BEASLEY BROADCAST GROUP INC
For the period ended Sep 30, 2024. Filed Nov 8, 2024.
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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.
Sep 30, 2024 · Filed Nov 8, 2024
BBGI$5.90+5.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-14.
0000950170-24-097026
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-08.
0000950170-24-124042
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 90 previous paragraphs and 111 current paragraphs.
60 unchanged; 27 reworded; 22 added; 3 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (22)
Current report
Reverse Stock Split
Current report
On September 23, 2024, the Company effected a 1-for-20 reverse stock split of the Company’s Class A Common Stock and Class B Common Stock (the “Reverse Stock Split”). As a result of the Reverse Stock Split, every 20 shares of the Company’s Class A Common Stock issued and outstanding were automatically converted into one share of Class A Common Stock, and every 20 shares of the Company’s Class B Common Stock issued and outstanding were automatically converted into one share of Class B Common Stock. No fractional shares of Class A Common Stock or Class B Common Stock were issued in connection with the Reverse Stock Split. Holders of Class A Common Stock or Class B Common Stock received cash in lieu of fractional shares. The Reverse Stock Split had no effect on the par value of the Company’s Class A Common Stock or Class B Common Stock, which remained $0.001 per share, and had no effect on the number of authorized shares of the Company’s Class A Common Stock or Class B Common Stock. Following the Reverse Stock Split, the Class A Common Stock continued to be traded on the Nasdaq Capital Market under the symbol “BBGI” on a split-adjusted basis beginning on September 24, 2024.
Current report
In addition, consistent with the terms of the Company's 2007 Equity Incentive Award Plan (the "2007 Plan") and outstanding awards granted under the 2007 Plan, the total number of shares of Class A Common Stock issuable upon exercise, vesting or settlement of such awards and the total number of shares of Class A Common Stock remaining available for future awards under the 2007 Plan, as well as any share-based limits in the 2007 Plan, were proportionately reduced, and any fractional shares resulting therefrom were rounded down to the nearest whole share. Furthermore, the exercise prices of any outstanding options under the 2007 Plan were proportionately increased based on the Reverse Stock Split ratio, and the resulting exercise prices were rounded up to the nearest whole cent. All share and share-related information presented in the condensed consolidated financial statements, for all periods presented, has been retroactively adjusted to reflect the Reverse Stock Split.
Current report
FCC Licenses Impairment Losses. Due to an increase in interest rates in the U.S. economy and a decrease in projected revenues, we tested our FCC licenses for impairment during the third quarter of 2023. As a result of the quantitative impairment tests, we recorded impairment losses of $78.2 million related to the FCC licenses in each of our market clusters. The impairment losses were primarily due to an increase in the discount rate due to certain risks associated with the U.S. economy and a decrease in the projected revenues in each market cluster used in the discounted cash flow analyses to estimate the fair value of FCC licenses.
Current report
Goodwill Impairment Losses. Due to an increase in interest rates in the U.S. economy and a decrease in projected revenues, we
Current report
tested our goodwill for impairment during the third quarter of 2023. As a result of the quantitative impairment test, we recorded an
Current report
impairment loss of $10.6 million related to the goodwill in our Philadelphia, PA market cluster. The impairment loss was primarily
Current report
due to an increase in the discount rate due to certain risks associated with the U.S. economy and a decrease in the projected revenues
Current report
used in the discounted cash flow analysis to estimate the fair value of the goodwill.
