Beasley Broadcast Group, Inc. · NASDAQ:BBGI
Beasley Broadcast — FY 2023 Earnings Presentation
35 slides from Beasley Broadcast's earnings presentation, Feb 12, 2024
Slide 1: FY 2023 Earnings Presentation
FY 2023 EARNINGS P R E S E N TAT I O N FEBRUARY 2024
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: Overview
1. OUR MARKET 2. WHO WE ARE 3. OUR ADVERTISING PARTNERS jasd AND OUR AUDIENCE OVERVIEW 4. FINANCIALS 5. LOOKING FORWARD
Slide 4: 1. Our Market
1. OUR MARKET
Slide 5: 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 6: 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 84% OF SMALL BUSINESSES USE 1+ TYPE OF
Slide 7: 2. Who We Are
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Slide 8: Beasley Is a Leading Multiplatform Media Company
FIRMLY ROOTED IN OUR BEASLEY IS A LEADING VALUES, MULTIPLATFORM MEDIA COMPANY FEATURING: INNOVATION AUDIO 59 13 56% INTEGRITY AM and FM U.S. OTA Stations Markets Audience1 DIGITAL CONTENT COLLABORATION 143M 65M 573M Annual Streaming Annual Podcast Annual Sessions Downloads Pageviews PERFORMANCE ESPO
Slide 9: An Empire Rooted in Radio
AN EMPIRE ROOTED IN RADIO, BEASLEY MEDIA GROUP IS COMMITTED TO DELIVERING THE BEST ENTERTAINING CONTENT, RESULTS AND SERVICE FOR OUR AUDIENCES, ADVERTISERS AND LOCAL COMMUNITIES THAT WE SERVE 2024: BEYOND BEASLEY’S FUTURE FOUNDED BY COMPANY IPO ACQUIRED ACQUIRED GROWTH WILL BE GREATER MEDIA, GUARANT
Slide 10: 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 WMMR’S 26TH ANNUAL CAMP WiLD 94.1’S 12TH ANNUAL TOY 105.9’S 8TH ANNUAL SLEEPING OUT FOR HUNGER RAISED DRIVE TOWER EV
Slide 11: Beasley's 3 Segments Provide Full-Service Advertising Solutions
BEASLEY’S 3 SEGMENTS PROVIDE FULL-SERVICE, INNOVATIVE ADVERTISING SOLUTIONS, AND CONNECTION WITH NEW AUDIENCES AUDIO DIGITAL OTHER BEASLEY’S ENABLING CUSTOMERS BEYOND DIGITAL AND FOUNDATIONAL TO DIGITIZE THEIR AUDIO BUSINESS BUSINESS $53.3M $12.0M $0.5M Q4 2023 REVENUE Q4 2023 REVENUE Q4 2023 REVENU
Slide 12: Audio
AUDIO AUDIO REVENUE CONTINUES TO INCREASE DUE TO BEASLEY’S UNIQUE TALENT OFFERING COMMUNITY-ENGAGING CONTENT <14% 74% NATIONAL REVENUE1 LOCAL REVENUE2 AS % OF TOTAL AS % OF TOTAL COMPANY REVENUE COMPANY REVENUE 1 $’S IN MILLIONS 1 EXCLUDING POLITICAL REVENUE 2 INCLUDING DIGITAL PACKAGES SOLD LOCALLY
Slide 13: 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 14: Political
POLITICAL 2024 IS AN ELECTION YEAR BEASLEY HAS A STRONG FOOTPRINT IN KEY SWING STATES: ELECTION FL, PA, GA, MI, NV, AND NC METRICS FY 2020 FY 2022 FY 2024E $3.2B $2.6B $10B FY 2020 POLITICAL MEDIA SPENDING POLITICAL MEDIA SPENDING POLITICAL MEDIA SPENDING $15.9M $7.6M $11M BEASLEY POLITICAL BEASLEY
Slide 15: 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 16: Our Growing Audience
AUDIENCE OUR GROWING AUDIENCE METRICS 18.2M AVG MONTHLY AUDIO AUDIENCE1,2 10.2M AVG MONTHLY DIGITAL AUDIENCE1,3 2.7M ESPORTS FANBASE4 NOTE: DATA IN CHART REFLECTS THE ANNUAL MONTHLY AVERAGES AS OF 12/31/2023. CHART REFLECTS COMBINED AUDIO, DIGITAL & ESPORTS AUDIENCE 1 REPRESENTS AVERAGE MONTHLY AUDI
Slide 17: Engagement with Our Audience Over Multiple Platforms
ENGAGEMENT WITH OUR AUDIENCE OVER MULTIPLE PLATFORMS1 AM / FM STATIONS SOCIAL MEDIA ESPORTS 15.6M 4.0M 3M AVG MONTHLY BEASLEY SOCIAL ESPORT AUDIENCE SIZE MEDIA AUDIENCE2 AUDIENCE BEASLEY STREAMING PODCASTS WEBSITES 4.7M 9.5M 2.7M AVG MONTHLY AVG MONTHLY AVG UNIQUE DOWNLOADS UNIQUE USERS STREAMERS 1
