Q2 2024 Beasley Broadcast Group Inc Earnings Call

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.

Caroline Beasley: Our revenue next shift toward digital continues with it now accounting for 21.5% of second quarter total revenue. And that's up from 19.4% and second quarter 23 and up from 16.5% and 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 the continued success and growth of our digital service offering. 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.

Conciliation of these non-GAAP measures with their most directly comparable.

Caroline Beasley: 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 the continued success and growth of our digital service offering. 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.

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 Companys website at Www Dot B B G I dot com.

You can also find a copy of today's press release on the investors or pressroom sections 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: Good morning, everyone and thank you for joining us to review our second quarter result, Marie Tedesco, Our CFO is with me this morning.

Caroline Beasley: Another bright spot for the quarter was political. As during Q2, we generated 586,000 in that political revenue. And this includes both traditional and digital, exceeding our second quarter political revenue budget by 72%. This compares to 228,000 in political revenue and second quarter of 2020. So we're all towards strong start with political and we expect a robust second half of 2024. As several of our markets are well positioned in twin states. Now, national shows signs of stabilizing in Q2, with same station national up 7.3% and up 3.5% at political. And on an actual basis, national increase 6.4% year over year for the quarter and 2.6% ex-political.

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.

Caroline Beasley: Another bright spot for the quarter was political. As during Q2, we generated 586,000 in that political revenue. And this includes both traditional and digital exceeding our second quarter political revenue budget by 72%. This compares to 228,000 in political revenue and second quarter of 2020. So we're all towards strong start with political and we expect a robust second half of 2024. As several of our markets are well positioned in twin states. Now, national shows signs of stabilizing in Q2 with same station national up 7.3% and up 3.5% at political. And on an actual basis, national increase 6.4% year over year for the quarter and 2.6% ex-political. In total, national now accounts for 14.4% of our total revenue and this is ex-political.

Speaker Change: Good morning and welcome to Beasley Broadcast Group's second quarter 2024 earnings call.

Speaker Change: With that he thinks we provided at the time, we reported Q1 and reflecting continued softness across at reliant business as our second quarter same station revenue was down just 2%.

Operator: 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 in the investors or press room sections of the site. At this time, I would like to turn the conference over to your host, Beasley Broadcast Group CEO, Caroline Beasley. Please go ahead. Thank you, Rob.

Speaker Change: 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.

Speaker Change: Adjusting for the W JV or divestiture and the alcohol.

Speaker Change: On an actual basis total revenue was down four 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% a revenue mix shift toward digital continues with it now accounting for 21.

Speaker Change: Today's webcast will also contain a discussion of certain non-GAAP financial measures within the meaning of Item 10 of Regulation S-K.

Speaker Change: 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.

Speaker Change: 5% of second quarter total revenue and that's up from 19, 4% in second quarter 'twenty, three and up from 16, 5% in second quarter 'twenty two.

Speaker Change: 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.

Caroline Beasley: In total, national now accounts for 14.4% of our total revenue, and this is ex-political.

Speaker Change: 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 the continued success and growth of our digital service offering as such we intend to continue to expand our digital sales force.

Caroline Beasley: Now, breaking down our second quarter revenue performance even further, over the year local spot was down 10.9% or $4.1 million. And same station local was down 10% or 3.7 million. This was driven by a 3% decline in local agency business and a 4.9% decline in local directs. Local direct currently accounts for 57.3% of our total local business as we continue to shift from agency to direct. I think the decline that we've seen in local business further supports the softness on Main Street that many of us and our peers have discussed for the last quarter. Our operating expenses in the quarter declines 3.9% or 2 million, and this includes an added 1.3 million in sovereign cost.

Marie Tedesco: Now, breaking down our second quarter revenue performance even further, over the year local spot was down, 10.9% or 4.1 million. And same station local was down 10% or 3.7 million. This was driven by a 3% decline in local agency business and a 4.9% decline in local directs. Local direct currently accounts for 57.3% of our total local business as we continue to shift from agency to direct. I think the decline that we've seen in local business further supports the softness on Main Street that many of us and our peers have discussed for the last quarter.

Speaker Change: At this time, I would like to turn the conference over to your host, Beasley Broadcast Group's CEO, Caroline Beasley.

Caroline Beasley: Good morning, everyone, and thank you for joining us to review our second quarter results. Marie Tedesco, our CFO, is with me this morning.

Speaker Change: Please go ahead.

Caroline Beasley: Good morning, everyone, and thank you for joining us to review our second quarter results.

Speaker Change: To leverage our strong local brands content and relationships by offering a broad range of advertising solutions to clients.

Caroline Beasley: So, consistent with the pacings we provided at the time we reported Q1 and reflecting continued softness across ag-reliant businesses, our second quarter Sanktation revenue was down just 2%, adjusting for the WJBR divestiture and the outlaws, 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 Sanktation digital revenue 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.

Marie Tedesco: Marie Tedesco, our CFO, is with me this morning. So consistent with the pacings we provided at the time we reported Q1 and reflecting continued softness across ag-reliant businesses, our second quarter same station revenue was down just 2%.

Speaker Change: Another bright spot for the quarter was political as during Q2, we generated 586000 and that political revenue and this includes both traditional and digital exceeding our second quarter political revenue budget by 72%. This compares to 228000 in <unk>.

Marie Tedesco: adjusting for the WJBR divestiture and the outlaws. And on an actual basis, total revenue was down 4.8%.

Marie Tedesco: Our operating expenses in the quarter declines 3.9% or 2 million and this includes an added 1.3 million in sovereign cost. Excluding the severance cost expenses were down 3.3 million and SRI would have increased by 250,000 to 12.4 million. And on a same station basis, XWJBR, eSports and the one-time severance cost, operating expenses were down 1.3 million, which resulted in a 60,000 increase in same station SRI to 12.6 million. And to highlight our adjusted EBDA increase 11.4% to 8.8 million in the second quarter.

Speaker Change: Political revenue in second quarter of 2020, so we're off to a strong start with political and we expect a robust second half of 2024 at several of our markets are well positioned in swing states.

Marie Tedesco: Now reflecting our continued focus on leveraging and monetizing our local content and reach.

Marie Tedesco: Second quarter Saint's Station digital revenue grew by an impressive 10.2%.

Caroline Beasley: Excluding the severance cost, expenses were down 3.3 million, and SRI would have increased by 250,000 to 12.4 million. And on a same station basis, XWJBR, eSports, and the one-time severance cost, operating expenses were down 1.3 million, which resulted in a 60,000 increase in same station SRI to 12.6 million. And to highlight our adjusted EBDA increase 11.4% to 8.8 million in the second quarter.

Marie Tedesco: 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.

Speaker Change: Now national showed signs of stabilizing in Q2 with the same station national up seven 3% and up three 5% ex political and on an actual basis Nashville National increased six 4% year over year for the quarter and two 6% ex political.

Caroline Beasley: For the full year of 2024, we expect digital to account for between 20 and 25% of our total revenue. This is driven by our content creation capability and the 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.

Marie Tedesco: For the full year of 2024, we expect digital to account for between 20% and 25% of our total revenue. This is driven by our content creation capability and the continued success and growth of our digital service offerings.

