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Q 2 2 0 2 5 E A R N I N G S P R E SE N TAT I O N A U G U S T 2 0 2 5
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Disclaimer Forward-Looking Statements and Non-GAAP Financial Measures This presentation includes certain financial measures that have not been prepared in a manner that complies with generally accepted accounting principles in the United States (“GAAP”), including, without limitation, Adjusted EBITDA, EBITDA per Indenture, same station revenue, same station operating expenses, EBITDA, and Station Operating Income (“SOI”, and “SOI Margin”) (collectively, the “non-GAAP financial measures”). These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, net revenue, liquidity or performance under GAAP. Management believes that these non-GAAP financial measures provide meaningful information to investors because they provide insight into how effectively we operate our business. You should be aware that these non-GAAP financial measures may not be comparable to similarly-titled measures used by other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the appendix of this presentation. Statements in this presentation that are “forward-looking statements” are based upon current expectations and assumptions and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words or expressions such as “looking ahead,” “intends,” “believes,” “expects,” “seek,” “will,” “should” or variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements, by their nature, address matters that are, to different degrees, uncertain. Key risks are described in the Company’s reports filed with the Securities and Exchange Commission (“SEC”) including its annual report on Form 10-K and quarterly reports on Form 10-Q. Readers should note that forward-looking statements are subject to change and to inherent risks and uncertainties and may be impacted by several factors, including: • the ability of the company to comply with the continued listing standards of Nasdaq, remain listing on Nasdaq, and make periodic filings with the SEC; • risks from health epidemics, natural disasters, terrorism, and other catastrophic events; • adverse effects of inflation; • external economic forces and conditions that could have a material adverse impact on the Company’s advertising revenues and results of operations • the ability of the Company’s stations to compete effectively in their respective markets for advertising revenues; • the ability of the Company to develop compelling and differentiated digital content, products and services; • audience acceptance of the Company’s content, particularly its audio programs; • the ability of the Company to adapt or respond to changes in technology, standards and services that affect the audio industry; • the Company’s dependence on federally issued licenses subject to extensive federal regulation; • actions by the Federal Communications Commission (“FCC”) or new legislation affecting the audio industry; • increases in royalties the Company pays to copyright owners or the adoption of legislation requiring royalties to be paid to record labels and recording artists; • the Company’s dependence on selected market clusters of stations for a material portion of its net revenue; • credit risk on the Company’s accounts receivable; • the risk that the Company’s FCC licenses could become impaired; • the Company’s substantial debt levels and the potential effect of restrictive debt covenants on the Company’s operational flexibility and ability to pay dividends; • the potential effects of hurricanes, extreme weather and other climate change conditions on the Company’s corporate offices and stations; • the failure or destruction of the internet, satellite systems and transmitter facilities that the Company depends upon to distribute its programming; • modifications or interruptions of the Company’s information technology infrastructure and information systems; • the loss of key executives and other key employees; • the Company’s ability to identify, consummate and integrate acquired businesses and station; • the fact that the Company is controlled by the Beasley family, which creates difficulties for any attempt to gain control of the Company; and • other economic, business, competitive, and regulatory factors affecting the businesses of the Company, including those set forth in the Company’s filings with the SEC. Our actual performance and results could differ materially because of these factors and other factors discussed in the “Management’s Discussion and Analysis of Results of Operations and Financial Condition” in our SEC filings, including but not limited to our annual reports on Form 10-K or quarterly reports on Form 10-Q, copies of which can be obtained from the SEC website, www.sec.gov, or our website, www.bbgi.com. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. All information in this presentation is as of the date of this presentation, and we undertake no obligation to update the information contained herein to actual results or changes to our expectations.
