Beasley Broadcast Group, Inc. · NASDAQ:BBGI
Beasley Broadcast — Q1 2024 Earnings Presentation
35 slides from Beasley Broadcast's earnings presentation, May 8, 2024
Slide 1: Q1 2024 Earnings Presentation
Q1 2024 EARNINGS P R E S E N TAT I O N M AY 2 0 2 4
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements and Non-GAAP Financial Measures This presentation includes certain financial measures that have not been prepared in a manner that complies with generally accepted accounting principles in the United States (“GAAP”), including, without limitation, EBITDA, Statio
Slide 3: Q1 2024 Performance Summary
BEASLEY MEDIA GROUP: TOMORROW’S MEDIA COMPANY TODAY Q1 2024 PERFORMANCE SUMMARY: TOTAL NET CORPORATE G&A CAPEX REVENUE EXPENSE $54.4M $4.4M $0.9M CASH AND CASH SOI EBITDA EQUIVALENTS $5.1M $0.7M $27.8M
Slide 4: Overview
1. OUR MARKET 2. WHO WE ARE 3. OUR ADVERTISING PARTNERS jasd AND OUR AUDIENCE OVERVIEW 4. FINANCIALS 5. LOOKING FORWARD
Slide 5: 1. Our Market
1. OUR MARKET
Slide 6: Our Market
OUR MARKET LOCAL AND NATIONAL BUSINESSES LOOK TO BEASLEY FOR EFFECTIVE, INNOVATIVE WAYS TO REACH THEIR CUSTOMERS SMALL BUSINESSES BEASLEY’S MULTIMEDIA PLATFORM ENABLES SMALL BUSINESSES TO MAXIMIZE AUDIENCE REACH NATIONAL BUSINESSES LARGER COMPANIES BENEFIT FROM BEASLEY’S BRANDS AND PRESENCE, WHICH E
Slide 7: The Number of Small Businesses Is Growing in the U.S.
THE NUMBER OF SMALL BUSINESSES IS GROWING $17.0T IN THE U.S. 2030 U.S. SMALL BUSINESSES2 BUT THESE SMALL BUSINESSES ARE FAILING TO ADOPT TO MODERN DIGITAL PRACTICES, AND ARE LOSING OUT ON VALUABLE SALES OPPORTUNITIES 2/3 OF TOTAL U.S. RETAIL SALES OCCUR ONLINE1 OF SMALL BUSINESSES USE 1+ TYPE 84% OF
Slide 8: 2. Who We Are
2. WHO WE ARE
Slide 9: Beasley Is a Leading Multiplatform Media Company
FIRMLY ROOTED IN OUR BEASLEY IS A LEADING VALUES, MULTIPLATFORM MEDIA COMPANY FEATURING: INNOVATION AUDIO 57 13 62% AM and FM U.S. OTA INTEGRITY Stations Markets Audience1 DIGITAL CONTENT COLLABORATION 142M 62M 480M Annual Streaming Annual Podcast Annual Sessions Downloads Pageviews PERFORMANCE 306M
Slide 10: An Empire Rooted in Radio
AN EMPIRE ROOTED IN RADIO, BEASLEY HAS POSITIONED ITSELF TO BE THE ONE-STOP SHOP FOR ALL LOCAL BUSINESS ADVERTISEMENT 2025: BEYOND BEASLEY’S FUTURE FOUNDED BY COMPANY IPO ACQUIRED ACQUIRED GROWTH WILL BE VIA NASDAQ GREATER MEDIA, GUARANTEE GEORGE BEASLEY IN ADDING 20 DIGITAL, DRIVEN BY STRATEGIC BEN
Slide 11: Our Company-Wide Community of Caring Commitment
OUR COMPANY-WIDE COMMUNITY OF CARING COMMITMENT FROM CREATING ONGOING PUBLIC SERVICE INITIATIVES, TO ONSITE EVENTS, WE SUPPORT OUR LOCAL COMMUNITIES BY GIVING A VOICE TO THE VOICELESS OUR SOUTHWEST FLORIDA OUR BOSTON STATIONS RADIO STATIONS JOINED ANNOUNCED A MULTI-YEAR 105.9 WDMK-FM’S ANNUAL FORCES
Slide 12: Beasley's Segments Provide Full-Service Advertising Solutions
BEASLEY’S 2 SEGMENTS PROVIDE FULL-SERVICE, INNOVATIVE ADVERTISING SOLUTIONS, AND CONNECTION WITH NEW AUDIENCES AUDIO DIGITAL1 BEASLEY’S FOUNDATIONAL BUSINESS ENABLING CUSTOMERS TO DIGITIZE THEIR BUSINESS $43.4M $11.0M Q1 2024 REVENUE Q1 2024 REVENUE 80% OF TOTAL REVENUE 20% OF TOTAL REVENUE 1 INCLUD
