Beasley Broadcast Group Files Q2 2024 10-Q

TL;DR

BBGI Q2 10-Q filed. Financials and segment performance detailed.

AI Summary

Beasley Broadcast Group, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial figures and segment performances are presented, reflecting the company's ongoing business activities in radio broadcasting and digital media.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational performance of Beasley Broadcast Group, crucial for understanding the company's trajectory in the evolving media landscape.

Risk Assessment

Risk Level: medium — The company operates in the highly competitive and rapidly changing media industry, which is subject to economic downturns and technological shifts.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Latest financial data available)
• 2023-12-31 — Previous Year End Date (For comparative analysis)
• 2023-01-01 to 2023-06-30 — Prior Year Period (For year-over-year comparison)
• 2024-01-01 to 2024-06-30 — Current Year Period (For year-over-year comparison)

Key Players & Entities

• BEASLEY BROADCAST GROUP INC (company) — Filer
• 0000950170-24-097026 (other) — Accession Number
• 20240630 (date) — Period of Report
• 20240814 (date) — Filing Date
• 3033 RIVIERA DRIVE, SUITE 200, NAPLES, FL 34103 (address) — Business and Mail Address
• 9412635000 (phone_number) — Business Phone

FAQ

Key Financial Figures

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

Filing Documents

• bbgi-20240630.htm (10-Q) — 1222KB
• bbgi-ex10_1.htm (EX-10.1) — 129KB
• bbgi-ex10_2.htm (EX-10.2) — 8KB
• bbgi-ex10_3.htm (EX-10.3) — 8KB
• bbgi-ex31_1.htm (EX-31.1) — 14KB
• bbgi-ex31_2.htm (EX-31.2) — 14KB
• bbgi-ex32_1.htm (EX-32.1) — 8KB
• bbgi-ex32_2.htm (EX-32.2) — 8KB
• 0000950170-24-097026.txt ( ) — 5609KB
• bbgi-20240630.xsd (EX-101.SCH) — 711KB
• bbgi-20240630_htm.xml (XML) — 1025KB

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. 18 Item 4.

Controls and Procedures

Controls and Procedures. 18 PART II OTHER INFORMATION Item 1. Legal Proceedings. 19 Item 1A. Risk Factors. 19 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 20 Item 3. Defaults Upon Senior Securities. 20 Item 4. Mine Safety Disclosures. 20 Item 5. Other Information. 20 Item 6. Exhibits . 22

SIGNATURES

SIGNATURES 23 BEASLEY BROADCAST GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) December 31, June 30, 2023 2024 ASSETS Current assets: Cash and cash equivalents $ 26,733,921 $ 33,294,187 Accounts receivable, less allowance for credit losses of $ 1,752,058 in 2023 and $ 1,473,743 in 2024 53,424,196 47,175,316 Prepaid expenses 4,338,503 5,818,556 Other current assets 2,150,163 2,134,690 Total current assets 86,646,783 88,422,749 Property and equipment, net 51,474,754 49,919,069 Operating lease right-of-use assets 34,767,126 33,431,749 FCC licenses 393,006,900 393,006,900 Goodwill 922,000 922,000 Other intangibles, net 2,722,408 2,576,904 Other assets 4,727,967 4,888,812 Total assets $ 574,267,938 $ 573,168,183 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 14,299,048 $ 13,737,563 Operating lease liabilities 8,082,981 8,283,652 Other current liabilities 25,913,827 27,900,560 Total current liabilities 48,295,856 49,921,775 Due to related parties 55,019 39,663 Long-term debt, net of unamortized debt issuance costs 264,203,010 264,874,288 Operating lease liabilities 33,440,246 31,621,104 Deferred tax liabilities 71,894,915 70,222,945 Other long-term liabilities 7,400,257 7,400,257 Total liabilities 425,289,303 424,080,032 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; 17,586,632 issued and 13,796,612 outstanding in 2024 17,389 17,584 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 152,794,353 153,209,210 Treasur

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," "b