Slide 18: 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 19: 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 20: Fun, Fresh Content That Delivers Results
FUN, FRESH CONTENT THAT DELIVERS RESULTS NEW CONTENT POSTED DAILY TO MAXIMIZE AUDIENCE ENGAGEMENT X FY 2023 FRESH CONTENT FOSTERS AUDIENCE ENGAGEMENT ENGAGMENT METRICS AUDIENCE ENGAGEMENT TRANSLATES INTO PAGEVIEWS 573M PAGEVIEWS 1 PAGEVIEW TRANSLATES INTO 2.4 IMPRESSIONS 137 IMPRESSIONS 1.4B (57 PAG
Slide 21: Strong Brand Recognition from Sizeable Local and National Presence
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 12/31/2023 2 NIELSEN GROUP SHARE TREND, 12/31/2023
Slide 22: 4. Financials
4. FINANCIALS
Slide 23: Our Financial Goals
OUR FINANCIAL GOALS WE ARE BUILDING MOMENTUM TOWARDS OUR GOALS OF SUSTAINABLE GROWTH VIA DIVERSIFIED REVENUE STREAMS INCREASE DIVERSIFY DECREASE REVENUE REVENUE LEVERAGE STREAMS
Slide 24: Historical P&L Performance
HISTORICAL P&L PERFORMANCE $’S IN MILLIONS PERFORMANCE COMPARISON $80.00 $’S IN MILLIONS $72.09 $72.03 $70.74 $70.00 $68.46 $64.81 $63.82 $65.75 $62.90 $63.46 $59.57 $60.11 Q4’22 Q4’23 FY 2022 FY 2023 $60.00 $57.65 $57.78 $55.72 $49.65 $48.21 TOTAL $50.00 REVENUE $72.0 $65.7 $256.4 $247.1 $40.00 TOT
Slide 25: FY 2023 Performance Summary
BEASLEY MEDIA GROUP: TOMORROW’S MEDIA COMPANY TODAY FY 2023 PERFORMANCE SUMMARY: TOTAL NET CORPORATE G&A CAPEX REVENUE EXPENSE $247.1M $18.2M $4.2M -3.6% YOY 1.4% YOY CASH AND CASH SOI EBITDA EQUIVALENTS $38.9M $20.6M $26.7M 15.7% MARGIN 8.3% MARGIN
Slide 26: Guidance
GUIDANCE $’S IN MILLIONS 1ST QUARTER PACING AS OF 2/12/2024 INDICATES THAT Q1 IS PACING SLIGHTLY DOWN Q1 2023 TOTAL NET REVENUE - PACING -4.2% YOY TOTAL NET REVENUE – ADJ. -2.3% PACING1 YOY 1 SAME STATION REVENUES
Slide 27: Balance Sheet Items
BALANCE SHEET ITEMS $’S IN MILLIONS FY 2022 FY 2023 Q4 2022 Q4 2023 CAPEX $13.4 $4.2 $2.4 $1.1 CASH AND CASH $39.5 $26.7 EQUIVALENTS TOTAL DEBT $293.8 $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: 58% FEMALE IDENTIFYING 32% 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 ANNUALLY Calculation of Station Operating Income 2019 2020 2021 2022 2023 Net revenue $ 261,554,114 $ 206,143,861 $ 241,426,308 $ 256,381,018 $ 247,109,258 Operating expenses (201,107,084) (182,181,555) (199,470,185) (213,236,063) (208,247,221) Station operating income
Slide 33: Reconciliation of Net Income/Loss to SOI
RECONCILIATION OF NET INCOME/LOSS TO SOI ANNUALLY 2019 2020 2021 2022 2023 Net loss attributable to BBGI stockholders $ 13,107,329 $ (17,765,922) $ (1,405,845) $ (35,416,757) $ (74,923,715) Corporate expenses 21,209,432 15,628,370 16,578,046 18,001,359 18,246,731 Depreciation and amortization 7,349,
Slide 34: Reconciliation of Net Income/Loss to EBITDA
RECONCILIATION OF NET INCOME/LOSS TO EBITDA ANNUALLY 2019 2020 2021 2022 2023 Net loss attributable to BBGI stockholders $ 13,107,329 $ (17,765,922) $ (1,405,845) $ (35,416,757) $ (74,923,715) Depreciation and amortization 7,349,682 11,096,937 11,309,995 9,920,546 8,809,343 Impairment losses FCC lic
Slide 35: End
BEASLEY
Beasley Broadcast Group — FY 2023 Earnings Presentation on 6ix