Beasley Broadcast Group, Inc. · NASDAQ:BBGI
Beasley Broadcast — Debt Investor Presentation (August 2018)
23 slides from Beasley Broadcast's debt investor presentation, Aug 13, 2018
Slide 1: Lender Presentation August 13, 2018
Lender Presentation August 13, 2018 1
Slide 2: Forward-Looking Statements, Confidentiality and Non-GAAP Financial Measures
Forward-Looking Statements, Confidentiality and Non-GAAP Financial Measures SPECIAL NOTICE REGARDING PUBLICLY AVAILABLE INFORMATION: THE COMPANY (AS DEFINED BELOW) HAS REPRESENTED THAT THE INFORMATION CONTAINED IN THIS PRESENTATION IS EITHER PUBLICLY AVAILABLE OR DOES NOT CONSTITUTE MATERIAL NON-PUB
Slide 3: Management Presenters
Management Presenters Name Title Company Caroline Beasley Chief Executive OfficerMarie Tedesco Chief Financial Officer 3
Slide 4: Table of Contents
Table of Contents I. Transaction Overview II. Business Update Q&A Appendix 4
Slide 5: Transaction Overview
Transaction Overview Section I
Slide 6: Executive Summary
Executive Summary Beasley Broadcast Group, Inc. (“Beasley”, “BBGI” or the “Company”) is a leading local broadcast media company with geographically diverse radio clusters in attractive markets across the U.S. The Company’s Pro Forma LTM 6/30/18 Net Revenue and Credit Agreement Adjusted EBITDA are $2
Slide 7: Transaction Overview
Transaction Overview ($ in millions) Sources & Uses of Funds Sources of Funds Uses of Funds New Delayed Draw Add-on Term Loan B $35.0 Acquisition of WXTU-FM $38.0 Cash from Balance Sheet 3.5 Estimated Financing Fees & Expenses 0.5 Total Sources $38.5 Total Uses $38.5 Pro Forma Capitalization Current
Slide 8: Summary of Corporate Structure
Summary of Corporate Structure Guarantor Beasley Broadcast Group, Inc. (NASDAQ:BBGI) Borrower 100% Sole Member Beasley Mezzanine Holdings, LLC ($20 million Revolver) ($220 million Term Loan B) ($35 million Delayed Draw Add-on Term Loan B) 100% Beasley Media Group, LLC 100% 100% Greater Media, Inc. 1
Slide 9: Summary of Terms – Senior Secured Credit Facilities
Summary of Terms – Senior Secured Credit Facilities Borrower: Beasley Mezzanine Holdings, LLC (“Borrower”) Guaranteed by Beasley Broadcast Group, Inc. (“Holdings”) and all current and future domestic material subsidiaries of Holdings, Guarantors: with customary exceptions Security: Same as existing
Slide 10: Anticipated Transaction Timetable
Anticipated Transaction Timetable August 2018 S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Key Date Date: Event: August 13th â–ª Lender Call August 21st â–ª Lender Commitments Due August 24th â–ª Estimated Close Late Q3 or early Q4 â–ª Estimated F
Slide 11: Business Update
Business Update Section II
Slide 12: Company Overview
Company Overview NASDAQ: BBGI Founded in 1961 and headquartered in Naples, Florida, Beasley has steadily progressed into a leading local radio broadcaster Since IPO in 2000, Beasley has become the 4th largest radio broadcasting company by revenues, with 64 stations in 15 markets The Company’s 2016 a
Slide 13: Acquisition of WXTU-FM
Acquisition of WXTU-FM On July 19, 2018, Beasley announced the acquisition of WXTU-FM for $38 million from Entercom WXTU-FM is Philadelphia’s Heritage Country station and was one of the first major market FM stations acquired by Beasley founder George Beasley before divesting the station in 2014 as
Slide 14: Credit Agreement Adjusted EBITDA Performance Bridge
Credit Agreement Adjusted EBITDA Performance Bridge ($ in millions) FY 2017 Credit Agreement Adjusted EBITDA to LTM Q2 2018 Pro Forma Credit Agreement Adjusted EBITDA FY 2017 Credit Agreement Adj. EBITDA Revenue SOE Corp. G&A Format Change Add-back LTM Q2 2018 Credit Agreement Adj. EBITDA WXTU-FM Co
Slide 15: Summary of Credit Highlights
Summary of Credit Highlights 1 Leading Local Broadcast Media Company 2 Sizeable Clusters with Strong In-Market Competitive Positioning 3 Diversified Format, Advertisers, and End Markets 4 Strong Financial Profile with Robust Free Cash Flow 5 Modest Leverage, Track Record of De-Leveraging and Signifi
Slide 16: Q&A
Q&A
Slide 17: Appendix
| Appendix
Slide 18: Calculation of Pro Forma Net Revenue
Calculation of Pro Forma Net Revenue Twelve months ended Six months ended LTM December 31, June 30, June 30, 2016 2017 2017 2018 2018 Reported net revenue $136,636,803 $232,179,463 $114,753,965 $116,778,923 $234,204,421 Acquired stations (1) 150,102,278 35,863,012 15,138,767 - 30,205,270 Sold statio
Slide 19: Reconciliation of SOI and Pro Forma SOI to Net Income
Reconciliation of SOI and Pro Forma SOI to Net Income Twelve months ended LTM Six months ended December 31, June 30, June 30, 2015 2016 2017 2018 2017 2018 Net income $6,362,322 $47,488,413 $87,131,169 $77,496,572 $11,392,017 $1,757,420 Depreciation and amortization 3,834,992 6,232,572 6,133,812 6,1
Slide 20: Reconciliation of EBITDA, Credit Agreement Adjusted EBITDA, and Pro Forma Credit Agreement Adjusted EBITDA to Net Income
Reconciliation of EBITDA, Credit Agreement Adjusted EBITDA, and Pro Forma Credit Agreement Adjusted EBITDA to Net Income Twelve months ended LTM Six months ended December 31, June 30, June 30, 2015 2016 2017 2018 2017 2018 Net income $6,362,322 $47,488,413 $87,131,169 $77,496,572 $11,392,017 $1,757,
Slide 21: Reconciliation of Free Cash Flow to Net Income
Reconciliation of Free Cash Flow to Net Income Twelve months ended LTM Six months ended December 31, June 30, June 30, 2015 2016 2017 2018 2017 2018 Net income $6,362,322 $47,488,413 $87,131,169 $77,496,572 $11,392,017 $1,757,420 Non-cash stock based compensation 1,112,891 809,371 1,745,134 2,165,16
Slide 22: Notice to and Undertaking by Recipients
Notice to and Undertaking by Recipients I. Confidentiality As used herein: (a) “Evaluation Material” refers to this Presentation and any other information regarding the Company or the Facilities furnished or communicated to the Recipient by or on behalf of the Company in connection with the Faciliti
Slide 23: Notice to and Undertaking by Recipients
Notice to and Undertaking by Recipients The Evaluation Material may include certain forward looking statements and projections provided by the Company. Any such statements and projections reflect various estimates and assumptions by the Company concerning anticipated results and may involve elements
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