Beasley Broadcast Group, Inc. (NASDAQ:BBGI) Q1 2023 Earnings Conference Call April 26, 2023 11:00 AM ET

Company Participants

Caroline Beasley - CEO

Marie Tedesco - CFO

Conference Call Participants

Operator

Good morning, and welcome to Beasley Broadcast Group's First Quarter 2023 Conference Call. Before proceeding, I would like to emphasize that today's conference call and webcast will contain forward-looking statements about our future performance and results of operations that involve risks and uncertainties described in the Risk Factors section of our most recent annual report on Form 10-K as supplemented by our quarterly reports on Form 10-Q.

Today's webcast will also contain a discussion of certain non-GAAP financial measures within the meaning of the Item 10 of Regulation S-K. A reconciliation of these non-GAAP measures with their most direct comparable financial measures calculated and presented in accordance with GAAP can be found in this morning's news announcement on the company's website.

I would also remind listeners that following its completion, a replay of today's call can be accessed for five days on the company's website, www.bbgi.com. You can also find a copy of today's press release on the Investors or Press Room section of the site.

At this time, I would like to turn the conference over to your host, Beasley Broadcast Group's CEO, Caroline Beasley. Please go ahead.

Caroline Beasley

Thank you, Doug, and good morning. Good morning, everyone, and thank you for joining us to review our 2023 first quarter operating results. Marie Tedesco, our CFO, is with me this morning. And as per our earnings release, we did post an earnings presentation on our website, and we hope that you will find it helpful.

I'm thrilled to share our first quarter results, which, again, highlights the significant success and growth we are achieving based on our strategy to leverage our local talent to build the growing digital platform. In Q1, we generated strong year-over-year results across the board, driven by growth from our digital initiatives, new business initiatives, increased network revenue and revenue growth in the sports betting category.

Our strong first quarter revenue performance drove solid SOI and EBITDA growth on a year-over-year basis. Total revenue grew 3.7%, outpacing the guidance we provided on our last earnings call, with over-the-air local spot revenue increasing 4%, network up 69%, which was strategically planned to offset the decline in political from 2022, and digital was up almost 27%.