Current report
FCC Licenses Impairment Losses. Due to an increase in interest rates in the U.S. economy and a decrease in projected revenues,
Current report
we tested our FCC licenses for impairment during the third quarter of 2023. As a result of the quantitative impairment tests, we
Current report
recorded impairment losses of $78.2 million related to the FCC licenses in each of our market clusters. The impairment losses were
Current report
primarily due to an increase in the discount rate due to certain risks associated with the U.S. economy and a decrease in the projected
Current report
revenues in each market cluster used in the discounted cash flow analyses to estimate the fair value of FCC licenses. On August 11,
Current report
third party for $5.0 million in cash. As a result of entering the agreement, we recorded an impairment loss of $10.0 million related to
Current report
Goodwill Impairment Losses. Due to an increase in interest rates in the U.S. economy and a decrease in projected revenues, we
Current report
tested our goodwill for impairment during the third quarter of 2023. As a result of the quantitative impairment test we recorded an
Current report
impairment loss of $10.6 million related to the goodwill in our Philadelphia, PA market cluster. The impairment loss was primarily
Current report
due to an increase in the discount rate due to certain risks associated with the U.S. economy and a decrease in the projected revenues
Current report
used in the discounted cash flow analysis to estimate the fair value of the goodwill.
Current report
On October 8, 2024 (the “Settlement Date”), Beasley Mezzanine Holdings, LLC (the “Issuer”), a wholly owned subsidiary of the Company, and certain other of the Company’s subsidiaries, completed: (i) the exchange (the “Exchange Offer”) of $194.7 million aggregate principal amount of the Existing Notes (representing 72.9% of the aggregate principal amount outstanding of the Existing Notes) for (a) $184.9 million aggregate principal amount of the Issuer’s newly issued 9.200% Senior Secured Second Lien Notes due August 1, 2028 (the “Exchange Notes”) at an exchange ratio of 95.0% of the aggregate principal amount of the Existing Notes tendered for exchange, (b) 179,384 shares of Class A Common Stock of the Company, based upon pro rata ownership of the Exchange Notes issued by the Issuer, and (c) certain cash payments aggregating approximately $1.0 million, (ii) the purchase of $68.0 million aggregate principal amount of the Existing Notes at a purchase price of 62.5% plus accrued and unpaid interest (such offer, the “Tender Offer”) and (iii) the issuance by the Issuer of $30.9 million aggregate principal amount of 11.000% Senior Secured First Lien notes due 2028 (the “New Notes,” and such offering, the “New Notes Offer”) to holders of Existing Notes or their designees who participated in the Exchange Offer, including to certain backstop commitment parties who committed to purchase the New Notes not otherwise subscribed for. The Company received requisite consents from holders of Existing Notes to (a) adopt certain amendments (the “Proposed Amendments”) to the Existing Notes Indenture and the related security documents and (b) execute a supplemental indenture (the “Supplemental Indenture”) to the Existing Notes Indenture and each relevant ancillary document effecting the Proposed Amendments. The Company used the proceeds from the New Notes Offer of &30.0 million to fund, in part, the purchase of Existing Notes tendered in the Tender Offer.
Current report
On the Settlement Date, the Company entered into a common stock purchase agreement for the issuance and sale of 56,864 shares of Class A Common Stock of the Company to Beasley Family Towers, LLC at an offering price of approximately $12.31 per share, for gross proceeds of $700,000. The Company used the net proceeds to fund a portion of the cash payment made to the exchanging holders in the Exchange Offer and for other corporate purposes.
Removed paragraphs (3)
Previous report
the Company's ability to comply with the continued listing standards of the Nasdaq Capital Market;
Previous report
Impairment Loss. During the second quarter of 2023, due to the potential sale of substantially all of the assets used in the operations of WJBR-FM in Wilmington, DE, we recorded an impairment loss of $10.0 million related to the FCC license.
Previous report
governing our Notes limits our ability to pay dividends.
Reworded paragraphs (27)
Previous wording
We are a multi-platform media company whose primary business is operating radio stations throughout the United States. We offer local and national advertisers integrated marketing solutions across audio, digital and event platforms. We own and operate stations in the following markets: Atlanta, GA, Augusta, GA, Boston, MA, Charlotte, NC, Detroit, MI, Fayetteville, NC, Fort Myers- Naples, FL, Las Vegas, NV, Middlesex, NJ, Monmouth, NJ, Morristown, NJ, Philadelphia, PA, and Tampa-Saint Petersburg, FL. We refer to each group of stations in each market as a market cluster. Unless the context otherwise requires, all references in this report to the “Company,” “we,” “us” or “our” are to Beasley Broadcast Group, Inc. and its subsidiaries.
