Beasley Broadcast Group, Inc. (NASDAQ:BBGI) Q2 2024 Earnings Conference Call August 12, 2024 11:00 AM ET

Company Participants

Caroline Beasley - CEO
Marie Tedesco - CFO

Operator

Good morning, and welcome to Beasley Broadcast Group's Second Quarter 2024 Earnings 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 Item 10 of Regulation S-K. A reconciliation of these non-GAAP measures with their 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 at www.bbgi.com. You can also find a copy of today's press release on the Investors or Press Room sections 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.

Caroline Beasley

Thank you, Rob. Good morning, everyone and thank you for joining us to review our second quarter results. Marie Tedesco, our CFO is with me this morning. So consistent with the pacings we provided when we reported Q1 and reflecting continued softness across ad-reliant businesses. Our second quarter same-station revenue was down just 2%. Adjusting for the WJBR divestiture and the outlaw.

And on an actual basis, total revenue was down 4.8%. Now reflecting our continued focus on leveraging and monetizing our local content and reach second quarter same-station digital revenue grew by an impressive 10.2%. Our revenue mix shift toward digital continues with it now accounting for 21.5% of second quarter total revenue, and that's up from 19.4% in second quarter '23 and up from 16.5% in second quarter '22.

For the full year of 2024, we expect digital to account for between 20% and 25% of our total revenue, and this is driven by our content creation capability and continued success and growth of our digital service offerings. As such we intend to continue to expand our digital sales force to leverage our strong local brands, content and relationships by offering a broad range of advertising solutions to clients. Another bright spot for the quarter was political as during Q2, we generated $586,000 in net political revenue, and this includes both traditional and digital, exceeding our second quarter political revenue budget by 72%.