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jasdOVERVIEW 1. WHO WE ARE 2. REVENUE MIX 3. OUR OPERATING SEGMENTS 4. FINANCIAL PERFORMANCE 5. APPENDIX
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1. WHO WE ARE
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AN EMPIRE ROOTED IN RADIO, BEASLEY OFFERS ADVERTISERS A SINGLE DESTINATION FOR MULTI- PLATFORM SOLUTIONS THAT DRIVE RESULTS 2025: BEYOND BEASLEY'S FUTURE WILL BE DRIVEN BY OPERATIONAL EFFICIENCY IN OUR CORE BUSINESS AND EXPANSION OF OUR DIGITAL CAPABILITIES 1961 FOUNDED BY GEORGE BEASLEY IN BENSON, NORTH CAROLINA HEADQUARTERS MOVED TO NAPLES, FL COMPANY IPO VIA NASDAQ ACQUIRED GREATER MEDIA, ADDING 20 STATIONS OVER 4 VALUABLE MARKETS EXPANDED DIGITAL CAPABILITIES LAUNCHED OUR FIRST APP, ENABLING STREAMING OF OUR CONTENT REFINANCED THE COMPANY FOLLOWING THE COVID-19 PANDEMIC 2000 202 4 20222016 201920091988
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OUR MEDIA STRATEGY BRINGING TOGETHER THE REACH OF RADIO AND THE PRECISION OF DIGITAL TO DELIVER SMARTER, FULL- FUNNEL CAMPAIGNS THAT DRIVE RESULTS AVG WEEKLY AUDIENCE SIZE AM / FM STATIONS AVG MONTHLY DOWNLOADS PODCASTS LTM STREAMING SESSIONS STREAMING U.S. MARKETS SOCIAL MEDIA AUDIENCE1 SOCIAL MEDIA 12 15.9M 4.8M 132M3.0M OPERATING IN NOTE: DATA LTM AVERAGE AS OF 6/30/2025 UNLESS OTHERWISE NOTED 1 DOES NOT INCLUDE TALENT PAGES
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OUR MARKET WHILE CORE LOCAL RADIO REVENUE REMAINS STABLE IN A MATURE MARKET, THE INCREASING CONTRIBUTION FROM DIGITAL HIGHLIGHTS A CRITICAL GROWTH OPPORTUNITY. BEASLEY IS CAPITALIZING ON THIS TREND BY BUILDING A SCALABLE DIGITAL BUSINESS THAT INTEGRATES SEAMLESSLY WITH OUR AUDIO BRANDS—OFFERING ADVERTISERS A FULL-FUNNEL SOLUTION ACROSS STREAMING, PROGRAMMATIC, BRANDED CONTENT, AND INFLUENCER MARKETING. SOURCE: EMARKETER FORECAST, MARCH 2024
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OUR UNIQUE ADVANTAGE COMBINING TRUSTED VOICES WITH TARGETED TECH, BEASLEY DELIVERS FULL-FUNNEL CAMPAIGNS THAT DRIVE REAL RESULTS. * SOURCE : NATIONAL RETAIL FEDERATION AND PROPER INSIGHTS & ANALYTICS RADIO LOCAL REACH • 90%+ ADULT WEEKLY REACH • UNMATCHED GEO/COMMUNITY TARGETING DRIVE-TO-STORE • REACH DURING ERRANDS & BACK-TO-SCHOOL DRIVES DIGITAL PRECISION TARGETING • RETARGETING + PERSONALIZATION SEARCH + SOCIAL • GOOGLE, FACEBOOK, TIKTOK RADIO + DIGITAL COMBO MULTI-CHANNEL IMPACT • LIFT IN PURCHASE INTENT AWARENESS → CONVERSION • ON-AIR AWARENESS + DIGITAL OFFERS EFFICIENT & LOCAL • STREAMING + GEOFENCING + SOCIAL ADD-ONS BEASLEY CAMPAIGNS DELIVER 30%+ HIGHER INTENT TO PURCHASE WHEN COMBINING RADIO AND DIGITAL.*
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2. REVENUE MIX
