Beasley Broadcast Group, Inc. (NASDAQ:BBGI) Q1 2022 Earnings Conference Call May 9, 2022 10:00 AM ET

Company Participants

Caroline Beasley - CEO

Marie Tedesco - CFO

Operator

Good morning, and welcome to the Beasley Broadcast Group First 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 the most directly comparable financial measures calculated and presented in accordance with GAAP can be found in this morning's news announcement and on the company's website.

I would also like to 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'd like to turn the conference over to your host, Beasley Broadcast Group's CEO, Caroline Beasley. Please go ahead, ma'am.

Caroline Beasley

Thank you, Cody, and good morning, everyone. Thank you for joining us to review our 2022 first quarter operating results. Marie Tedesco, our CFO, is with me this morning.

I'm thrilled to share our first quarter 2022 results with you as our digital growth initiatives, strong presence and share in broadcast market resulted in revenue, SOI, and EBITDA growth on a year-over-year basis. Overall, Q1 was another strong quarter for us with total revenue growth of 15.6%, outpacing the 13% revenue guidance we provided on our last earnings call. New business initiatives, sports betting and a $2 million year-over-year increase in digital revenue were the primary drivers to the strong quarter. These results are beginning to replace the power of our platform and diversification efforts and are truly a testament to the hardworking team we have.

As mentioned, 2022 first quarter revenue rose 15.6% over Q1 2021. Over the year, local spot revenue increased 20.6%, while national spot revenue declined 12.1%. Our gains were again broad-based with 11 of 14 markets delivering year-over-year revenue increases including double-digit growth in Boston, Detroit, New Jersey, Philadelphia, Tampa, and Wilmington.