BEASLEY BROADCAST GROUP INC
For the period ended Sep 30, 2024. Filed Nov 8, 2024.
View on SEC.govAbout 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.
Sep 30, 2024 · Filed Nov 8, 2024
BBGI$5.89+5.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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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. | 15 | |
|---|---|---|---|
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk. | 22 | |
| Item 4. | Controls and Procedures. | 22 | |
| PART II OTHER INFORMATION | |||
| Item 1. | Legal Proceedings. | 24 | |
| Item 1A. | Risk Factors. | 24 | |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. | 24 | |
| Item 3. | Defaults Upon Senior Securities. | 24 | |
| Item 4. | Mine Safety Disclosures. | 24 | |
| Item 5. | Other Information. | 24 | |
| Item 6. | Exhibits. | 25 | |
| SIGNATURES | 26 | ||
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
| December 31, | September 30, | |
|---|---|---|
| 2023 | 2024 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $26,733,921 | $27,802,179 |
| Accounts receivable, less allowance for credit losses of $1,752,058 in 2023 and $1,540,801 in 2024 | 53,424,196 | 49,111,535 |
| Prepaid expenses | 4,338,503 | 8,734,475 |
| Other current assets | 2,150,163 | 1,927,173 |
| Total current assets | 86,646,783 | 87,575,362 |
| Property and equipment, net | 51,474,754 | 48,768,141 |
| Operating lease right-of-use assets | 34,767,126 | 31,348,246 |
| FCC licenses | 393,006,900 | 393,006,900 |
| Goodwill | 922,000 | - |
| Other intangibles, net | 2,722,408 | 2,138,913 |
| Other assets | 4,727,967 | 8,641,225 |
| Total assets | $574,267,938 | $571,478,787 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $14,299,048 | $19,137,663 |
| Operating lease liabilities | 8,082,981 | 8,250,391 |
| Other current liabilities | 25,913,827 | 27,304,666 |
| Total current liabilities | 48,295,856 | 54,692,720 |
| Due to related parties | 55,019 | 31,985 |
| Long-term debt, net of unamortized debt issuance costs | 264,203,010 | 265,209,926 |
| Operating lease liabilities | 33,440,246 | 29,669,724 |
| Deferred tax liabilities | 71,894,915 | 68,641,044 |
| Other long-term liabilities | 7,400,257 | 7,400,257 |
| Total liabilities | 425,289,303 | 425,645,656 |
| 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; 869,569 issued and 682,697 outstanding in 2023; 895,998 issued and 702,442 outstanding in 2024(1) | 17,389 | 17,917 |
| Class B Common Stock, $0.001 par value; 75,000,000 shares authorized; 833,137 issued and outstanding in 2023 and 2024(1) | 16,662 | 16,662 |
| Additional paid-in capital | 152,794,353 | 153,567,083 |
| Treasury stock, Class A Common Stock; 186,872 shares in 2023; 193,556 shares in 2024(1) | (29,239,179) | (29,329,315) |
| Retained earnings | 25,042,926 | 21,214,300 |
| Accumulated other comprehensive income | 346,484 | 346,484 |
| Total stockholders' equity | 148,978,635 | 145,833,131 |
| Total liabilities and stockholders' equity | $574,267,938 | $571,478,787 |
(1)
The shares of Class A and Class B Common Stock have been retroactively adjusted to reflect the 1-for-20 Reverse Stock Split that occurred on September 23, 2024. See Note 15 for additional information.
CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS (UNAUDITED)
| Three Months Ended September 30, | ||
|---|---|---|
| 2023 | 2024 | |
| Net revenue | $60,119,757 | $58,190,116 |
| Operating expenses: | ||
| Operating expenses (including stock-based compensation of $37,041 in 2023 and $19,995 in 2024 and excluding depreciation and amortization shown separately below) | 50,117,044 | 49,946,133 |
| Corporate expenses (including stock-based compensation of $140,773 in 2023 and $338,211 in 2024) | 4,493,277 | 4,296,615 |
| Depreciation and amortization | 2,201,664 | 1,788,126 |
| FCC licenses impairment losses | 78,204,065 | - |
| Goodwill impairment losses | 10,582,360 | 922,000 |
| Total operating expenses | 145,598,410 | 56,952,874 |
| Operating income (loss) | (85,478,653) | 1,237,242 |
| Non-operating income (expense): | ||
| Interest expense | (6,445,746) | (6,092,820) |
| Other income (expense), net | 1,106,918 | (75,120) |
| Loss before income taxes | (90,817,481) | (4,930,698) |
| Income tax benefit | (23,299,388) | (1,309,803) |
| Loss before equity in earnings of unconsolidated affiliates | (67,518,093) | (3,620,895) |
| Equity in earnings of unconsolidated affiliates, net of tax | (18,744) | 60,320 |
| Net loss | (67,536,837) | (3,560,575) |
| Net loss per Class A and Class B common share(1): | ||
| Basic and diluted | $(45.08) | $(2.33) |
| Weighted-average shares outstanding(1): | ||
| Basic and diluted | 1,498,131 | 1,529,521 |
(1)
Weighted-average shares outstanding used in the computation of basic and diluted Net loss per Class A and Class B common share have been retroactively adjusted to reflect the 1-for-20 Reverse Stock Split that occurred on September 23, 2024. See Note 15 foradditional information.
CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS (UNAUDITED)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2023 | 2024 | |
| Net revenue | $181,360,600 | $173,006,119 |
| Operating expenses: | ||
| Operating expenses (including stock-based compensation of $109,261 in 2023 and $55,912 in 2024 and excluding depreciation and amortization shown separately below) | 152,098,261 | 148,534,924 |
| Corporate expenses (including stock-based compensation of $424,160 in 2023 and $717,346 in 2024) | 13,381,403 | 12,584,218 |
| Depreciation and amortization | 6,626,974 | 5,455,622 |
| FCC licenses impairment losses | 88,245,065 | - |
| Goodwill impairment losses | 10,582,360 | 922,000 |
| Total operating expenses | 270,934,063 | 167,496,764 |
| Operating income (loss) | (89,573,463) | 5,509,355 |
| Non-operating income (expense): | ||
| Interest expense | (19,764,067) | (17,772,957) |
| Gain on sale of investment | - | 6,026,776 |
| Other income, net | 1,684,168 | 552,145 |
| Loss before income taxes | (107,653,362) | (5,684,681) |
| Income tax benefit | (26,285,207) | (1,796,019) |
| Loss before equity in earnings of unconsolidated affiliates | (81,368,155) | (3,888,662) |
| Equity in earnings of unconsolidated affiliates, net of tax | (135,877) | 60,036 |
| Net loss | (81,504,032) | (3,828,626) |
| Net loss per Class A and Class B common share(1): | ||
| Basic and diluted | $(54.58) | $(2.52) |
| Weighted-average shares outstanding(1): | ||
| Basic and diluted | 1,493,391 | 1,521,204 |
(1)
Weighted-average shares outstanding used in the computation of basic and diluted Net loss per Class A and Class B common share have been retroactively adjusted to reflect the 1-for-20 Reverse Stock Split that occurred on September 23, 2024. See Note 15 for additional information.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2023 | 2024 | |
| Cash flows from operating activities: | ||
| Net loss | $(81,504,032) | $(3,828,626) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Stock-based compensation | 533,421 | 773,258 |
| Provision for credit losses | 1,006,830 | 742,185 |
| Depreciation and amortization | 6,626,974 | 5,455,622 |
| FCC licenses impairment losses | 88,245,065 | - |
| Goodwill impairment losses | 10,582,360 | 922,000 |
| Amortization of loan fees | 1,097,214 | 1,006,916 |
| Gain on sale of investment | - | (6,026,776) |
| Gain on repurchases of long-term debt | (973,208) | - |
| Deferred income taxes | (26,977,992) | (3,253,871) |
| Equity in earnings of unconsolidated affiliates | 135,877 | (60,036) |
| Change in operating assets and liabilities: | ||
| Accounts receivable | 7,989,945 | 3,570,476 |
| Prepaid expenses | (5,558,093) | (4,395,972) |
| Other assets | 2,572,946 | (3,939,082) |
| Accounts payable | (3,964,866) | 4,838,615 |
| Other liabilities | (4,887,810) | 1,120,813 |
| Other operating activities | 70,484 | 833,136 |
| Net cash used in operating activities | (5,004,885) | (2,241,342) |
| Cash flows from investing activities: | ||
| Capital expenditures | (3,060,716) | (2,627,040) |
| Proceeds from dispositions | 250,000 | - |
| Proceeds from sale of investment | - | 6,026,776 |
| Net cash provided by (used in) investing activities | (2,810,716) | 3,399,736 |
| Cash flows from financing activities: | ||
| Payments on debt | (1,983,750) | - |
| Purchase of treasury stock | (69,838) | (90,136) |
| Net cash used in financing activities | (2,053,588) | (90,136) |
| Net increase (decrease) in cash and cash equivalents | (9,869,189) | 1,068,258 |
| Cash and cash equivalents at beginning of period | 39,534,653 | 26,733,921 |
| Cash and cash equivalents at end of period | $29,665,464 | $27,802,179 |
| Cash paid for interest | $24,946,655 | $23,028,749 |
| Cash paid for income taxes | $1,353,057 | $351,975 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.