Speaker Change: Total national and now accounts for 14, 4% of our total revenue and this is ex political.

Marie Tedesco: Now I'm going to turn it over to Marie, and she's going to give you further detail in the second quarter. Thanks, Caroline, and good morning, everyone. As Caroline mentioned, second quarter total net revenue was 60.4 million. And 6th of a market, including Augusta, Charlotte, CSL, Fort Myers, New Jersey, and Tampa, exceeded prior year second quarter revenues, as see now our in-house agency digital directs. The main drivers of the overall revenue decline was related to the divested Well-mington station, the elimination of the Outlaw and the decline in local stock business, which was somewhat offset by continued growth in digital and political revenue.

Marie Tedesco: Now I'm going to turn it over to Marie and she's going to give you further detail in second quarter. Thanks Caroline and good morning everyone. As Caroline mentioned, second quarter total net revenue was 60.4 million. And 6th of a market, including Augusta, Charlotte, CSL, Fort Myers, New Jersey, and Tampa exceeded prior year, second quarter revenues, as see now our in-house agency digital directs. The main drivers of the overall revenue decline was related to the divested well-mington station, the elimination of the outlaw and the decline in local stock business, which was somewhat offset by continued growth in digital and political revenue.

Speaker Change: Now breaking down our second quarter revenue performance, even further over the ear local spot was down 10, 9% or $4 1 million and same station local was down 10% or $3 7 million. This was driven by a 3% decline in local agency business and a four 9% decline.

Marie Tedesco: 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.

Caroline Beasley: Another bright spot for the quarter was political, as during Q2, we generated $586,000 in net political revenue, including both traditional and digital, exceeding our second quarter political revenue budget by 72%. This compares to $228,000 in political revenue in the second quarter of 2020, so we're off to a strong start with politics, and we expect a robust second half of 2024, as several of our markets are well-positioned in swing states. Now National showed signs of stabilizing in Q2, with Same Station National up 7.3% and up 3.5% ex-political.

Marie Tedesco: 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.

Speaker Change: Locals Iraq local with Iraq currently account for 57, 3% of our total local business as we continued to ship from agency to direct I think the declines that we've seen in local business. Further supports the softness on main street that many of us and our peers have discussed for the last.

Marie Tedesco: exceeding our second-quarter political revenue budget by 72%.

Marie Tedesco: This compares to $228,000 in political revenue in the second quarter of 2020. So we're off to a strong start with political, and we expect a robust second half of 2024, as several of our markets are well-positioned in swing states.

Speaker Change: Quarter, our operating expenses in the quarter declined three 9% or $2 million and this includes an added $1 3 million in severance costs. Excluding the severance costs expenses were down $3 3 million and S. O I would've increased by 250000 to $12 4 million and on a same station.

Marie Tedesco: Looking closer at the quarter, on a same station basis, excluding the divested Well-mington station and eSports, April was up 2.3%, May declined 5.2%, and June dropped 2.7% year over year, resulting in a 2% same station revenue decline for the quarter. Operating expenses for the quarter decreased 3.9% year over year, or 2 million, and SOI declined 1 million year over year to 11.1 million. The expense decline was primarily due to the divestiture of our Wilmington station and the elimination of our eSports team, along with a May 2024 headcount reduction somewhat offset by a 1.3 million non-recurring severance cost.

Marie Tedesco: Looking closer at the quarter, on a same station basis, excluding the divested well-mington station and eSports, April was up 2.3%, May declined 5.2%, and June dropped 2.7% year over year, resulting in a 2% same station revenue decline for the quarter. Operating expenses for the quarter decreased 3.9% year over year or 2 million, and SOI declined 1 million year over year to 11.1 million. The expense decline was primarily due to the divestiture of our well-mington station and the elimination of our eSports team, along with a May 2024 headcount reduction somewhat offset by a 1.3 million non-recurring severance cost.

Marie Tedesco: Now National showed signs of stabilizing in Q2, with same station National up 7.3% and up 3.5% ex-political. And on an actual basis, National increased 6.4% year-over-year for the quarter.

Caroline Beasley: And on an actual basis, National increased 6.4% year-over-year for the quarter and 2.6% ex-political. In total, National now accounts for 14.4% of our total revenue, and this is without political. Now, breaking down our second quarter revenue performance even further, over the year, local spot was down 10.9% or $4.1 million, and same station local was down 10% or $3.7 million. This was driven by a 3% decline in local agency business and a 4.9% decline in local direct. Local direct currently accounts for 57.3% of our total local business as we continue to shift from agency to direct.

Speaker Change: Basis X W. J B R E sports and the onetime severance costs operating expenses were down $1 3 million, which resulted in a 60000 increase in same station at Fireeye to $12 6 million and to highlight our adjusted EBITDA increased 11 four.

Marie Tedesco: and 2.6% ex-political. In total, National now accounts for 14.4% of our total revenue and this is ex-political.

Marie Tedesco: Now breaking down our second quarter revenue performance even further, over the year local spot was down 10.9% or $4.1 million.

Speaker Change: <unk> to $8 8 million in the second quarter I'm going to turn it over to Marie and she's going to give you further detail and second quarter.

Marie Tedesco: and Same Station Local was down 10% or $3.7 million. This was driven by a 3% decline in local agency business and a 4.9% decline in local direct.

Speaker Change: Caroline and good morning, everyone as Caroline mentioned second quarter total net revenue was $60 4 million and six of our markets, including Augusta, Charlotte Fayetteville, Fort Myers, New Jersey, and Tampa exceeded prior year.

Marie Tedesco: Excluding the 1 time severance cost, SOI increased 2% or $250,000 for the quarter. Same station expenses dropped by 28,000, driven by the headcount reduction, offset by increased third-party costs and severance expenses. Consequently, same station SOI declined 1.2 million for the quarter to 11.3 million, and excluding the 1 time severance cost, same station SOI increased 60,000 for the quarter. Now looking at our revenue categories for the quarter, consumer services remain the largest revenue category at 31.1% of total revenue, with a decline of 1% year-over-year. Retail ended in second place for representing 16.2% in the quarter, following 5.4% year-over-year, mostly from Detroit and New Jersey.

Marie Tedesco: Excluding the 1 time severance cost, SOI increased 2% or 250,000 for the quarter. Same station expenses dropped by 28,000, driven by the headcount reduction, offset by increased third-party costs and severance expenses. Consequently, same station SOI declined 1.2 million for the quarter to 11.3 million, and excluding the 1 time severance cost, same station SOI increased 60,000 for the quarter. Now looking at our revenue categories for the quarter, consumer services remain the largest revenue category at 31.1% of total revenue with a decline of 1% year-over-year.

Marie Tedesco: LocalDirect currently accounts for 57.3% of our total local business as we continue to shift from agency to direct.

Marie Tedesco: I think the decline that we've seen in local business further supports the softness on Main Street that many of us and our peers have discussed for the last quarter. Our operating expenses in the quarter declined 3.9% or $2 million, and this includes an added $1.3 million in severance costs. Excluding the severance costs, expenses were down $3.3 million, and SOI would have increased by $250,000 to $12.4 million. And on a same station basis, WJBR, eSports, and the one-time severance costs operating expenses were down $1.3 million, which resulted in a $60,000 increase in same station SOI to $12.6 million. And to highlight, our adjusted EBITDA increased 11.4% to $8.8 million in the second quarter. Now I'm going to turn it over to Marie, and she's going to give you further detail on the second quarter.

