BEASLEY BROADCAST GROUP INC

For the period ended Jun 30, 2024. Filed Aug 14, 2024.

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.

Jun 30, 2024 · Filed Aug 14, 2024

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

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Contents

Item 1. Condensed Consolidated Financial Statements

PART II OTHER INFORMATION
	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.		18
Item 4.	Controls and Procedures.		18
Item 1.	Legal Proceedings.		19
Item 1A.	Risk Factors.		19
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.		20
Item 3.	Defaults Upon Senior Securities.		20
Item 4.	Mine Safety Disclosures.		20
Item 5.	Other Information.		20
Item 6.	Exhibits.		22
SIGNATURES		23

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	December 31,	June 30,
	2023	2024
ASSETS
Current assets:
Cash and cash equivalents	$26,733,921	$33,294,187
Accounts receivable, less allowance for credit losses of $1,752,058 in 2023 and $1,473,743 in 2024	53,424,196	47,175,316
Prepaid expenses	4,338,503	5,818,556
Other current assets	2,150,163	2,134,690
Total current assets	86,646,783	88,422,749
Property and equipment, net	51,474,754	49,919,069
Operating lease right-of-use assets	34,767,126	33,431,749
FCC licenses	393,006,900	393,006,900
Goodwill	922,000	922,000
Other intangibles, net	2,722,408	2,576,904
Other assets	4,727,967	4,888,812
Total assets	$574,267,938	$573,168,183
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$14,299,048	$13,737,563
Operating lease liabilities	8,082,981	8,283,652
Other current liabilities	25,913,827	27,900,560
Total current liabilities	48,295,856	49,921,775
Due to related parties	55,019	39,663
Long-term debt, net of unamortized debt issuance costs	264,203,010	264,874,288
Operating lease liabilities	33,440,246	31,621,104
Deferred tax liabilities	71,894,915	70,222,945
Other long-term liabilities	7,400,257	7,400,257
Total liabilities	425,289,303	424,080,032
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; 17,586,632 issued and 13,796,612 outstanding in 2024	17,389	17,584
Class B common stock, $0.001 par value; 75,000,000 shares authorized; 16,662,743 issued and outstanding in 2023 and 2024	16,662	16,662
Additional paid-in capital	152,794,353	153,209,210
Treasury stock, Class A common stock; 3,737,441 shares in 2023; 3,790,020 shares in 2024	(29,239,179)	(29,276,664)
Retained earnings	25,042,926	24,774,875
Accumulated other comprehensive income	346,484	346,484
Total stockholders' equity	148,978,635	149,088,151
Total liabilities and stockholders' equity	$574,267,938	$573,168,183

CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS (UNAUDITED)

	Three Months Ended June 30,
	2023	2024
Net revenue	$63,461,723	$60,435,657
Operating expenses:
Operating expenses (including stock-based compensation of $39,416 in 2023 and $13,679 in 2024 and excluding depreciation and amortization shown separately below)	51,327,562	49,347,793
Corporate expenses (including stock-based compensation of $141,923 in 2023 and $248,012 in 2024)	4,405,031	3,879,771
Depreciation and amortization	2,195,985	1,832,894
Impairment loss	10,041,000	-
Total operating expenses	67,969,578	55,060,458
Operating income (loss)	(4,507,855)	5,375,199
Non-operating income (expense):
Interest expense	(6,724,469)	(6,092,829)
Other income, net	36,735	357,260
Loss before income taxes	(11,195,589)	(360,370)
Income tax benefit	(821,836)	(75,986)
Loss before equity in earnings of unconsolidated affiliates	(10,373,753)	(284,384)
Equity in earnings of unconsolidated affiliates, net of tax	(56,876)	8,363
Net loss	(10,430,629)	(276,021)
Net loss per Class A and Class B common share:
Basic and diluted	$(0.35)	$(0.01)
Weighted average shares outstanding:
Basic and diluted	29,853,144	30,354,222

CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS (UNAUDITED)

	Six Months Ended June 30,
	2023	2024
Net revenue	$121,240,843	$114,816,003
Operating expenses:
Operating expenses (including stock-based compensation of $72,220 in 2023 and $35,917 in 2024 and excluding depreciation and amortization shown separately below)	101,981,217	98,588,791
Corporate expenses (including stock-based compensation of $283,387 in 2023 and $379,135 in 2024)	8,888,126	8,287,603
Depreciation and amortization	4,425,310	3,667,496
Impairment loss	10,041,000	-
Total operating expenses	125,335,653	110,543,890
Operating income (loss)	(4,094,810)	4,272,113
Non-operating income (expense):
Interest expense	(13,318,321)	(11,680,137)
Gain on sale of investment	-	6,026,776
Other income, net	577,250	627,265
Loss before income taxes	(16,835,881)	(753,983)
Income tax benefit	(2,985,819)	(486,216)
Loss before equity in earnings of unconsolidated affiliates	(13,850,062)	(267,767)
Equity in earnings of unconsolidated affiliates, net of tax	(117,133)	(284)
Net loss	(13,967,195)	(268,051)
Net loss per Class A and Class B common share:
Basic and diluted	$(0.47)	$(0.01)
Weighted average shares outstanding:
Basic and diluted	29,819,638	30,340,012

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Six Months Ended June 30,
	2023	2024
Cash flows from operating activities:
Net loss	$(13,967,195)	$(268,051)
Adjustments to reconcile net loss to net cash provided by operating activities:
Stock-based compensation	355,607	415,052
Provision for credit losses	525,814	291,000
Depreciation and amortization	4,425,310	3,667,496
Impairment loss	10,041,000	-
Amortization of loan fees	734,253	671,278
Gain on sale of investment	-	(6,026,776)
Gain on repurchases of long-term debt	(973,208)	-
Deferred income taxes	(3,144,387)	(1,671,970)
Equity in earnings of unconsolidated affiliates	117,133	284
Change in operating assets and liabilities:
Accounts receivable	858,277	5,957,880
Prepaid expenses	(3,591,131)	(1,480,053)
Other assets	947,918	(351,853)
Accounts payable	726,744	(561,485)
Other liabilities	2,840,148	1,656,819
Other operating activities	127,428	256,205
Net cash provided by operating activities	23,711	2,555,826
Cash flows from investing activities:
Capital expenditures	(2,016,185)	(1,984,851)
Proceeds from sale of investment	-	6,026,776
Net cash provided by (used in) investing activities	(2,016,185)	4,041,925
Cash flows from financing activities:
Payments on debt	(1,983,750)	-
Purchase of treasury stock	(67,767)	(37,485)
Net cash used in financing activities	(2,051,517)	(37,485)
Net increase (decrease) in cash and cash equivalents	(4,043,991)	6,560,266
Cash and cash equivalents at beginning of period	39,534,653	26,733,921
Cash and cash equivalents at end of period	$35,490,662	$33,294,187
Cash paid for interest	$12,569,776	$11,514,380
Cash paid for income taxes	$1,246,263	$351,975

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