Slide 13: Audio
AUDIO AUDIO REVENUE CONTINUES TO INCREASE DUE TO BEASLEY’S UNIQUE TALENT OFFERING COMMUNITY-ENGAGING CONTENT <13% 69% NATIONAL REVENUE1 LOCAL REVENUE2 AS % OF TOTAL AS % OF TOTAL COMPANY REVENUE COMPANY REVENUE $’S IN MILLIONS 1 EXCLUDING POLITICAL REVENUE 2 INCLUDING DIGITAL PACKAGES SOLD LOCALLY N
Slide 14: Digital
DIGITAL AS COMPANIES SEEK TO DIGITIZE, BEASLEY PROVIDES COMPREHENSIVE, CUSTOMIZED PACKAGES OVER A VAST RANGE OF OFFERINGS OFFERING A FULL SUITE OF PREMIER DIGITAL SERVICES DIGITAL AUDIO, WEBSITE DESIGN EMAIL AND PODCASTING, DISPLAY, VIDEO, MARKETING, MANAGEMENT AND STATION AND NATIVE AD SOCIAL MEDIA
Slide 15: 3. Our Advertising Partners and Our Audience
3. OUR ADVERTISING PARTNERS AND OUR AUDIENCE
Slide 16: Creating Value for Our Advertiser Partners
CREATING VALUE FOR OUR ADVERTISER PARTNERS A OUR ADVERTISER PARTNERS AND THEIR BUSINESSES BENEFIT FROM THE SYNERGIES BETWEEN RADIO AND DIGITAL OUR GROWING DIGITAL CUSTOM AUDIENCE EXPERTISE PACKAGES 60+ YEARS OF EXPERTISE WE ARE BUILDING A ONE-STOP OUR CUSTOM PACKAGES ENABLES BEASLEY TO SHOP FOR ALL
Slide 17: Our Growing Audience
AUDIENCE OUR GROWING AUDIENCE METRICS 16.9M AVG MONTHLY AUDIO AUDIENCE1,2 11.2M AVG MONTHLY DIGITAL AUDIENCE1,3 NOTE: DATA IS QUARTERLY AVERAGES AS OF 3/31/2024. CHART REFLECTS COMBINED AUDIO, DIGITAL & ESPORTS AUDIENCE 1 REPRESENTS AVERAGE MONTHLY AUDIENCE SIZE OVER THE 3 MONTHS IN THE RESPECTIVE Q
Slide 18: Engagement with Our Audience Over Multiple Platforms
ENGAGEMENT WITH OUR AUDIENCE OVER MULTIPLE PLATFORMS1 AM / FM STATIONS SOCIAL MEDIA MULTI-PLATFORM CONTENT 14.3M 7.0M 64 AVG MONTHLY BEASLEY SOCIAL NUMBER OF AUDIENCE SIZE MEDIA AUDIENCE2 UNIQUE BRANDS BEASLEY STREAMING PODCASTS WEBSITES 5.2M 8.7M 2.7M AVG MONTHLY AVG MONTHLY AVG UNIQUE DOWNLOADS UN
Slide 19: Engaging Our Audience in the Digital Age
ENGAGING OUR AUDIENCE IN THE DIGITAL AGE X INTEGRATING OUR DIGITAL AND OVER-THE-AIR AUDIENCE TOP-RATED, FRESH, UNIQUE STRONG BRAND LOCAL TALENT CONTENT RECOGNITION OUR PERSONALITIES AND DAILY EDITORIAL AND VIDEO NATIONAL BRAND RECOGNITION INFLUENCERS SHARE FRESH CONTENT POSTED BY NATIONAL BUILT OVER
Slide 20: Nationally-Acclaimed Talent and Stations
NATIONALLY-ACCLAIMED TALENT AND STATIONS OUR TOP-RATED TALENT HAS LARGELY CONTRIBUTED TO OUR SUCCESSFUL TRANSITION INTO A DIGITAL POWERHOUSE 2023 WINNERS OF MICHIGAN ASSOCATION OF BROADCASTERS, BROADCAST EXCELLENCE AWARDS, WRIF-FM AND WCSX-FM 2023 PHILADELPHIA MUSIC ALLIANCE RADIO WALK OF FAME, WMGK
Slide 21: Fun, Fresh Content That Delivers Results
FUN, FRESH CONTENT THAT DELIVERS RESULTS NEW CONTENT POSTED DAILY TO MAXIMIZE AUDIENCE ENGAGEMENT X LTM FRESH CONTENT FOSTERS AUDIENCE ENGAGEMENT ENGAGEMENT METRICS AS OF 3/31/2024 AUDIENCE ENGAGEMENT TRANSLATES INTO PAGEVIEWS 480M PAGEVIEWS 1 PAGEVIEW TRANSLATES INTO 2.4 IMPRESSIONS 137 IMPRESSIONS
Slide 22: Powerful Brand Recognition
