Beasley Broadcast Group, Inc. · NASDAQ:BBGI
Beasley Broadcast — Investor Presentation (September 2024)
28 slides from Beasley Broadcast's investor presentation, Sep 6, 2024
Slide 1: Financial Supplement Summer 2024
Exhibit 99.2 FINANCIAL SUPPLEMENT Summer 2024
Slide 2: Disclaimer
Disclaimer This confidential information presentation (this “Presentation”) contains certain information pertaining to Beasley Medipa, G LLrC ( ou including any successor thereto, the “Company” doing business as “Beasley”). The Presentation is provided to th ne t a t re thciep ie recipient’s request
Slide 3: 1. Financial Performance
1. Financial Performance Confidential | 2
Slide 4: Financial Overview
Financial Overview Long-term revenue growth is primarily driven by the Company’s continued growth in digital, partially offset by the declining secular trends impacting traditional radio • Beasley’s strategy has been and will continue to include a pivot to digital o Beasley added digital products, d
Slide 5: Summary P&L 2021A – 2024E
Summary P&L 2021A – 2024E Summary P&L Commentary CAGR • Audio Revenue: (1%) ‘ 1A-’ E CAGR 1 FY2021A FY2022A FY2023A FY2024E '21A-'24E (in $ millions) with historical resilience in Local and Other Revenues partially offsetting the decline in Total Revenues: National Spot Local Spot $138.6 $148.1 $144
Slide 6: Historical Performance: Audio
Historical Performance: Audio Audio Segment P&L Commentary CAGR • Local Spot: Expected decline of 7% in 2024E as 1 FY2021A FY2022A FY2023A FY2024E '21A-'24E (in $ millions) Local advertisers began more widely transitioning to digital in back half of 2023 Total Audio Revenues: • National Spot: Weakne
Slide 7: Historical Performance: Audio by Market
Historical Performance: Audio by Market 1 Market Audio Gross Revenue (in $ millions) 2021A 2022A 2023A 2024E '21A - '24E CAGR Boston $58.7 $58.4 $62.0 $60.4 1.0% % Growth (0.4%) 6.2% (2.7%) Philadelphia 54.3 54.3 47.9 45.0 (6.1%) % Growth 0.0% (11.9%) (5.9%) Detroit 27.0 29.1 24.6 26.2 (0.9%) % Grow
Slide 8: Spot Revenue Trend By Market: Local Market
Spot Revenue Trend By Market: Local Market Local Spot Revenues Local Spot Revenues Market 1 2 1 BMG Market Est. BMG Market Est. BMG FY2022 FY2023 Delta FY2022 FY2023 Delta 1Q2023 1Q2024 Delta 1Q2023 1Q2024 Delta (in $ millions) Boston $39.6 $44.5 12.2% $87.1 $90.0 3.2% $10.2 $9.0 (11.4%) $19.0 $17.5
Slide 9: Spot Revenue Trend By Market: National Market
Spot Revenue Trend By Market: National Market National Spot Revenues National Spot Revenues Market 1 2 1 BMG Market Est. BMG Market Est. BMG FY2022 FY2023 Delta FY2022 FY2023 Delta 1Q2023 1Q2024 Delta 1Q2023 1Q2024 Delta (in $ millions) Boston $10.2 $9.3 (8.3%) $37.8 $38.5 1.6% $2.3 $2.0 (12.7%) $9.
Slide 10: Political Revenue Detail 2024E
Political Revenue Detail 2024E Gross ($ in thousands) Beasley Market Outlook Revenue Ft. Myers $135 • Moderate Presidential & US Senate spend with uplift from competitive Congressional races Florida • Rick Scott will continue to self-fund senate race Tampa 721 • Marijuana and reproductive rights bal
Slide 11: Local Competitive Landscape
Local Competitive Landscape Beasley has the #1 or #2 ranked share in 9 of 12 markets Market BBGI Competitors Market Total 0 1 2 4 5 6 Total Northeast Broadcasting 10 Boston, MA Beasley Broadcast Group iHeartMedia Audacy Plymouth Rock Broadcasting Company 1 2023 BIA Revenue Est. $64.1 $70.3 $60.4 $4.
Slide 12: Digital Overview
Digital Overview Digital Business Overview Services and Solutions • BMG has evolved into a multi-platform media company providing advertising and digital marketing solutions to businesses of all sizes • Target potential customers - by interest, location, demographics and behaviors - and capture thei
Slide 13: Historical Performance: Digital
Historical Performance: Digital Digital Segment P&L Commentary CAGR • BMG has consistently outpaced the market with a 2021A – 1 FY2021A FY2022A FY2023A FY2024E '21A-'24E (in $ millions) 0 3A Digital Revenue CAGR of ~1 % vs. ~10% in BMG’s markets overall Total Revenues: TPP $18.8 $25.5 $27.3 $30.0 16
Slide 14: Historical Performance: Digital by Market
Historical Performance: Digital by Market Market Digital Gross Revenue Digital Gross Revenue (in $ millons) 2021A 2022A 2023A 2024E '21A - '24E CAGR Boston $6.8 $7.5 $9.5 $9.7 12.4% % Growth 10.7% 26.4% 1.4% Philadelphia 6.5 7.1 7.1 9.0 11.4% % Growth 8.7% 0.2% 27.0% Detroit 2.3 3.1 3.5 4.3 23.8% %
Slide 15: Digital Revenues By Market
Digital Revenues By Market Market Digital Revenues Digital Revenues 1 2 BMG Market Est. BMG Market Est. FY2022 FY2023 Delta FY2022 FY2023 Delta 1Q2023 1Q2024 Delta 1Q2023 1Q2024 Delta (in $ millions) Boston $7.5 $9.5 26.4% $36.3 $37.0 2.0% $1.8 $2.3 27.8% $7.2 $7.5 4.4% Philadelphia 7.0 7.1 0.5% 40.