Marie Tedesco: Second quarter revenues.

Speaker Change: I see in our in House Agency Digital's, Iraq. The main drivers of the overall revenue decline was related to the divested Wilmington station the elimination of the alkali and a decline in local spot business, which was somewhat offset by continued growth in digital and political revenue.

Marie Tedesco: I think the decline that we've seen in local business further supports the softness on Main Street that many of us and our peers have discussed for the last quarter.

Marie Tedesco: Our operating expenses in the quarter declined 3.9% or $2 million, and this includes an added $1.3 million in severance costs.

Speaker Change: Looking closer at the quarter on a same station basis, excluding the divested Wilmington station and eat for April was up two 3% may declined five 2% and Jim's dropped two 7% year over here, resulting in a 2% same station revenue decline for the quarter.

Marie Tedesco: Excluding the severance costs, expenses were down $3.3 million, and FOI would have increased by $250,000 to $12.4 million.

Marie Tedesco: Retail ended in second place for representing 16.2% in the quarter, following 5.4% year-over-year, mostly from Detroit and New Jersey. Entertainment number 3 was at 4.5% in the quarter, accounting for 15.1% of total revenue. The largest entertainment increase came from Boston and Charlotte, related to increased sports betting revenue, partially offset by a decline in sports betting revenue from Philadelphia. In the sports betting category, we recorded 3.1 million in the quarter, and that accounted for 5.6% of total revenue.

Marie Tedesco: and on a same station basis, X, WJBR, eSports, and the one-time severance costs.

Marie Tedesco: Operating expenses were down $1.3 million, which resulted in a $60,000 increase in same-station SRI to $12.6 million.

Marie Tedesco: Entertainment number 3 was at 4.5% in the quarter, accounting for 15.1% of total revenue. The largest entertainment increase came from Boston and Charlotte, related to increased sports betting revenue, partially offset by a decline in sports betting revenue from Philadelphia. In the sports betting category, we recorded 3.1 million in the quarter, and that accounted for 5.6% of total revenue. The audit category was found 18.5% year-over-year and represented 7.6% of our total second quarter revenue. This drop was primarily due to the decline in domestic auto spend, which accounted for 60% of the drop. Consumer products came in fifth place at 6% of total revenue for the quarter, up 19.8%.

Speaker Change: Operating expenses for the quarter decreased three 9% year over year or two Amelia and Soi declined 1 million year over year to $11 1 million. The expense decline was primarily due to the divestiture of our roaming sensation and the elimination of our esports team along with our May two.

Marie Tedesco: And to highlight, our adjusted EBITDA increased 11.4% to $8.8 million in the second quarter. Now I'm going to turn it over to Marie and she's going to give you further detail in second quarter.

Marie Tedesco: Thanks, Caroline, and good morning, everyone. As Caroline mentioned, second quarter total net revenue was $60.4 million, and six of our markets, including Augusta, Charlotte, Fayetteville, Fort Myers, New Jersey, and Tampa, exceeded prior year second quarter revenues, as did our in-house agency, DigitalDirect. The main drivers of the overall revenue decline were related to the divested Wilmington station, the elimination of the outlaws, and the decline in local spot business, which was somewhat offset by continued growth in digital and political revenue.

Marie Tedesco: Looking closer at the quarter, on a same-station basis, excluding the divested Wilmington Station and Eport, April was up 2.3%, May declined 5.2%, and June dropped 2.7% year-over-year, resulting in a 2% same-station revenue decline for the quarter. Operating expenses for the quarter decreased 3.9% year-over-year, or $2 million, and SOI declined $1 million year-over-year to $11.1 million. The expense decline was primarily due to the divestiture of our Wilmington station and the elimination of our eSports team, along with a May 2024 headcount reduction somewhat offset by a $1.3 million non-recurring severance cost. Excluding the one-time severance costs, SOI increased 2%, or $250,000, for the quarter. Same station expenses dropped by $28,000, driven by the headcount reduction, offset by increased third-party costs and severance expenses.

Marie Tedesco: Thank you, Caroline, and good morning, everyone.

Speaker Change: 24, head count reduction somewhat offset by a 1.3 million nonrecurring severance costs, excluding the one time severance costs Soi increased 2% or 250000 for the quarter.

Marie Tedesco: As Caroline mentioned, second quarter total net revenue was $60.4 million.

Speaker Change: and six other markets, including Augusta, Charlotte, Fayetteville, Fort Myers, New Jersey, and Tampa exceeded prior year second quarter revenues, as did our in-house agency, DigitalDirect.

Marie Tedesco: The audit category was found 18.5% year-over-year and represented 7.6% of our total second quarter revenue. This drop was primarily due to the decline in domestic auto spend, which accounted for 60% of the drop. Consumer products came in fifth place at 6% of total revenue for the quarter, up 19.8%. Corporate GNA expenses decreased 11.9% or 525,000 compared to the same quarter a year ago to 3.9 million. And here today's corporate expenses declined 6.8% or 600,000.

Same station expenses dropped by 28000, driven by the head count reduction offset by increased third party costs and severance expenses concept.

Speaker Change: The main drivers of the overall revenue decline was related to the divested Wilmington station, the elimination of the outlaws, and the decline in local spot business, which was somewhat offset by continued growth in digital and political revenue.

Speaker Change: Consequently, the same station Soi declined $1 2 million for the quarter to $11 3 million and excluding the one time severance costs same station soi increased 60004th quarter.

Marie Tedesco: Corporate GNA expenses decreased 11.9% or 525,000 compared to the same quarter a year ago to 3.9 million. And here today's corporate expenses declined 6.8% or $600,000. The second quarter year-over-year decrease in corporate GNA is mostly related to a reduction in corporate compensation and an allocation of digital expenses to our market. Non-cash stock-based compensation increased 80,000 to 262,000 in the quarter and increased 59,000 to 450,000 a year today. And we paid 117,000 in income taxes year-to-date for 2024. Second quarter, 2024 operating income increased 219%, or 9.9 million, from a negative 4.5 million to a positive 5.4 million.

Speaker Change: Looking closer at the quarter, on a same station basis, excluding the divested Wilmington station and East Fork,

Speaker Change: Now looking at our revenue categories for the quarter consumer services remained our largest revenue category at 31, 1% of total revenue with a decline of 1% year over year retail ended in second place for representing 16, 2% in the quarter falling five 4% year over.

Speaker Change: April was up 2.3%, May declined 5.2% and June dropped 2.7% year-over-year, resulting in a 2% same-station revenue decline for the quarter.

Marie Tedesco: The second quarter year-over-year decrease in corporate GNA is mostly related to a reduction in corporate compensation and an allocation of digital expenses to our market. Non-tash-stock-based compensation increased 80,000 to 262,000 in the quarter and increased 59,000 to 450,000 a year today. And we paid 117,000 in income taxes year-to-date for 2024. Second quarter, 2024 operating income increased 219%, or 9.9 million from a negative 4.5 million to a positive 5.4 million. An operating income for the six months increased 8.4 million from a negative 4.1 million to a positive 4.3 million.