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BEASLEY’S TWO SEGMENTS PROVIDE FULL-SERVICE, INNOVATIVE ADVERTISING SOLUTIONS AND CONNECTION WITH NEW AUDIENCES AUDIO BEASLEY’S FOUNDATIONAL BUSINESS $39.8M Q2 2025 REVENUE DIGITAL ENABLING CUSTOMERS TO DIGITIZE THEIR BUSINESS $13.2M Q2 2025 REVENUE Q2 2025 KEY METRICS 25% DIGITAL REVENUE AS % OF TOTAL NET REVENUE 8.1% SAME-STATION DIGITAL REVENUE GROWTH, YOY* * NON-GAAP MEASURE, SEE RECONCILIATION TABLES IN APPENDIX
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OUR ADVERTISERS AN INTEGRATED DIGITAL AND AUDIO STRATEGY THAT PROVIDES ADVERTISERS WITH TARGETED, SCALABLE MEDIA SOLUTIONS. LOCAL ADVERTISERS BEASLEY’S MULTIMEDIA PLATFORM ENABLES LOCAL BUSINESSES TO MAXIMIZE AUDIENCE REACH NATIONAL ADVERTISERS LARGER COMPANIES BENEFIT FROM BEASLEY’S BRANDS AND PRESENCE, WHICH ENABLE LOCAL-STYLED ADVERTISEMENT AT A NATIONAL SCALE POLITICAL ADVERTISERS BEASLEY IS POSITIONED TO HELP BOTH STATE AND FEDERAL CANDIDATES, PACS, AND ISSUE ADVERTISERS. ALL BEASLEY MARKETS ARE EQUIPPED WITH LOCAL AND NATIONAL POLITICAL TASK FORCES THAT SPECIALIZE IN HELPING CANDIDATES, PACS, AND BALLOT ISSUESNOTE: OTHER REVENUE INCLUDES NETWORK REVENUE, TRADE REVENUE, SUBLEASE REVENUE, POLITICAL REVENUE, TALENT FEES, AND OTHER NON-OPERATING REVENUE 17% 76% 7% Q2 2025 REVENUE BY CLIENT TYPE National Local Other
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OUR REVENUE CATEGORIES • CONSUMER SERVICES CONTINUES TO BE OUR DOMINANT SEGMENT • WITHIN CONSUMER SERVICES, LEGAL AND HEALTHCARE WERE OUR STRONGEST CATEGORIES NOTE: REFLECTS Q2 2025 REVENUE 33% 16%14% 7% 30% CONSUMER SERVICES ENTERTAINMENT RETAIL AUTO OTHER
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3. OUR OPERATING SEGMENTS
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AUDIO REACHING NEARLY 19 MILLION LISTENERS WEEKLY ACROSS OUR KEY MARKETS, BEASLEY’S STATIONS CONSISTENTLY DELIVER HIGHLY ENGAGED LOCAL AUDIENCES, REINFORCING OUR VALUE TO ADVERTISERS. 70%2 BEASLEY RANKS IN THE TOP 3 STATION GROUPS IN 7 OUT OF 10 OF OUR MARKETS POWERFUL OUTREACH 5 PRO SPORTS TEAMS WITH WHOM BEASLEY HAS EXCLUSIVE RIGHTS1 1 DATA AS OF 6/30/2025 2 NIELSEN GROUP SHARE TREND, 6/30/2025 NOTE: REFLECTS LTM AVERAGE WEEKLY CUME PERSONS FOR OVER-THE-AIR LISTEN ERSHIP COMBINED WITH LTM AVERAGE MONTHLY CUME PERSONS FOR STREAMING, WPBB IN TAMPA IS PENDING SALE
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DIGITAL A DIVERSIFIED PRODUCT AND PLATFORM MIX ALLOWS BEASLEY TO MAXIMIZE DIGITAL MONETIZATION, BALANCING HIGH-MARGIN OWNED & OPERATED (O&O) SALES WITH SCALABLE THIRD-PARTY INVENTORY (TPP) $’S IN MILLIONS 45% 55% Q2 2025 DIGITAL SALES MIX TPP O&O NOTE: CLOSURE OF GUARANTEE DIGITAL IN Q3 2024 ACCOUNTED FOR SEQUENTIAL STEPD OWN BETWEEN Q2 AND Q3 2024
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4. FINANCIAL PERFORMANCE
