Beasley Broadcast Group: Q3 Update & Major Financing Event
Ticker: BBGI · Form: 10-Q · Filed: 2024-11-08T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, financing, debt, subsequent-event
Related Tickers: BBGI
TL;DR
BBGI Q3 filing shows financing deal closed Oct 8th with new 9.2% notes due 2028.
AI Summary
Beasley Broadcast Group Inc. reported its Q3 results for the period ending September 30, 2024. A significant subsequent event occurred on October 8, 2024, with the execution of a Stock Purchase Agreement and the issuance of Nine Point Two Zero Zero Percent Senior Secured Second Lieu Notes Due 2028. The company's fiscal year ends on December 31.
Why It Matters
This filing details Beasley's financial performance and a significant financing event, which could impact its future operations and debt obligations.
Risk Assessment
Risk Level: medium — The company has significant debt obligations, including new senior secured notes, which could pose financial risks.
Key Numbers
- 9.20% — Senior Secured Second Lieu Notes Interest Rate (Interest rate on new debt issued October 8, 2024.)
- 2028 — Maturity Year (Maturity year for the Nine Point Two Zero Zero Percent Senior Secured Second Lieu Notes.)
Key Players & Entities
- BEASLEY BROADCAST GROUP INC (company) — Filer
- 0000950170-24-124042 (accession_number) — Filing identifier
- 20240930 (date) — Reporting period end date
- 2024-10-08 (date) — Stock Purchase Agreement and Note issuance date
- Nine Point Two Zero Zero Percent Senior Secured Second Lieu Notes Due 2028 (debt_instrument) — Subsequent financing event
- 3033 RIVIERA DRIVE, SUITE 200, NAPLES, FL 34103 (address) — Company business and mailing address
FAQ
What was the total revenue for Beasley Broadcast Group for the nine months ended September 30, 2024?
The filing does not explicitly state the total revenue for the nine months ended September 30, 2024, but it does provide segment data for 'AudioAdvertisingMember' and 'DigitalMember' for comparable periods.
What is the nature of the 'Stock Purchase Agreement' mentioned as a subsequent event?
The filing indicates a 'Stock Purchase Agreement' was entered into on October 8, 2024, as a subsequent event, alongside the issuance of new debt.
What is the company's primary industry classification?
Beasley Broadcast Group Inc. is classified under 'RADIO BROADCASTING STATIONS' with SIC code 4832.
When did the company file this 10-Q report?
This 10-Q report was filed on November 8, 2024.
What are the terms of the 'Nine Point Two Zero Zero Percent Senior Secured Second Lieu Notes Due 2028'?
These notes carry an interest rate of 9.200% and are due in 2028, and were issued as part of a subsequent event on October 8, 2024.
Filing Stats: 4,386 words · 18 min read · ~15 pages · Grade level 12.7 · Accepted 2024-11-08 16:03:33
Key Financial Figures
- $0.001 — tered Class A Common Stock, par value $0.001 per share BBGI Nasdaq Capital Marke
Filing Documents
- bbgi-20240930.htm (10-Q) — 1338KB
- 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
- 0000950170-24-124042.txt ( ) — 6148KB
- bbgi-20240930.xsd (EX-101.SCH) — 803KB
- bbgi-20240930_htm.xml (XML) — 1163KB
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations. 15 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk. 22 Item 4.
Controls and Procedures
Controls and Procedures. 22 PART II OTHER INFORMATION Item 1. Legal Proceedings. 24 Item 1A. Risk Factors. 24 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 24 Item 3. Defaults Upon Senior Securities. 24 Item 4. Mine Safety Disclosures. 24 Item 5. Other Information. 24 Item 6. Exhibits . 25
SIGNATURES
SIGNATURES 26 BEASLEY BROADCAST GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) December 31, September 30, 2023 2024 ASSETS Current assets: Cash and cash equivalents $ 26,733,921 $ 27,802,179 Accounts receivable, less allowance for credit losses of $ 1,752,058 in 2023 and $ 1,540,801 in 2024 53,424,196 49,111,535 Prepaid expenses 4,338,503 8,734,475 Other current assets 2,150,163 1,927,173 Total current assets 86,646,783 87,575,362 Property and equipment, net 51,474,754 48,768,141 Operating lease right-of-use assets 34,767,126 31,348,246 FCC licenses 393,006,900 393,006,900 Goodwill 922,000 - Other intangibles, net 2,722,408 2,138,913 Other assets 4,727,967 8,641,225 Total assets $ 574,267,938 $ 571,478,787 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 14,299,048 $ 19,137,663 Operating lease liabilities 8,082,981 8,250,391 Other current liabilities 25,913,827 27,304,666 Total current liabilities 48,295,856 54,692,720 Due to related parties 55,019 31,985 Long-term debt, net of unamortized debt issuance costs 264,203,010 265,209,926 Operating lease liabilities 33,440,246 29,669,724 Deferred tax liabilities 71,894,915 68,641,044 Other long-term liabilities 7,400,257 7,400,257 Total liabilities 425,289,303 425,645,656 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; 869,569 issued and 682,697 outstanding in 2023; 895,998 issued and 702,442 outstanding in 2024(1) 17,389 17,917 Class B Common Stock, $ 0.001 par value; 75,000,000 shares authorized; 833,137 issued and outstanding in 2023 and 2024(1) 16,662 16,662 Additional paid-in capital 152,794,353 153,567,083 Treasury stock, C