Speaker Change: Operating expenses for the quarter decreased 3.9% year-over-year, or $2 million. And SOI declined $1 million year-over-year to $11.1 million.

Speaker Change: A year, mostly from Detroit, and New Jersey Entertainment number three was at four 5% in the quarter accounting for 15, 1% of total revenue the largest entertainment increase came from Boston and Charlotte related to increased sports betting revenue, partially offset by a decline.

Speaker Change: The expense decline was primarily due to the divestiture of our Wilmington station and the elimination of our E-sport team, along with a May 2024 headcount reduction somewhat offset by a $1.3 million non-recurring severance cost.

Speaker Change: And sports betting revenue from Philadelphia in.

Speaker Change: In the sports betting category, we recorded a $3 1 million in the quarter and that accounted for five 6% of total revenue.

Speaker Change: Excluding the one-time severance costs, SOI increased 2% or $250,000 for the quarter.

Marie Tedesco: An operating income for the six months increased 8.4 million from a negative 4.1 million to a positive 4.3 million. Both prior year, second quarter, and prior year, six months included an impairment loss of 10 million. Interest expense decreased 632,000 year-over-year to 6.1 million and decreased 1.6 million year-to-date compared to the same period a year ago, reflecting our debt reduction through us 2023. We ended the quarter with total debt of 267 million, down from our original 300 million debt at the beginning of 2021. And we made our latest semi-annual inter payments on August 1, 2024. Adjusted EBITDA, meaning adding that 1 times the expense of 1.3 million and non-tash-stock-based compensation of 262,000, was 8.8 million for the quarter and 9.6 million year-to-date.

Speaker Change: The auto category was down 18, and a half a percent year over year and represented 77, 6% of our total second quarter revenue. This drop was primarily due to a decline in domestic auto spend which accounted for 60% of the drop consumer products came in fifth place that 6% of total.

Speaker Change: Sink station expenses dropped by $28,000 driven by the headcount reduction offset by increased third-party costs and severance expenses.

Marie Tedesco: Both prior year, second quarter and prior year, six months included an impairment loss of 10 million. Interest expense decreased 632,000 year-over-year to 6.1 million and decreased 1.6 million year-to-date compared to the same period a year ago reflecting our debt reduction through us 2023. We ended the quarter with total debt of 267 million down from our original 300 million debt at the beginning of 2021. And we made our latest semi-annual inter payments on August 1, 2024.

Speaker Change: Consequently, same-station SOI declined $1.2 million for the quarter to $11.3 million, and excluding the one-time severance cost, same-station SOI increased $60,000 for the quarter.

Speaker Change: Revenue for the quarter up 19.8%.

Marie Tedesco: Consequently, same station SOI declined $1.2 million for the quarter to $11.3 million, and excluding the one-time severance cost, same station SOI increased $60,000 for the quarter. Now looking at our revenue categories for the quarter, consumer services remained our largest revenue category at 31.1% of total revenue with a decline of 1% year over year. Retail ended in second place, representing 16.2% in the quarter, falling 5.4% year over year, mostly from Detroit and New Jersey.

Speaker Change: Corporate G&A expenses decreased 11, 9% or 525000 compared to the same quarter, a year ago, two or $3 9 million and year to date corporate expenses declined six 8% or 600000, the second quarter year over year decrease in corporate.

Speaker Change: Now looking at our revenue categories for the quarter, consumer services remained our largest revenue category at 31.1% of total revenue with a decline of 1% year over year.

Speaker Change: Retail ended in second place, representing 16.2% in the quarter, falling 5.4% year over year, mostly from Detroit and New Jersey.

Speaker Change: DNA is mostly related to a reduction in corporate compensation and an allocation of digital expenses to our markets.

Marie Tedesco: Entertainment, number three, was at 4.5% in the quarter, accounting for 15.1% of total revenue. The largest entertainment increase came from Boston and Charlotte related to increased sports betting revenue, partially offset by a decline in sports betting revenue from Philadelphia.

Marie Tedesco: Adjusted EBITDA, meaning adding that 1 times the expense of 1.3 million and non-tash-stock-based compensation of 262,000 was 8.8 million for the quarter and 9.6 million year-to-date. We ended the quarter with cash on hand of 33.3 million and that's up from 27.8 million at the end of 1st quarter, 2024. Our capital expense for the quarter was 1 million compared to prior year-second quarter of 847,000. Year-to-date cap expense remained the same in both years at 2 million. Looking at the full year 2024, we expect our annual cap expense in the range of 4 to 5 million.

Speaker Change: Entertainment, number 3, was at 4.5% in the quarter, accounting for 15.1% of total revenue.

Speaker Change: Noncash stock based compensation increased 80000 to 262000 in the quarter and increased 69000 415000 year to date.

Speaker Change: The largest entertainment increase came from Boston and Charlotte, related to increased sports betting revenue, partially offset by a decline in sports betting revenue from Philadelphia.

Marie Tedesco: We ended the quarter with cash on hand of 33.3 million, and that's up from 27.8 million at the end of 1st quarter, 2024. Our capital expense for the quarter was 1 million compared to prior year-second quarter of 847,000. Year-to-date cap expense remained the same in both years at $2 million.

Speaker Change: And we paid 117000 in income taxes year to date for 'twenty 'twenty four.

Marie Tedesco: In the sports betting category, we recorded 3.1 million in the quarter, and that accounted for 5.6% of total revenue. The auto category was down 18.5% year-over-year and represented 7.6% of our total second-quarter revenue. This drop was primarily due to a decline in domestic auto spend, which accounted for 60% of the drop. Consumer products came in fifth place at 6% of total revenue for the quarter, up 19.8%.

Speaker Change: In the sports betting category, we recorded $3.1 million in the quarter and that accounted for 5.6% of total revenue.

Speaker Change: Second quarter 2024, operating income increased 219% or $9 9 million from a negative $4 5 million to a paucity of $5 4 million and operating income for the six months increased $8 4 million from a negative $4 1 million to a positive.

Speaker Change: The audit category was down 18.5% year-over-year and represented 7.6% of our total second quarter revenue.

Speaker Change: This drop was primarily due to a decline in domestic auto spend, which accounted for 60% of the drop. Consumer products came in 5th place at 6% of total revenue for the quarter, up 19.8%.

Marie Tedesco: Looking at the full year 2024, we expect our annual cap expense in the range of 4 to 5 million.

Speaker Change: Point 3 million Boe.

Speaker Change: Both the prior year second quarter and prior year six months included an impairment loss of $10 million.

Caroline Beasley: And with that, I'll turn it back to Caroline.

Caroline Beasley: And with that, I'll turn it back to Caroline.

Caroline Beasley: Thank you, Marie. Digital revenue growth remains a strategic priority for us. I'm happy to report that our digital segment reported SRI of 3.1 million in a margin of 24% for the quarter.