Current wording
We are a multi-platform media company whose primary business is operating radio stations throughout the United States. We offer local and national advertisers integrated marketing solutions across audio, digital and event platforms. We own and operate stations in the following markets: Augusta, GA, Boston, MA, Charlotte, NC, Detroit, MI, Fayetteville, NC, Fort Myers-Naples, FL, Las Vegas, NV, Middlesex, NJ, Monmouth, NJ, Morristown, NJ, Philadelphia, PA, and Tampa-Saint Petersburg, FL. We refer to each group of stations in each market as a market cluster. Unless the context otherwise requires, all references in this report to the “Company,” “we,” “us” or “our” are to Beasley Broadcast Group, Inc. and its subsidiaries.
Previous wording
Our critical accounting estimates are described in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2023. There have been no additional material changes to our critical accounting estimates during the six months ended June 30, 2024.
Current wording
Our critical accounting estimates are described in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2023. There have been no additional material changes to our critical accounting estimates during the nine months ended September 30, 2024.
Previous wording
Net Revenue. Net revenue decreased $3.0 million during the three months ended June 30, 2024 as compared to the three months ended June 30, 2023. Audio revenue decreased $3.0 million during the three months ended June 30, 2024 as compared to the three months ended June 30, 2023, primarily due to a decrease in local agency and direct revenue and the disposition of WJBR-FM in Wilmington, DE in October 2023. Digital revenue increased $0.7 million during the three months ended June 30, 2024 as compared to the three months ended June 30, 2023, primarily due to continued growth in the digital segment. Other revenue decreased $0.7 million during the three months ended June 30, 2024 as compared to the three months ended June 30, 2023, due to the termination of our esports operations in December 2023.
Current wording
Net Revenue. Net revenue decreased $1.9 million during the three months ended September 30, 2024 as compared to the three months ended September 30, 2023. Audio revenue decreased $1.4 million during the three months ended September 30, 2024 as compared to the three months ended September 30, 2023, primarily due to a decrease in local agency revenue and the disposition of WJBR-FM in Wilmington, DE in October 2023 partially offset by an increase in political advertising for the 2024 elections. Digital revenue during the three months ended September 30, 2024 was comparable to the three months ended September 30, 2023. Other revenue decreased $0.6 million during the three months ended September 30, 2024 as compared to the three months ended September 30, 2023, due to the termination of our esports operations in December 2023.
Previous wording
Operating Expenses. Operating expenses decreased $2.0 million during the three months ended June 30, 2024 as compared to the three months ended June 30, 2023. Audio operating expenses increased $0.1 million during the three months ended June 30, 2024 as compared to the three months ended June 30, 2023, primarily due to an increase in compensation expense related to workforce reductions, partially offset by the disposition of WJBR-FM in Wilmington, DE in October 2023. Digital operating expenses decreased $0.9 million during the three months ended June 30, 2024 as compared to the three months ended June 30, 2023, primarily due to expense management in the digital segment. Other operating expenses decreased $1.2 million during the three months ended June 30, 2024 as compared to the three months ended June 30, 2023, due to the termination of our esports operations in December 2023.
Current wording
Operating Expenses. Operating expenses decreased $0.2 million during the three months ended September 30, 2024 as compared to the three months ended September 30, 2023. Audio operating expenses increased $0.6 million during the three months ended September 30, 2024 as compared to the three months ended September 30, 2023, primarily due to an increase in compensation expense related to workforce reductions, partially offset by the disposition of WJBR-FM in Wilmington, DE in October 2023. Digital operating expenses during the three months ended September 30, 2024 were comparable to the three months ended September 30, 2023. Other operating expenses decreased $1.1 million during the three months ended September 30, 2024 as compared to the three months ended September 30, 2023, due to the termination of our esports operations in December 2023.
Previous wording
Corporate Expenses. Corporate expenses decreased $0.5 million during the three months ended June 30, 2024 as compared to the three months ended June 30, 2023, primarily due to an increase in digital expenses allocated to operating expenses.