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TOTAL NET REVENUE CAPEX SOI1 $8.2M ADJ EBITDA1 CORPORATE G&A EXPENSE CASH AND CASH EQUIVALENTS BEASLEY MEDIA GROUP: TOMORROW’S MEDIA COMPANY TODAY $4.7M $13.7M $0.6M $3.8M INCLUDING $0.1M IN SEVERANCE AND OTHER ONE TIME EXPENSES1 $53.0M Q2 2025 PERFORMANCE SUMMARY: 1 NON-GAAP MEASURE – SEE RECONCLIATION IN APPENDIX: INCLUDES FEES RELATED TO THE COMPANY’S OCTOBER 2024 REFIN ANCING AND SEPTEMBE R 2024 EXCHANGE OFFER
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HISTORICAL P&L PERFORMANCE $’S IN MILLIONS PERFORMANCE COMPARISON $’S IN MILLIONS Q2’25 Q2’24 TOTAL REVENUE $53.0 $60.4 TOTAL EXPENSES $44.8 $49.3 SOI* $8.2 $11.1 CORP. EXPENSES1 $3.8 $3.9 ADD BACKS2 $(0.3) $1.2 ADJ EBITDA* $4.7 $8.8 ADJ EBITDA* MARGIN 8.9% 14.5% 1 Q2’24 CORP. EXPENSES INCLUDES A ONE -TIME $225K VENDOR CREDIT, WHICH OFFSET ADDITIONAL CORPORATE EXPENSES IN THAT PERIOD 2 ADDBACKS INCLUDE STOCK-BASED COMPENSATION, SEVERANCE, AND OTHER NON-RECURRI NG EXPENSES. * NON-GAAP MEASURE, SEE RECONCILIATION TABLES IN APPENDIX SEE APPENDIX FOR MORE DETAIL $59.6 $62.9 $70.7 $55.7 $64.8 $63.8 $72.0 $57.8 $63.5 $60.1 $65.8 $54.4 $60.4 $58.2 $67.3 $48.9 $53.0 $- $10.00 $20.00 $30.00 $40.00 $50.00 $60.00 $70.00 $80.00 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 NET SALES SOI*
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BALANCE SHEET ITEMS $’S IN MILLIONS 6/30/2025 12/31/2024 NET WORKING CAPITAL $7.3 $16.3 CASH AND CASH EQUIVALENTS $13.7 $13.8 PRINCIPAL OUTSTANDING DEBT $218.5 $220.0 NOTE: NET WORKING CAPITAL EXCLUDES CASH AND CASH EQUIVALENTS
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A P P E N D I X
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CALCULATION OF SOI FY 2021-2022 Calculation of Station Operating Income 2q 3q 4q 1q 2q 3q 4q 2021 2021 2021 2022 2022 2022 2022 Net revenue $59,574,705 $62,902,935 $70,736,628 $55,720,268 $64,810,450 $63,823,288 $72,027,012 Operating expenses (48,494,420) (51,186,064) (56,821,830) (50,009,549) (53,626,592) (51,511,699) (58,088,223) Station operating income $11,080,285 $11,716,871 $13,914,798 $5,710,719 $11,183,858 $12,311,589 $13,938,789
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CALCULATION OF SOI FY 2023-2025 Calculation of Station Operating Income 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 Net revenue $57,779,120 $63,461,723 $60,119,757 $65,748,658 $54,380,346 $60,435,657 $58,190,116 $67,285,492 $48,912,465 $52,999,711 Operating expenses (50,653,655) (51,327,562) (50,117,044) (56,148,960) (49,240,998) (49,347,793) (49,946,133) (53,233,833) (45,241,261) (44,750,198) Station operating income $7,125,465 $12,134,161 $10,002,713 $9,599,698 $5,139,348 $11,087,864 $8,243,983 $14,051,659 $3,671,204 $8,249,513