Slide 16: 2. Business Plan Overview
2. Business Plan Overview Confidential | 15
Slide 17: Forecast Assumptions Overview
Forecast Assumptions Overview • Beasley’s Digital growth focus is on growing existing accounts, expanded product, partner and digital sales teams, a s well as increasing the advertiser base Digital o Overall, Digital revenue is expected to increase at a 11% CAGR from 2024E-2029E • The key line items
Slide 18: Forecast Summary P&L
Forecast Summary P&L CAGR FY2021A FY2022A FY2023A FY2024E FY2025E FY2026E FY2027E FY2028E FY2029E '21A-'24E '24E-'29E (in $ millions) Total Revenues: Local Spot $138.6 $148.1 $144.8 $134.6 $131.5 $130.1 $126.4 $121.5 $121.4 (0.7%) (2.0%) National Spot 54.5 43.9 38.9 39.4 37.4 35.5 33.8 32.1 30.5 (7.
Slide 19: Local Revenue Forecast
Local Revenue Forecast ($ in millions) ‘21A-’23A CAGR 2% ’24E-’29E CAGR (2%) 0 1A 0 A 0 3A 0 E 0 E 0 E 0 E 0 E 0 E Commentary • Local Spot has grown since the pandemic and started to follow National in the back half of 2023 as advertisers began a shift to digital / bottom of the funnel strategies •
Slide 20: National Revenue Forecast
National Revenue Forecast ($ in millions) ‘21A-’23A CAGR (16%) ’24E-’29E CAGR (5%) 0 1A 0 A 0 3A 0 E 0 E 0 E 0 E 0 E 0 E Commentary • National has declined steeply since the pandemic with a (-16%) CAGR since 2021A o National advertisers have been focused on driving bottom of the funnel which has res
Slide 21: Operating Expense Forecast Detail
Operating Expense Forecast Detail CAGR ($ in millions) FY2023A FY2024E FY2025E FY2026E FY2027E FY2028E FY2029E '23A-24E '24E-29E Operating Expenses 1 Programming/Engineering Expenses $86.3 $85.1 $85.1 $83.9 $83.5 $83.3 $83.2 (1.4%) (0.5%) 2 Sales Expenses 72.6 69.4 68.0 69.4 68.3 69.7 67.6 (4.4%) (0
Slide 22: Cash Flow Forecast Detail
Cash Flow Forecast Detail $ in mm 2024E 2025E 2026E 2027E 2028E 2029E SOI $50.3 $51.2 $59.7 $58.0 $68.1 $62.7 (-) Corporate Overhead (15.9) (15.2) (15.7) (1 6.0) (16.2) (16.5) 1 (+) Severance Expense 2.0 0.1 0.1 0.1 0.3 0.1 Adj. EBITDA $36.4 $36.1 $44.1 $42.1 $52.2 $46.3 (-) Severance Expense (2.0)
Slide 23: 3. Incremental Financial Detail
3. Incremental Financial Detail Confidential | 22
Slide 24: Overview of 2024E Cost-Saving Initiatives
Overview of 2024E Cost-Saving Initiatives ‘ E Realized PF Annual Timing Commentary Cost Savings Cost Savings • Preemptively cut executive compensation by 30% for 2024E 30% Reduction to 2Q24 $1.6mm o $1.4mm of cash compensation / bonus savings, with remaining $0.2mm of Executive Comp savings tied to
Slide 25: 2024E & 2025E Forecast Detail
2024E & 2025E Forecast Detail Commentary $ in mm FY24E FY25E Local Spot $134.6 $131.5 Spot Revenues: National Spot 39.4 37.4 Political Revenue 13.1 0.6 • Local Spot revenues expected to decline ~2% Other Audio Revenue 32.0 32.7 YoY in 2025E Audio Gross Revenue $219.1 $202.2 o Declines driven by grad
Slide 26: 4. Appendix
4. Appendix Confidential | 25
Slide 27: Reconciliation of Non-GAAP Metrics
Reconciliation of Non-GAAP Metrics FY2021 FY2022 FY2023 (in $ millions) Net loss attributable to BBGI stockholders ($1.4) ($35.4) ($74.9) Depreciation and amortization 11.3 9.9 8.8 Impairment losses FCC licenses – 44.0 89.2 Impairment losses goodwill – – 10.6 Gain on dispositions (0.2) (3.4) (6.0) O
Slide 28: Historical Segment Reconciliation
Historical Segment Reconciliation ($ in millions) FY2021 FY2022 FY2023 Net Revenue Audio $206.5 $213.0 $199.5 Digital 32.7 40.8 45.4 1 2.2 2.6 2.2 Other Total Net Revenue $241.4 $256.4 $247.1 SOI Audio $42.8 $40.0 $35.9 Digital 0.4 4.4 4.6 1 (1.3) (1.2) (1.6) Other Total SOI $42.0 $43.1 $38.9 EBITDA
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