024. The company's SIC code is 4832 (Radio Broadcasting Stations). Incorporated in Delaware, with fiscal year ending December 31. Business and mailing address located in Naples, Florida. Mentions various financial instruments and plans including Senior Secured Notes due 2026 and a 2007 Plan.

Why It Matters

For investors and stakeholders tracking BEASLEY BROADCAST GROUP INC, this filing contains several important signals. This filing provides investors with the latest quarterly financial performance and operational updates for Beasley Broadcast Group. It includes details on various financial instruments and stock plans, offering insight into the company's capital structure and equity compensation.

Risk Assessment

Risk Level: medium — BEASLEY BROADCAST GROUP INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which typically contains routine financial information and does not indicate significant positive or negative developments, placing it at a medium risk level for immediate investment decisions.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to assess revenue trends and profitability for Q1 2024.

Key Numbers

• 20240331 — Period End Date (CONFORMED PERIOD OF REPORT)
• 20240509 — Filing Date (FILED AS OF DATE)
• 4832 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• 000-29253 — SEC File Number (SEC FILE NUMBER)

Key Players & Entities

• BEASLEY BROADCAST GROUP INC (company) — FILER
• 0000950170-24-057038 (other) — ACCESSION NUMBER
• 20240331 (date) — CONFORMED PERIOD OF REPORT
• 20240509 (date) — FILED AS OF DATE
• 0001099160 (company) — CENTRAL INDEX KEY
• 4832 (other) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (other) — STATE OF INCORPORATION
• 34103 (other) — ZIP

FAQ

Industry Context

Beasley Broadcast Group operates in the radio broadcasting industry, which is subject to regulatory oversight and evolving media consumption trends.

Regulatory Implications

Radio broadcasters are subject to FCC regulations in the United States, which govern licensing, content, and operations.

What Investors Should Do

1. Analyze the revenue breakdown by segment (Audio, Digital, etc.) to understand growth drivers and potential headwinds.
2. Examine any disclosed debt obligations and their terms, such as the Senior Secured Notes due 2026.
3. Review management's discussion and analysis (MD&A) for insights into the company's strategy and outlook.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a timely update on the company's financial condition and performance.)

SIC Code

Standard Industrial Classification code used to identify industries. (Helps categorize the company's primary business activity (Radio Broadcasting Stations).)

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, providing the most recent quarterly financial data for Beasley Broadcast Group Inc.

Key Financial Figures

• $0.001 — tered Class A Common Stock, par value $0.001 per share BBGI Nasdaq Capital Marke

Filing Documents

• bbgi-20240331.htm (10-Q) — 864KB
• 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) — 8KB
• 0000950170-24-057038.txt (&nbsp;) — 4126KB
• bbgi-20240331.xsd (EX-101.SCH) — 599KB
• bbgi-20240331_htm.xml (XML) — 663KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations. 12 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 17 Item 4.

Controls and Procedures

Controls and Procedures. 17 PART II OTHER INFORMATION Item 1. Legal Proceedings. 18 Item 1A. Risk Factors. 18 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 19 Item 3. Defaults Upon Senior Securities. 19 Item 4. Mine Safety Disclosures. 19 Item 5. Other Information. 19 Item 6. Exhibits . 20

SIGNATURES

SIGNATURES 21 BEASLEY BROADCAST GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) December 31, March 31, 2023 2024 ASSETS Current assets: Cash and cash equivalents $ 26,733,921 $ 27,763,453 Accounts receivable, less allowance for credit losses of $ 1,752,058 in 2023 and $ 1,541,399 in 2024 53,424,196 46,508,958 Prepaid expenses 4,338,503 4,426,652 Other current assets 2,150,163 1,895,334 Total current assets 86,646,783 80,594,397 Property and equipment, net 51,474,754 50,642,084 Operating lease right-of-use assets 34,767,126 33,768,736 FCC licenses 393,006,900 393,006,900 Goodwill 922,000 922,000 Other intangibles, net 2,722,408 2,649,656 Other assets 4,727,967 4,696,089 Total assets $ 574,267,938 $ 566,279,862 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 14,299,048 $ 11,714,223 Operating lease liabilities 8,082,981 8,084,044 Other current liabilities 25,913,827 22,167,156 Total current liabilities 48,295,856 41,965,423 Due to related parties 55,019 47,341 Long-term debt, net of unamortized debt issuance costs 264,203,010 264,538,649 Operating lease liabilities 33,440,246 32,295,713 Deferred tax liabilities 71,894,915 70,905,149 Other long-term liabilities 7,400,257 7,400,257 Total liabilities 425,289,303 417,152,532 Commitments and contingencies Stockholders' equity: Preferred stock, $ 0.001 par value; 10,000,000 shares authorized; none issued - - Class A common stock, $ 0.001 par value; 150,000,000 shares authorized; 17,391,382 issued and 13,653,941 outstanding in 2023; 17,433,632 issued and 13,681,533 outstanding in 2024 17,389 17,431 Class B common stock, $ 0.001 par value; 75,000,000 shares authorized; 16,662,743 issued and outstanding in 2023 and 2024 16,662 16,662 Additional paid-in capital 152,794,353 152,947,672 Treasu

MANAGEMENT'S DISCUSSI ON AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSI ON AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. General 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. 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. Cautionary Note Regarding Forward-Looking Statements This report contains "forward-looking statements" about the Company within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future, not past, events. All statements other than statements of historical fact included in this document are forward-looking statements. These forward-looking statements are based on the current beliefs and expectations of the Company's management and are subject to known and unknown risks and uncertainties. Forward-looking statements, which address the Company's expected business and financial performance and financial condition, among other matters, contain words such as: "expects," "anticipates," "intends," "plans," "believes," "estimates," "may," "will," "plans," "projects," "could," "should," "would," "seek," "forecast," or other similar expressions. Forward-looking statements, by their nature, address matters that are, to different degrees, uncertain. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that