Caroline Beasley: Thank you Marie. Digital revenue growth remains a strategic priority for us. I'm happy to report that our digital segment reported SRI of 3.1 million in a margin of 24% for the quarter. As we evolved this business and looked to drive efficiencies and reduced digital expenses, we decided to close our White Label Agency Guaranteed Digital Effective July 15th. In doing so, we eliminated a large portion of their operating expenses, and I'm pleased to announce that we've already successfully transferred 75% of the GD revenue to our in-house agency Digital Direct. This reorganization is expected to increase our bottom line by about 1 million dollars.

Marie Tedesco: Corporate G&A expenses decreased 11.9%, or $525,000, compared to the same quarter a year ago to $3.9 million, and year-to-date corporate expenses declined 6.8%, or $600,000. The second quarter year-over-year decrease in corporate G&A is mostly related to a reduction in corporate compensation and an allocation of digital expenses to our markets. Non-cash stock-based compensation increased $80,000 to $262,000 in the quarter and increased $59,000 to $415,000 year-to-date. And we paid $117,000 in income taxes year-to-date for 2024.

Speaker Change: Interest expense decreased 632000 year over year to $6 1 million and decreased $1 6 million here today compared to the same period, a year ago, reflecting our debt reductions through our 'twenty to 'twenty three we ended the quarter with total debt of $267 million.

Speaker Change: Corporate G&A expenses decreased 11.9% or $525,000 compared to the same quarter a year ago to $3.9 million.

Caroline Beasley: As we evolved this business and looked to drive efficiencies and reduce digital expenses, we decided to close our White Label Agency Guaranteed Digital effective July 15th. In doing so, we eliminated a large portion of their operating expenses, and I'm pleased to announce that we've already successfully transferred 75% of the GD revenue to our in-house agency, Digital Direct. This reorganization is expected to increase our bottom line by about 1 million dollars.

Speaker Change: and year-to-date corporate expenses declined 6.8% or $600,000. The second quarter year-over-year decrease in corporate G&A is mostly related to a reduction in corporate compensation and an allocation of digital expenses to our markets.

Speaker Change: Down from our original 300 million debt at the beginning of 2021 and we made our latest semiannual interest payments on August 1st 2024.

Speaker Change: Non-cash stock-based compensation increased $80,000 to $262,000 in the quarter and increased $59,000 to $415,000 year-to-date, and we paid $117,000 in income taxes year-to-date for 2024.

Speaker Change: Adjusted EBITDA, meaning adding back one time severance expense of one point that email, yeah, and noncash stock based compensation of 262000 was $8 8 million for the quarter and $9 6 million year to date, we ended the quarter with cash on hand of 33 point.

Caroline Beasley: Additionally, we decided to exit our e-ports content initiative. It's monthly passed; profitability contradicts our hyperfocus on reducing leverage. Our multi-platform content strategy is consistently delivering dominant market share results and strong digital impressions. On the digital side, our focus has been growing and monetizing our social media audiences and leading platforms, including Facebook, Instagram, X, and YouTube. In addition, connecting our show pages to our social media management platform, maximize our revenue opportunities and increase our monetizable social media followers. And while our strategy has predominantly revolved around the station's social accounts, we believe these partnerships will open more doors for engagement and reach new audiences.

Caroline Beasley: Additionally, we decided to exit our e-ports content initiative. It's monthly passed, profitability, contradicts our hyperfocus on reducing leverage. Our multi-platform content strategy is consistently delivering dominant market share results and strong digital impressions. On the digital side, our focus has been growing and monetizing our social media audiences and leading platforms, including Facebook, Instagram, X and YouTube. In addition, connecting our show pages to our social media management platform, maximize our revenue opportunities and increase our monetizable social media followers. And while our strategy has predominantly revolved around the station's social accounts, we believe these partnerships will open more doors for engagement and reach new audiences. We expect it to grow to continue with revenue to follow.

Marie Tedesco: Second quarter 2024 operating income increased 219% or $9.9 million from a negative $4.5 million to a positive $5.4 million. And operating income for the sixth month increased $8.4 million from a negative $4.1 million to a positive $4.3 million. Both the prior year second quarter and prior year six months included an impairment loss of $10 million.

Speaker Change: Second quarter 2024 operating income increased 219%, or $9.9 million, from a negative $4.5 million to a positive $5.4 million.

Speaker Change: $3 million and that's up from $27 8 million at the end of first quarter 'twenty 'twenty four or.

Speaker Change: Capital expense for the quarter was $1 million compared to prior year's second quarter of 847000 year to date Capex spend remains the same in both years at 2 million looking at the full year 'twenty 'twenty four we expect our annual Capex spend in the range of four two.

Speaker Change: and offering income for the sixth month increased $8.4 million from a negative $4.1 million to a positive $4.3 million. Both prior year second quarter and prior year six months included an impairment loss of $10 million.

Marie Tedesco: Interest expense decreased $632,000 year over year to $6.1 million and decreased $1.6 million year-to-date compared to the same period a year ago, reflecting our debt reductions throughout 2023. We ended the quarter with total debt of $267 million, down from our original $300 million at the beginning of 2021, and we made our latest semiannual interest payments on August 1, 2024. Adjusted EBITDA, meaning adding back 1 times severance expense of $1.3 million and non-cash stock-based compensation of $262,000, was $8.8 million for the quarter and $9.6 million year-to-date.

Speaker Change: Interest expense decreased $632,000 year-over-year to $6.1 million and decreased $1.6 million year-to-date compared to the same period a year ago, reflecting our debt reductions throughout 2023.

Speaker Change: $5 million and with that I'll turn it back to Caroline Thank you Murray.

Caroline Beasley: Revenue growth remains a strategic priority for us and I'm happy to report that our digital segment reported soi of $3 1 million and a margin of 24% for the quarter as we evolved this business and look to drive efficiency and reduce digital expenses, we decided to close our white label.

Speaker Change: We ended the quarter with a total debt of $267 million, down from our original $300 million debt at the beginning of 2021, and we made our latest semiannual interest payments on August 1, 2024.

Caroline Beasley: We expect it to grow to continue with revenue to follow.

Caroline Beasley: And finally, I'm really pleased to announce that we hired a head of digital content marketing with extensive marketing expertise to help us as we continue to build our new digital revenue streams on behalf of the company. And on the traditional side, in Nielsen Audio PPM ratings, we remain the dominant player in most of our large markets. We currently have the top rated station in Boston, Charlotte, Detroit, Las Vegas, and Philadelphia, and have the number one rated cluster in Boston, Charlotte, Las Vegas, and Philadelphia with key adults 25-54.

Caroline Beasley: And finally, I'm really pleased to announce that we hired a head of digital content marketing with extensive marketing expertise to help us as we continue to build our new, digital revenue streams on behalf of the company. And on the traditional side in Nielsen Audio PPM ratings, we remain the dominant player in most of our large markets. We currently have the top rated station in Boston, Charlotte, Detroit, Las Vegas, and Philadelphia, and have the number one rated cluster in Boston, Charlotte, Las Vegas, and Philadelphia with key adults 2554.

Caroline Beasley: Agency guaranteed digital effective July 15th in doing so we eliminated a large portion of their operating expenses and I'm pleased to announce that we've already successfully transferred 75% of the G. D revenue to our in House Agency digital direct.

