Beasley Broadcast Group, Inc. (NASDAQ:BBGI) Q2 2022 Results Earnings Conference Call August 1, 2022 10:00 AM ET

Company Participants

Caroline Beasley - CEO

Marie Tedesco - CFO

Operator

Good morning, ladies and gentlemen, and welcome to the Beasley Broadcast Group's Second Quarter 2022 Conference Call.

Before proceeding, I would like to emphasize that, today's conference call and webcast will contains 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 Item 10 of Regulation S-K. A reconciliation of these non-GAAP measures with their most directly comparable financial measures calculated, presented in accordance with GAAP can be found in this morning's news announcement and on the company's website.

I would also remind listeners to the following: In its completion, a replay of today's call can be accessed for 5 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 sections of this site.

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

Caroline Beasley

Thank you very much. And good morning, everyone. Thank you for joining us to review our second quarter results. Marie Tedesco, our CFO, is with me this morning.

I'm pleased to report that our growth momentum continued through second quarter. Net revenue increased 8.8% year-over-year, exceeding the guidance when we reported Q1 of a projected 7% increase in revenue. On a pro forma basis, that excludes our divested Boca Raton station, which closed on April 1st, our revenues grew 9.2% for the quarter. Second quarter digital revenue grew an impressive 34.3%, while audio revenue increased 4.3% year-over-year. Similar to previous quarters, new business initiatives, sports betting, political and [0.7] year-over-year increase in digital revenue were the primary driver to our quarter. Our new business performance was robust this quarter, as we recorded $7.8 million in revenue, up 60% from Q1 and up 16% from second quarter of ‘21. Given the declining economic backdrop, we remain watchful of every market, every expense and all of our content creation and other initiatives as we move into the back half of the year.