Current wording
Corporate Expenses. Corporate expenses decreased $0.2 million during the three months ended September 30, 2024 as compared to the three months ended September 30, 2023, primarily due to an increase in digital expenses allocated to operating expenses, partially offset by an increase in contract services.
Previous wording
Interest Expense. Interest expense decreased $0.6 million during the three months ended June 30, 2024 as compared to the three months ended June 30, 2023 due to repurchases of the Notes throughout 2023.
Current wording
Interest Expense. Interest expense decreased $0.4 million during the three months ended September 30, 2024 as compared to the three months ended September 30, 2023 due to repurchases of the Existing Notes throughout 2023.
Previous wording
Income Tax Benefit. Our effective tax rate was approximately (7)% and (21)% for the three months ended June 30, 2023 and 2024, respectively. These rates differ from the federal statutory rate of 21% due to the effect of state income taxes and certain expenses that are not deductible for tax purposes.
Current wording
Income Tax Benefit. Our effective tax rate was approximately (26)% and (27)% for the three months ended September 30, 2023 and 2024, respectively. These rates differ from the federal statutory rate of 21% due to the effect of state income taxes and certain expenses that are not deductible for tax purposes.
Previous wording
Net Loss. Net loss for the three months ended June 30, 2024 was $0.3 million compared to a net loss of $10.4 million for the three months ended June 30, 2023, as a result of the factors described above.
Current wording
Net Loss. Net loss for the three months ended September 30, 2024 was $3.6 million compared to a net loss of $67.5 million for the three months ended September 30, 2023, as a result of the factors described above.
Previous wording
Six Months Ended June 30, 2024 Compared to the Six Months Ended June 30, 2023
Current wording
Nine Months Ended September 30, 2024 Compared to the Nine Months Ended September 30, 2023
Previous wording
The following summary table presents a comparison of our results of operations for the six months ended June 30, 2023 and 2024, with respect to certain of our key financial measures. The changes illustrated in the table are discussed in greater detail below. This section should be read in conjunction with the condensed consolidated financial statements and notes to condensed consolidated financial statements included in Item 1 of this report.
Current wording
The following summary table presents a comparison of our results of operations for the nine months ended September 30, 2023 and 2024, with respect to certain of our key financial measures. The changes illustrated in the table are discussed in greater detail below. This section should be read in conjunction with the condensed consolidated financial statements and notes to condensed consolidated financial statements included in Item 1 of this report.
Previous wording
Net Revenue. Net revenue decreased $6.4 million during the six months ended June 30, 2024 as compared to the six months ended June 30, 2023. Audio revenue decreased $7.0 million during the six months ended June 30, 2024 as compared to the six months ended June 30, 2023, primarily due to a decrease in local agency and direct revenue and the disposition of WJBR-FM in Wilmington, DE in October 2023. Digital revenue increased $1.7 million during the six months ended June 30, 2024 as compared to the six months ended June 30, 2023, primarily due to continued growth in the digital segment. Other revenue decreased $1.1 million during the six months ended June 30, 2024 as compared to the six months ended June 30, 2023, due to the termination of our esports operations in December 2023.
Current wording
Net Revenue. Net revenue decreased $8.4 million during the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023. Audio revenue decreased $8.5 million during the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023, primarily due to a decrease in local agency revenue and the disposition of WJBR-FM in Wilmington, DE in October 2023 partially offset by an increase in political advertising for the 2024 elections. Digital revenue increased $1.8 million during the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023, primarily due to continued growth in the digital segment. Other revenue decreased $1.7 million during the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023, due to the termination of our esports operations in December 2023.
Previous wording
Operating Expenses. Operating expenses decreased $3.4 million during the six months ended June 30, 2024 as compared to the six months ended June 30, 2023. Audio operating expenses decreased $1.4 million during the six months ended June 30, 2024 as compared to the six months ended June 30, 2023, primarily due to the disposition of WJBR-FM in Wilmington, DE in October 2023, partially offset by an increase in compensation expense related to workforce reductions. Digital operating expenses during the six months ended June 30, 2024 were comparable to the six months ended June 30, 2023. Other operating expenses decreased $2.0 million during the six months ended June 30, 2024 as compared to the six months ended June 30, 2023, due to the termination of our esports operations in December 2023.