Speaker Change: Adjusted EBITDA, meaning adding back 1x severance expense of $1.3 million and non-cash stock-based compensation of $262,000 was $8.8 million for the quarter and $9.6 million year-to-date.

Speaker Change: This reorganization is expected to increase our bottom line by about $1 million. Additionally, we decided to exit our esports content initiatives, it's monthly past profitability contradicts our hyper focus on reducing leverage.

Marie Tedesco: We ended the quarter with cash on hand of $33.3 million, and that's up from $27.8 million at the end of the first quarter 2024. Our capital expense for the quarter was $1 million compared to the prior year's second quarter of $847,000. Year-to-date capex spend remained the same in both years at $2 million. Looking at the full year 2024, we expect our annual capex spend in the range of $4 to $5 million.

Speaker Change: We ended the quarter with cash on hand of $33.3 million and that's up from $27.8 million at the end of first quarter 2024.

Speaker Change: Our capital expense for the quarter was $1 million compared to prior year's second quarter of $847,000.

Speaker Change: Our multi platform content strategy is consistently delivering dominant market share results and strong digital impressions on the digital side, our focus has been growing and monetizing our social media audience says I'm, leading that platforms, including Facebook Instagram acts and Youtube. In addition, connecting.

Caroline Beasley: Now moving on to third quarter, pastings, as of today, there are downloads to mid single digits with July ending up slightly in August and September, pasting down. Now, considering the current economic environment, we developed a strategic plan focused on revenue, leverage, free cash flow, and addressing our capital structure ahead of the first quarter, 2026 maturity. This includes streamlining our traditional business with emphasis on local growth, expanding our digital revenue via a combination of new and old digital revenue streams, and, most imperative, remaining laser focused on corporate expense management. As we mentioned on our last call, we advocated a $6.7 million expense reduction initiative in May, which is projected to amount to nearly $10 million on an annualized basis.

Caroline Beasley: Now moving on to third quarter, pastings, as of today, there are download to mid single digits with July ending up slightly in August and September, pasting down. Now, considering the current economic environment, we developed a strategic plan focused on revenue, leverage, free cash flow, and addressing our capital structure ahead of the first quarter, 2026 maturity. This includes streamlining our traditional business with emphasis on local growth, expanding our digital revenue via a combination of new and old digital revenue streams, and most imperative remaining laser focused on corporate expense management.

Speaker Change: Year-to-date cap expense remained the same in both years at $2 million.

Speaker Change: Looking at the full year 2024, we expect our annual capex spend in the range of $4 to $5 million. And with that, I'll turn it back to Caroline. Thank you, Marie.

Caroline Beasley: And with that, I'll turn it back to Caroline.

Caroline Beasley: Thank you, Marie. Digital revenue growth remains a strategic priority for us. I'm happy to report that our digital segment reported SOI of $3.1 million and a margin of 24% for the quarter. As we evolved this business and looked to drive efficiency and reduce digital expenses, we decided to close our white-label agency Guaranteed Digital effective July 15th. In doing so, we eliminated a large portion of their operating expenses, and I'm pleased to announce that we've already successfully transferred 75% of the GD revenue to our in-house agency, Digital Direct. This reorganization is expected to increase our bottom line by about $1 million. Additionally, we decided to exit our eSports content initiative because its monthly pass profitability contradicts our hyper-focus on reducing leverage.

Speaker Change: Show pages to our social media management platform maximize our revenue opportunities and increased our monetize a bowl social media followings followers by nearly $1 million over the past six months and while our strategy has predominantly revolved around station social accounts. We believe these partnerships will open more doors for engagement.

Caroline Beasley: Digital revenue growth remains a strategic priority for us. I'm happy to report that our digital segment reported SOI of 3.1 million and a margin of 24% for the quarter.

Speaker Change: As we evolve this business and look to drive efficiency and reduce digital expenses, we decided to close our white label agency, Guaranteed Digital, effective July 15th.

And reach of new audience. It we expect this growth to continue with revenue to follow and finally, I'm really pleased to announce that we hired a head of digital content marketing with extensive marketing expertise to help us as we continue to build our new our new digital revenue streams on behalf of the company.

Caroline Beasley: As we mentioned on our last call, we advocated a $6.7 million expense reduction initiative in May, which is projected to amount to nearly 10 million on an annualized basis. These reductions have been achieved through strategic headcount reductions, totaling 8.5% of full-time employees, which include the combination of streamlining production and traffic services, and the consolidation of GNA operations among other reductions.

Speaker Change: In doing so, we eliminated a large portion of their operating expenses, and I'm pleased to announce that we've already successfully transferred 75% of the GED revenue to our in-house agency, DigitalDirect.

Caroline Beasley: These reductions have been achieved through strategic headcount reductions, totaling 8.5% of full-time employees, which include the combination of streamlining production and traffic services, and the consolidation of GNA operations, among other reductions.

Speaker Change: And on the traditional side and Nielsen audio the P. P. M ratings, we remain the dominant player in most of our large markets. We currently have the top rated station in Boston, Charlotte, Detroit, Las Vegas, and Philadelphia and have the number one rated cluster and Boston Charlotte Las.

Speaker Change: This reorganization is expected to increase our bottom line by about $1 million. Additionally, we decided to exit our eSports content initiative. Its lengthy past profitability contradicts our hyper-focus on reducing leverage.

Caroline Beasley: Also, earlier this month, we rolled out another voluntary early retirement offer. As employees accept this offer, we will not be backfilling most of these positions as part of our greater effort to streamline our processes. However, we have not been reducing headcount in our self-department. Instead, we are adding technical self specialists on both the traditional and digital side.

Caroline Beasley: Also, earlier this month, we rolled out another voluntary early retirement offer. As employees accept this offer, we will not be backfilling most of these positions as part of our greater effort to streamline our processes. However, we have not been reducing headcount in our self-department. Instead, we are adding technical self specialists on both the traditional and digital side.

Caroline Beasley: Our multi-platform content strategy is consistently delivering dominant market share results and strong digital impressions. On the digital side, our focus has been growing and monetizing our social media audiences on leading platforms, including Facebook, Instagram, X, and YouTube. In addition, connecting our show pages to our social media management platform maximized our revenue opportunities and increased our monetizable social media followers by nearly 1 million over the past six months. And while our strategy has predominantly revolved around station social accounts, we believe these partnerships will open more doors for engagement and reach new audiences.

Speaker Change: Our multi-platform content strategy is consistently delivering dominant market share results.

Speaker Change: I guess and Philadelphia with key adult 25 54.

Speaker Change: and Strong Digital Impressions. On the digital side, our focus has been growing and monetizing our social media audiences.

Speaker Change: Now moving onto third quarter pacings as of today, there are down low to mid single digits with July ending up lately in August and September pacing down now considering the current economic environment. We've developed a strategic plan focused on revenue leverage free cash flow and a draw.

Speaker Change: on leading platforms including Facebook, Instagram, X, and YouTube.

Caroline Beasley: Additionally, last week, we introduced a new regional DPS structure. These managers, already active in existing markets, will now oversee multiple markets across the organization to realize operational efficiencies across regions. That's further streamlining our process.