POWERFUL STRONG BRAND RECOGNITION OUTREACH FROM SIZEABLE LOCAL AND NATIONAL PRESENCE 5 PRO SPORTS TEAMS WITH WHOM BEASLEY HAS EXCLUSIVE RIGHTS1 1st RANKED STATION GROUP IN THE U.S. BASED ON LISTENER PREFERENCE2 1 DATA AS OF 3/31/2024 2 NIELSEN GROUP SHARE TREND, 3/31/2024
Slide 23: 4. Financials
4. FINANCIALS
Slide 24: Our Financial Goals
OUR FINANCIAL GOALS WE ARE BUILDING MOMENTUM TOWARDS OUR GOALS OF SUSTAINABLE GROWTH VIA DIVERSIFIED REVENUE STREAMS 1 2 3 INCREASE DIVERSIFY DECREASE REVENUE REVENUE LEVERAGE STREAMS
Slide 25: Historical P&L Performance
HISTORICAL P&L PERFORMANCE $’S IN MILLIONS $80.00 $70.74 $72.03 PERFORMANCE $70.00 $68.46 $62.90 $64.81 $63.82 $63.46 $65.75 COMPARISON $59.57 $60.11 $’S IN MILLIONS $60.00 $57.65 $57.78 $55.72 54.4 $49.65 $50.00 $48.21 Q1’24 Q1’23 $40.00 $30.38 TOTAL REVENUE $54.4 $57.8 $30.00 $20.00 TOTAL EXPENSES
Slide 26: Cost Savings
COST SAVINGS WE WILL REALIZE ROUGHLY $6.8M IN NET COST SAVINGS THROUGH THE END OF 2024, AS A RESULT OF TECHNOLOGY-BASED INITIATIVES DESIGNED TO STREAMLINE OUR OPERATIONS COST SAVINGS – CATEGORY BREAKDOWN1 Compensation & Related Expenses Renegotiation & Reduction of Variable Costs Contracted Services
Slide 27: Balance Sheet Items
BALANCE SHEET ITEMS $’S IN MILLIONS Q1 2023 Q1 2024 CAPEX $1.2 $0.9 CASH AND CASH $35.9 $27.8 EQUIVALENTS TOTAL DEBT $290.0 $267.0
Slide 28: 5. Looking Forward
5. LOOKING FORWARD
Slide 29: DE&I Is a Key Priority
DE&I IS A KEY PRIORITY AS A COMPANY, WE AIM TO MIRROR OUR COMMUNITIES WE CAN ONLY DO SO BY ENCOURAGING DIVERSITY, EQUITY, AND INCLUSION AT EVERY LEVEL WITHIN OUR ORGANIZATION OVER 1,000 TOTAL OPERATING EMPLOYEES1 ACROSS OUR 3 SEGMENTS: 40% FEMALE IDENTIFYING 22% BIPOC 1 INCLUDES PART-TIME AND FULL-T
Slide 30: We Are So Excited About Our Future
WE ARE SO EXCITED ABOUT OUR FUTURE EXPANDING OUR MAXIMIZE UTILIZE AI TO INCREASE DIGITAL & AUDIO MONETIZATION OF EFFICIENCIES ACROSS OUR CONTENT DIGITAL PLATFORM PLATFORM
Slide 31: Appendix
BEASLEY » BROADCAST GROUP APPENDIX
Slide 32: Calculation of SOI and EBITDA
CALCULATION OF SOI AND EBITDA Calculation of Station Operating Income 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 Net revenue $ 48,212,040 $ 59,574,705 $ 62,902,935 $ 70,736,628 $ 55,720,268 $ 64,810,450 $ 63,823,288 $ 72,027,012 $ 57,779,1
Slide 33: Reconciliation of Net Income/Loss to SOI
RECONCILIATION OF NET INCOME/LOSS TO SOI Reconciliation of Net Loss Attributable to BBGI Stockholders to Station Operating Income 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 Net loss attributable to BBGI stockholders (10,555,392) 187,694 (1
Slide 34: Reconciliation of Net Income/Loss to EBITDA
RECONCILIATION OF NET INCOME/LOSS TO EBITDA Reconciliation of Net Loss Attributable to BBGI Stockholders to EBITDA 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 Net loss attributable to BBGI (10,555,392) 187,694 (1,620,323) 10,582,176 (3,590,
Slide 35: End
BEASLEY » BROADCAST GROUP
Beasley Broadcast Group — Q1 2024 Earnings Presentation on 6ix