Current wording
Operating Expenses. Operating expenses decreased $3.6 million during the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023. Audio operating expenses decreased $0.8 million during the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023, primarily due to the disposition of WJBR-FM in Wilmington, DE in October 2023, partially offset by an increase in compensation expense related to workforce reductions. Digital operating expenses during the nine months ended September 30, 2024 were comparable to the nine months ended September 30, 2023. Other operating expenses decreased $3.1 million during the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023, due to the termination of our esports operations in December 2023.
Previous wording
Corporate Expenses. Corporate expenses decreased $0.6 million during the six months ended June 30, 2024 as compared to the six months ended June 30, 2023, primarily due to an increase in digital expenses allocated to operating expenses.
Current wording
Corporate Expenses. Corporate expenses decreased $0.8 million during the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023, primarily due to an increase in digital expenses allocated to operating expenses, partially offset by an increase in compensation and contract services.
Previous wording
Impairment Loss. During the second quarter of 2023, due to the potential sale of substantially all of the assets used in the operations of WJBR-FM in Wilmington, DE, we recorded an impairment loss of $10.0 million related to the FCC license.
Current wording
2023, we entered into an agreement to sell substantially all of the assets used in the operations of WJBR-FM in Wilmington, DE to a
Previous wording
Interest Expense. Interest expense decreased $1.6 million during the six months ended June 30, 2024 as compared to the six months ended June 30, 2023 due to repurchases of the Notes throughout 2023.
Current wording
Interest Expense. Interest expense decreased $2.0 million during the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023 due to repurchases of the Existing Notes throughout 2023.
Previous wording
Income Tax Benefit. Our effective tax rate was approximately (18)% and (64)% for the six months ended June 30, 2023 and 2024, respectively. These rates differ from the federal statutory rate of 21% due to the effect of state income taxes and certain expenses that are not deductible for tax purposes.
Current wording
Income Tax Benefit. Our effective tax rate was approximately (24)% and (32)% for the nine months ended September 30, 2023 and 2024, respectively. These rates differ from the federal statutory rate of 21% due to the effect of state income taxes and certain expenses that are not deductible for tax purposes.
Previous wording
Net Loss. Net loss for the six months ended June 30, 2024 was $0.3 million compared to a net loss of $14.0 million for the six months ended June 30, 2023, as a result of the factors described above.
Current wording
Net Loss. Net loss for the nine months ended September 30, 2024 was $3.8 million compared to a net loss of $81.5 million for the nine months ended September 30, 2023, as a result of the factors described above.
Previous wording
payments is in the best interest of the Company’s stockholders. In addition, as discussed in “Secured Notes” below, the Indenture
Current wording
payments is in the best interest of the Company’s stockholders. In addition, as discussed in “Secured Notes” below, the New Notes Indenture and Exchange Notes Indenture limit our ability to pay dividends.
Previous wording
In the second quarter of 2023, we repurchased $3.0 million principal amount of the Notes for a price equal to 66% of the principal amount and recorded a gain of $1.0 million as a result of the repurchase.
Current wording
In the second quarter of 2023, we repurchased $3.0 million principal amount of the Existing Notes for a price equal to 66% of the principal amount and recorded a gain of $1.0 million as a result of the repurchase.