Caroline Beasley: Additionally, last week, we introduced a new regional DPS structure. These managers already active in existing markets will now oversee multiple markets across the organization to realize operational efficiencies across regions. That's further streamlining our process.

Speaker Change: In addition, connecting our show pages to our social media management platform, maximize our revenue opportunities, and increase our monetizable social media followers by nearly 1 million over the past six months.

Speaker Change: I think our capital structure or how does the first quarter 2026 maturity. This include streamlining our traditional business with emphasis on local growth expanding our digital revenue via a combination of new and old digital revenue streams and most inherited remaining laser focused on corporate expense managed.

Speaker Change: And while our strategy has predominantly revolved around station social accounts, we believe these partnerships will open more doors for engagement and reach of new audiences.

Caroline Beasley: So looking forward, we remain optimistic about the growth prospects in the second half of 24, and this is driven by anticipated strong political spin and continued expansion in the digital sector. So with that, I'd like to thank our team members across the company for everything that they have done and are doing to focus forward.

Caroline Beasley: So looking forward, we remain optimistic about the growth prospects in the second half of 24 and this is driven by anticipated strong political spin and continued expansion in the digital sector. So with that, I'd like to thank our team members across the company for everything that they have done and are doing to focus forward.

Caroline Beasley: We expect this growth to continue with revenue to follow. And finally, I'm really pleased to announce that we hired a head of digital content marketing with extensive marketing expertise to help us as we continue to build our new digital revenue streams on behalf of the company. And on the traditional side, in Nielsen Audio PPM ratings, we remain the dominant player in most of our large markets. We currently have the top-rated station in Boston, Charlotte, Detroit, Las Vegas, and Philadelphia and have the number one rated cluster in Boston, Charlotte, Las Vegas, and Philadelphia with key adults 25-54.

Speaker Change: We expect this growth to continue with revenue to follow. And finally, I'm really pleased to announce that we hired a Head of Digital Content Marketing with extensive marketing expertise to help us as we continue to build our new digital revenue streams on behalf of the company.

Speaker Change: Right.

Speaker Change: As we mentioned on our last call. We ask that you did at $6 7 million dollar expense reduction initiative in May which is projected to amount to nearly $10 million on an annualized basis. These reductions have been achieved through strategic head count reductions totaling eight 5% of full time employee.

Marie Tedesco: So, with that, Marie, I think we do have a few questions that were submitted. Yeah, thanks, Caroline. And while most questions we received were addressing our remarks, we do have a couple of them that we will address at this point.

Marie Tedesco: So with that, Marie, I think we do have a few questions that were submitted. Yeah, thanks, Caroline. And while most questions we received were addressing our remarks, we do have a couple of them that we will address at this point.

Speaker Change: And on the traditional side in Nielsen audio PPM ratings, we remain the dominant player in most of our large markets.

Speaker Change: Which include the combination of streamlining production and traffic services and the consolidation of G&A operations among other reductions.

Speaker Change: We currently have the top-rated station in Boston, Charlotte, Detroit, Las Vegas, and Philadelphia, and have the number one-rated cluster in Boston, Charlotte, Las Vegas, and Philadelphia, with key adults 25-54.

Marie Tedesco: So the first one, are you in any discussions with creditors about the February of 2026 bond maturity? So what I can say about that is that we are laser focused on addressing our first quarter of 26 maturity, and we will have more details that come on this near term. Great.

Marie Tedesco: So the first one are you in any discussions with creditors about the February of 2026 bond maturity? So what I can say about that is that we are laser focused on addressing our first quarter of 26 maturity and we will have more details that come on this near term. Great.

Speaker Change: Also earlier this month, we rolled out another voluntary early retirement offer as employees accept this offer we will not be back filling most of these positions as part of our greater effort to streamline our processes.

Caroline Beasley: Now, moving on to the third quarter, pacings, as of today, they're down low to mid-single digits, with July ending up slightly and August and September pacing down. Now, considering the current economic environment, we've developed a strategic plan focused on revenue, leverage, free cash flow, and addressing our capital structure ahead of the first quarter 2026 maturity. This includes streamlining our traditional business with an emphasis on local growth, expanding our digital revenue via a combination of new and old digital revenue streams, and, most imperatively, remaining laser focused on corporate expense management.

Speaker Change: Now moving on to third quarter, pacings, as of today, they are down low to mid-single digits, with July ending up slightly and August and September pacing down.

Marie Tedesco: The next question we received is: Are there more assets that could be sold? We are open to selling assets at interactive and deep leveraging price. Great.

Marie Tedesco: The next question we received is are there more assets that could be sold? We are open to selling assets at interactive and deep leveraging price. Great.

Speaker Change: However, we have not been reducing head count in our sales department.

Speaker Change: Instead, we are adding technical sales specialists on both the traditional and digital side.

Speaker Change: Now, considering the current economic environment, we've developed a strategic plan focused on revenue, leverage, free cash flow, and addressing our capital structure ahead of the first quarter 2026 maturity.

Speaker Change: Additionally, last week, we introduced a new regional D. P structure. These managers already active in existing markets will now overseen multiple markets across the organization to realize operational efficiencies across regions.

Marie Tedesco: And the last question I will take that, do you realize, do you realize two million of cost improvements in the quarter cost are into the 10 million cost savings program, are you? So, we've written a pre-paid remark; same station expenses, excluding the divestiture of WJDR and outlaws, we were flatish. Adding that to one-time severance of 1.3 million and increased digital expenses from the increased digital revenue, our expenses would have dropped approximately 2.2 million.

Marie Tedesco: And the last question I will take that, do you realize, do you realize two million of cost improvements in the quarter cost are into the 10 million cost savings program are you? So as we've written a pre-paid remark, same station expenses, excluding the divestiture of WJDR and outlaws, we were flatish. Adding that to one time severance of 1.3 million and increased digital expenses from the increased digital revenue, our expenses would have dropped approximately 2.2 million. Now, our second quarter expense reductions occurred in the month of May. So we did not see the full quarter benefit of the savings in second quarter.

Speaker Change: This includes streamlining our traditional business with emphasis on local growth, expanding our digital revenue via a combination of new and old digital revenue streams.

Speaker Change: Further streamlining our processes.

Speaker Change: and most imperative, remaining laser focused on corporate expense management. As we mentioned on our last call, we executed a $6.7 million expense reduction initiative in May, which is projected to amount to nearly $10 million on an annualized basis.

So looking forward, we remain optimistic about the growth prospects in the second half of 'twenty four and this is driven by anticipated strong political spend and continue to expect expansion in the digital sector. So with that I'd like to thank all our team members across the company for everything that they have done and are doing.

Caroline Beasley: As we mentioned on our last call, we executed a $6.7 million expense reduction initiative in May, which is projected to amount to nearly 10 million on an annualized basis. These reductions have been achieved through strategic headcount reductions totaling 8.5% of full-time employees, which includes a combination of streamlining production and traffic services and the consolidation of G&A operations, among other reductions. Also, earlier this month, we rolled out another voluntary early retirement offer.

Marie Tedesco: Now, our second quarter expense reductions occurred in the month of May. So we did not see the full quarter benefit of the savings in the second quarter.

