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Midas Edge

BEASLEY BROADCAST GROUP INC

For the period ended Mar 31, 2024. Filed May 9, 2024.

View on SEC.gov

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 9, 2024

BBGI$5.89+5.9%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

Item 1. Condensed Consolidated Financial Statements

Notes to Condensed Consolidated Financial Statements.7
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations.12
Item 3.Quantitative and Qualitative Disclosures About Market Risk.17
Item 4.Controls and Procedures.17
PART II OTHER INFORMATION
Item 1.Legal Proceedings.18
Item 1A.Risk Factors.18
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.19
Item 3.Defaults Upon Senior Securities.19
Item 4.Mine Safety Disclosures.19
Item 5.Other Information.19
Item 6.Exhibits.20
SIGNATURES21

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

December 31,March 31,
20232024
ASSETS
Current assets:
Cash and cash equivalents$26,733,921$27,763,453
Accounts receivable, less allowance for credit losses of $1,752,058 in 2023 and $1,541,399 in 202453,424,19646,508,958
Prepaid expenses4,338,5034,426,652
Other current assets2,150,1631,895,334
Total current assets86,646,78380,594,397
Property and equipment, net51,474,75450,642,084
Operating lease right-of-use assets34,767,12633,768,736
FCC licenses393,006,900393,006,900
Goodwill922,000922,000
Other intangibles, net2,722,4082,649,656
Other assets4,727,9674,696,089
Total assets$574,267,938$566,279,862
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$14,299,048$11,714,223
Operating lease liabilities8,082,9818,084,044
Other current liabilities25,913,82722,167,156
Total current liabilities48,295,85641,965,423
Due to related parties55,01947,341
Long-term debt, net of unamortized debt issuance costs264,203,010264,538,649
Operating lease liabilities33,440,24632,295,713
Deferred tax liabilities71,894,91570,905,149
Other long-term liabilities7,400,2577,400,257
Total liabilities425,289,303417,152,532
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; 17,391,382 issued and 13,653,941 outstanding in 2023; 17,433,632 issued and 13,681,533 outstanding in 202417,38917,431
Class B common stock, $0.001 par value; 75,000,000 shares authorized; 16,662,743 issued and outstanding in 2023 and 202416,66216,662
Additional paid-in capital152,794,353152,947,672
Treasury stock, Class A common stock; 3,737,441 shares in 2023; 3,752,099 shares in 2024(29,239,179)(29,251,815)
Retained earnings25,042,92625,050,896
Accumulated other comprehensive income346,484346,484
Total stockholders' equity148,978,635149,127,330
Total liabilities and stockholders' equity$574,267,938$566,279,862

CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME (LOSS) (UNAUDITED)

Three Months Ended March 31,
2023 · 2024
Net revenue$57,779,120$54,380,346
Operating expenses:
Operating expenses (including stock-based compensation of $32,804 in 2023 and $22,238 in 2024 and excluding depreciation and amortization shown separately below)50,653,65549,240,998
Corporate expenses (including stock-based compensation of $141,464 in 2023 and $131,123 in 2024)4,483,0954,407,832
Depreciation and amortization2,229,3251,834,602
Total operating expenses57,366,07555,483,432
Operating income (loss)413,045(1,103,086)
Non-operating income (expense):
Interest expense(6,593,852)(5,587,308)
Gain on sale of investment-6,026,776
Other income, net540,515270,005
Loss before income taxes(5,640,292)(393,613)
Income tax benefit(2,163,983)(410,230)
Income (loss) before equity in earnings of unconsolidated affiliates(3,476,309)16,617
Equity in earnings of unconsolidated affiliates, net of tax(60,257)(8,647)
Net income (loss)(3,536,566)7,970
Net income (loss) per Class A and Class B common share:
Basic and diluted$(0.12)$-
Weighted average shares outstanding:
Basic29,785,75930,325,802
Diluted29,785,75930,466,730

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Three Months Ended March 31,
20232024
Cash flows from operating activities:
Net income (loss)$(3,536,566)$7,970
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Stock-based compensation174,268153,361
Provision for credit losses230,692217,742
Depreciation and amortization2,229,3251,834,602
Amortization of loan fees367,126335,639
Gain on sale of investment-(6,026,776)
Deferred income taxes(2,163,983)(989,766)
Equity in earnings of unconsolidated affiliates60,2578,647
Change in operating assets and liabilities:
Accounts receivable8,965,0326,697,496
Prepaid expenses(266,749)(88,149)
Other assets1,049,212241,709
Accounts payable(3,713,040)(2,584,825)
Other liabilities(6,062,782)(3,884,195)
Other operating activities222,04339,661
Net cash used in operating activities(2,445,165)(4,036,884)
Cash flows from investing activities:
Capital expenditures(1,169,280)(947,724)
Proceeds from sale of investment-6,026,776
Net cash provided by (used in) investing activities(1,169,280)5,079,052
Cash flows from financing activities:
Purchase of treasury stock(25,545)(12,636)
Net cash used in financing activities(25,545)(12,636)
Net increase (decrease) in cash and cash equivalents(3,639,990)1,029,532
Cash and cash equivalents at beginning of period39,534,65326,733,921
Cash and cash equivalents at end of period$35,894,663$27,763,453
Cash paid for interest$12,506,445$11,514,377
Cash paid for income taxes$21,491$84,450
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.