Previous wording
Secured Notes. On February 2, 2021, we issued $300.0 million aggregate principal amount of 8.625% senior secured notes due on February 1, 2026 (the “Notes”) under an indenture dated February 2, 2021 (the “Indenture”). Interest on the Notes accrues at the rate of 8.625% per annum and is payable semiannually in arrears on February 1 and August 1 of each year. The Notes are secured on a first-lien priority basis by substantially all assets of the Company and its majority-owned subsidiaries and are guaranteed jointly and severally by the Company and its majority-owned subsidiaries. The Indenture contains restrictive covenants that limit the ability of the Company and its subsidiaries to, among other things, incur additional indebtedness, guarantee indebtedness or issue disqualified stock or, in the case of such subsidiaries, preferred stock; pay dividends on, repurchase or make distributions in respect of our capital stock or make other restricted payments; make certain investments or acquisitions; sell, transfer or otherwise convey certain assets; create liens; enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany transfers; consolidate, merge, sell or otherwise dispose of all or substantially all of our assets; enter into transactions with affiliates; prepay certain kinds of indebtedness; and issue or sell stock of our subsidiaries.
Current wording
On the Settlement Date, the Issuer entered into (i) a new indenture (the “New Notes Indenture”) governing its New Notes, which are fully and unconditionally secured by substantially all of the assets, other than certain excluded property, of the Issuer and the guarantors (the “Collateral”) on a senior secured first-priority lien basis, subject to certain exceptions, limitations and permitted liens and (ii) a new indenture (the “Exchange Notes Indenture”) governing its Exchange Notes, which are fully and unconditionally secured by liens on the Collateral on a senior secured second-priority lien basis, subject to certain exceptions, limitations and permitted liens, in each case with the guarantors thereto and Wilmington Trust, National Association, as trustee and collateral agent, with respect to both the Exchange Notes Indenture and New Notes Indenture. On the Settlement Date, the Issuer also entered into the Supplemental Indenture with Wilmington Trust, National Association, as trustee and collateral agent, supplementing the Existing Notes Indenture. The New Notes Indenture and the Exchange Notes Indenture contain restrictive covenants that limit the ability of the Company and its subsidiaries to, among other things, incur additional indebtedness, guarantee indebtedness or issue disqualified stock or, in the case of such subsidiaries, preferred stock; pay dividends on, repurchase or make distributions in respect of our capital stock or make other restricted payments; make certain investments or acquisitions; sell, transfer or otherwise convey certain assets; create liens; enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany transfers; consolidate, merge, sell or otherwise dispose of all or substantially all of our assets; enter into transactions with affiliates; prepay certain kinds of indebtedness; and issue or sell stock of our subsidiaries.
Previous wording
From time to time, we repurchase sufficient shares of our Class A common stock to fund withholding taxes in connection with the vesting of restricted stock units. We paid approximately $37,000 to repurchase 52,579 shares during the six months ended June 30, 2024. From time to time, we may seek to repurchase, redeem or otherwise retire our Notes through cash purchases and/or exchanges for equity securities, in open market purchases, privately negotiated transactions, tender offers or otherwise. Such repurchases, redemptions or other transactions, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions, and other factors. The amounts involved may be material.
Current wording
From time to time, we repurchase sufficient shares of our Class A Common Stock to fund withholding taxes in connection with the vesting of restricted stock units. We paid approximately $90,000 to repurchase 6,684 shares during the nine months ended September 30, 2024. From time to time, we may seek to repurchase, redeem or otherwise retire our Existing Notes through cash purchases and/or exchanges for equity securities, in open market purchases, privately negotiated transactions, tender offers or otherwise. Such repurchases, redemptions or other transactions, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions, and other factors. The amounts involved may be material.
Previous wording
additional borrowings or notes offerings, to the extent permitted under the Indenture governing our Notes; and
Current wording
additional borrowings or notes offerings, to the extent permitted under the Existing Notes Indenture, New Notes Indenture and Exchange Notes Indenture; and
Previous wording
We believe we will have sufficient liquidity and capital resources to permit us to provide for our liquidity requirements and meet our financial obligations for the next 12 months and thereafter. However, poor financial results or unanticipated expenses could give rise to default under the Notes, additional debt servicing requirements or other additional financing or liquidity requirements sooner than we expect, and we may not secure financing when needed or on acceptable terms.