Speaker Change: These reductions have been achieved through strategic headcount reductions totaling 8.5% of full-time employees, which includes a combination of streamlining production and traffic services and the consolidation of G&A operations, among other reductions.

Speaker Change: Doing the buckets forward, so with that Murray I think we do have a few questions that were submitted yeah. Thanks, Caroline Walmart questions. We received were addressed in our remarks, we do have a couple of them that we will address at this point.

Marie Tedesco: And that concludes the additional question. All right. Thank you all. We really appreciate you attending the call and your interest in our company.

Marie Tedesco: And that concludes the additional question. All right. Thank you all. We really appreciate you attending the call and your interest in our company. All right.

Caroline Beasley: All right. And should you have any questions? Please feel free to reach out to Marie or myself. Thank you.

Caroline Beasley: And should you have any questions? Please feel free to reach out to Marie or myself. Thank you.

Speaker Change: The first fun are you in any discussions with creditors about the February 'twenty 'twenty six bonds maturity.

Speaker Change: Also, earlier this month, we rolled out another voluntary early retirement offer. As employees accept this offer, we will not be backfilling most of these positions as part of our greater effort to streamline our processes.

Caroline Beasley: As employees accept this offer, we will not be backfilling most of these positions as part of our greater effort to streamline our process. However, we have not been reducing headcount in our sales department. Instead, we are adding technical sales specialists on both the traditional and digital sides. Additionally, last week, we introduced a new regional VP structure. These managers, already active in existing markets, will now oversee multiple markets across the organization to realize operational efficiencies across regions, thus further streamlining our process.

Operator: This will conclude today's conference. Let me disconnect your alliance this time. We thank you for your participation, and have a wonderful day.

Operator: This will conclude today's conference. Let me disconnect your alliance this time. We thank you for your participation and have a wonderful day.

Speaker Change: So what I can say about that is that we are laser focused on addressing our first quarter 'twenty six maturity and we will have more details to come on this near term.

Speaker Change: However, we have not been reducing headcount in our sales department. Instead, we are adding technical sales specialists on both the traditional and digital side.

Speaker Change: Great. The next question. We received is are there more assets that could be sold.

Speaker Change: We are open to selling assets at an attractive and deleveraging price.

Speaker Change: Additionally, last week we introduced a new regional VP structure. These managers already active in existing markets will now oversee multiple markets across the organization to realize operational efficiencies across regions.

Speaker Change: Great and the last question I wont take that do you realize that you realized $2 million of cost improvements in the quarter, how far into the 10 million cost savings program are you. So I've reviewed in my prepaid remarks same station expenses, excluding the divestiture of stuff under J D. R. In alkali we were flattish.

Caroline Beasley: So looking forward, we remain optimistic about the growth prospects in the second half of 24. And this is driven by anticipated strong political spin and continued expansion in the digital sector. So with that, I'd like to thank our team members across the company for everything that they have done and are doing to focus forward. So with that, Marie, I think we do have a few questions that were submitted.

Speaker Change: that's further streamlining our processes.

Speaker Change: So, looking forward, we remain optimistic about the growth prospects in the second half of 2024, and this is driven by anticipated strong political spin and continued expansion in the digital sector.

Speaker Change: Adding back the one time severance of $1 3 million and increased digital expenses from the increased digital revenue. Our expenses would have dropped approximately $2 2 million now our second quarter expense reduction occurred in the month of May. So we did not see the full quarter benefit of to say.

Speaker Change: So with that, I'd like to thank our team members across the company for everything that they have done.

Speaker Change: and are doing to focus forward.

Speaker Change: So with that, Marie, I think we do have a few questions that were submitted.

Marie Tedesco: Yes, Caroline. While most of the questions we received were addressed in our remarks, we do have a couple of them that we will address at this point. So the first one, are you in any discussions with creditors about the February 2026 bond maturity?

Marie Tedesco: While most questions we received were addressed in our remarks, we do have a couple of them that we will address at this point. So, the first one, are you in any discussions with creditors about the February 2026 bond maturity?

Speaker Change: And second water and that concludes the additional question alright. Thank you all we really appreciate you attending the call and your interest in our company.

Speaker Change: And should you have any questions. Please feel free to reach out to Marie or myself.

Caroline Beasley: So what I can say about that is that we are laser focused on addressing our first quarter of 26 maturity. And we will have more details that come on this near term.

Speaker Change: So, what I can say about that is that we are laser focused on addressing our first quarter of 26 maturity and we will have more details that come on this near term.

Speaker Change: Yeah.

Speaker Change: Thank you. This will conclude today's conference you may disconnect. Your lines at this time and we thank you for your participation and have a wonderful day.

Marie Tedesco: Great. The next question we received is, are there more assets that could be sold?

Speaker Change: Great. The next question we received is, are there more assets that could be sold?

Caroline Beasley: We are open to selling assets at an attractive and deleveraging price.

Speaker Change: We are open to selling assets at an attractive and deleveraging price.

Marie Tedesco: Great. And the last question? I will take that.

Speaker Change: Great. And the last question, I will take that. Do you realize 2 million of cost improvements in the quarter? How far into the $10 million cost savings program are you?

Marie Tedesco: Do you realize you made $2 million of cost improvements in the quarter? How far into the $10 million cost savings program are you? So, after a revision of prepaid remarks, same station expenses, excluding the divestiture of WJDR and outlaws, we were flattish. Adding back the one-time severance of $1.3 million and increased digital expenses from the increased digital revenue, our expenses would have dropped approximately $2.2 million. Now, our second quarter expense reductions occurred in the month of May. So, we did not see the full quarter benefit of the savings in the second quarter.

Speaker Change: So as reviewed in our prepaid remarks, the same station expenses, excluding the divestiture of WJDR and outlaws, we were flattish.

Speaker Change: Adding back the one-time severance of $1.3 million and increased digital expenses from the increased digital revenue, our expenses would have dropped approximately $2.2 million.

Speaker Change: Now, our second quarter expense reductions occurred in the month of May, so we did not see the full quarter benefit of the savings in second quarter.

Marie Tedesco: And that concludes the additional questions. All right. Thank you all.

Caroline Beasley: All right. Thank you all. We really appreciate you attending the call and your interest in our company. All right. And should you have any questions, please feel free to reach out to Marie or myself.

Speaker Change: And that concludes the additional questions. All right, thank you all. We really appreciate you attending the call and your interest in our company. All right, and should you have any questions, please feel free to reach out to Marie or myself.

Operator: Thank you. This will conclude today's conference. We will disconnect your lines at this time, and we thank you for your participation and have a wonderful day.

Speaker Change: Thank you. This will conclude today's conference. You may disconnect your lines at this time and we thank you for your participation and have a wonderful day.

Speaker Change: Thank you so much for watching this video and I hope to see you in the next video and I'll see you in the next video. Thank you so much for watching this video and I'll see you in the next video and I'll see you in the next video.

Operator: B.R.I.P. Barbara Beasley, Marie Tedesco, Beasley Broadcast Group Inc. Barbara Beasley, Marie Tedesco, Beasley Broadcast Group Inc.