Current wording
We believe we will have sufficient liquidity and capital resources to permit us to provide for our liquidity requirements and meet our financial obligations for the next 12 months and thereafter. However, poor financial results or unanticipated expenses could give rise to default under the Existing Notes, additional debt servicing requirements or other additional financing or liquidity requirements sooner than we expect, and we may not secure financing when needed or on acceptable terms.
Previous wording
Cash Flows. The following summary table presents a comparison of our cash flows for the six months ended June 30, 2023 and 2024 with respect to certain of our key measures affecting our liquidity. The changes set forth in the table are discussed in greater detail below. This section should be read in conjunction with the condensed consolidated financial statements and notes to condensed consolidated financial statements included in Part I, Item 1 of this report.
Current wording
Cash Flows. The following summary table presents a comparison of our cash flows for the nine months ended September 30, 2023 and 2024 with respect to certain of our key measures affecting our liquidity. The changes set forth in the table are discussed in greater detail below. This section should be read in conjunction with the condensed consolidated financial statements and notes to condensed consolidated financial statements included in Part I, Item 1 of this report.
Previous wording
Net Cash Provided By Operating Activities. Net cash provided by operating activities was $2.6 million during the six months ended June 30, 2024, as compared to net cash provided by operating activities of approximately $24,000 during the six months ended June 30, 2023. The $2.5 million increase in net cash provided by operating activities was primarily due to a $1.1 million decrease in interest payments, a $1.0 million increase in other income, net, a $0.9 million decrease in income tax payments, and a $0.7 million decrease in cash paid for corporate expenses, partially offset by a $1.0 decrease in cash receipts from revenue.
Current wording
Net Cash Used In Operating Activities. Net cash used in operating activities was $2.2 million during the nine months ended September 30, 2024, as compared to net cash used in operating activities of $5.0 million during the nine months ended September 30, 2023. The $2.8 million decrease in net cash used in operating activities was primarily due to an $11.5 million decrease in net cash paid for operating expenses, a $2.0 million decrease in interest payments, a $1.1 million decrease in cash paid for corporate expenses, and a $1.0 million decrease in income tax payments, partially offset by a $12.6 decrease in cash receipts from revenue.
Previous wording
Net Cash Provided By (Used In) Investing Activities. Net cash provided by investing activities during the six months ended June 30, 2024 included proceeds of $6.0 million from the sale of an investment, partially offset by payments of $2.0 million for capital expenditures. Net cash used in investing activities for the same period in 2023 included payments of $2.0 million for capital expenditures.
Current wording
Net Cash Provided By (Used In) Investing Activities. Net cash provided by investing activities was $3.4 million during the nine months ended September 30, 2024, as compared to net cash used in investing activities of $2.8 million during the nine months ended September 30, 2023. Net cash provided by investing activities during the nine months ended September 30, 2024 included proceeds of $6.0 million from the sale of an investment, partially offset by payments of $2.6 million for capital expenditures. Net cash used in investing activities for the same period in 2023 included payments of $3.1 million for capital expenditures.
Previous wording
Net Cash Used In Financing Activities. Net cash used in financing activities during the six months ended June 30, 2023 included Notes repurchases of $2.0 million.
Current wording
Net Cash Used In Financing Activities. Net cash used in financing activities was approximately $90,000 during the nine months ended September 30, 2024, as compared to net cash used in financing activities of $2.1 million during the nine months ended September 30, 2023. Net cash used in financing activities during the nine months ended September 30, 2023 included payments on debt of $2.0 million.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
the FCC license during the second quarter of 2023.
Current report — wording carried from elsewhere
Secured Notes. On February 2, 2021, we issued $300.0 million aggregate principal amount of 8.625% senior secured notes due on February 1, 2026 (the “Existing Notes”) under an indenture dated February 2, 2021 (the “Existing Notes Indenture”). Interest on the Existing Notes accrues at the rate of 8.625% per annum and is payable semiannually in arrears on February 1 and August 1 of each year. The Existing Notes are secured on a first-lien priority basis by substantially all assets of the Company and its majority-owned subsidiaries and are guaranteed jointly and severally by the Company and its majority-owned subsidiaries.