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RECONCILIATION OF NET INCOME (LOSS) TO SOI FY 2021 - 2022 Reconciliation of Net Loss Attributable to BBGI Stockholders to Station Operating Income 2q 3q 4q 1q 2q 3q 4q 2021 2021 2021 2022 2022 2022 2022 Net income (loss) attributable to BBGI stockholders 187,694 (1,620,323) 10,582,176 (3,590,930) (14,454,717) 498,068 (17,869,178) Corporate expenses 3,957,854 3,980,815 4,734,088 4,233,460 4,567,470 5,132,362 4,068,067 Depreciation and amortization 2,850,923 2,843,350 2,663,821 2,515,900 2,451,102 2,456,646 2,496,898 Impairment losses FCC licenses 1,857,226 8,619,097 33,497,347 Impairment losses goodwill - - - - - Gain on dispositions/sale of investment - (3,350,539) Other operating expense (income), net (1,500,000) - - - - - - Debt Issuance expenses Interest expense 6,865,369 7,021,577 6,791,219 6,849,037 6,823,217 6,621,540 6,620,251 Loss (Gain) on extinguishment of long-term debt - - - (100,335) - - Gain on repurchases of long-term debt - - (10,000,000) - - - - Other income, net (8,080) (12,186) (9,758) (872) (89,875) (1,166,430) (24,810) Income tax expense (benefit) (1,299,394) (515,380) (903,970) (6,176,446) 3,554,469 (1,252,669) (11,652,661) Equity in earnings of unconsolidated affiliates, ne t of tax 25,919 19,018 57,222 23,344 (186,570) 22,072 153,414 Earnings attributable to noncontrolling interest - - - - - - - Station operating income $11,080,285 $11,716,871 $13,914,798 $5,710,719 $11,183,858 $12,311,589 $13,938,789
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RECONCILIATION OF NET INCOME (LOSS) TO SOI FY 2023 - 2025 Reconciliation of Net Loss Attributable to BBGI Stockholders to Station Operating Income 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 Net income (loss) attributable to BBGI stockholders (3,536,566) (10,430,629) (67,536,837) 6,580,317 7,970 (276,021) (3,560,575) (2,168,604) (2,689,821) (154,175) Corporate expenses 4,483,095 4,405,031 4,493,277 4,865,328 4,407,832 3,879,771 4,296,615 4,688,478 4,019,462 3,769,243 Depreciation and amortization 2,229,325 2,195,985 2,201,664 2,182,369 1,834,602 1,832,894 1,788,126 1,780,438 1,652,331 1,589,014 Impairment losses FCC licenses - 10,041,000 78,204,065 969,600 - - - - Impairment losses goodwill - - 10,582,360 - - - 922,000 Gain on dispositions/sale of investment - - - - (6,026,776) - - Other operating expense (income), net - - - (6,000,000) - - - Debt Issuance expenses 5,982,414 Interest expense 6,593,852 6,724,469 6,445,746 6,843,853 5,587,308 6,092,829 6,092,820 3,460,070 3,380,642 3,294,772 Loss (gain) on extinguishment of long-term debt - - - - - - - Gain on repurchases of long-term debt - - - (6,834,667) - - - (525,000) Other income, net (540,515) (36,735) (1,106,918) (821,171) (270,005) (357,260) 75,120 (247,413) (1,097,485) (75,887) Income tax expense (benefit) (2,163,983) (821,836) (23,299,388) 1,801,418 (410,230) (75,986) (1,309,803) 561,030 (1,567,727) 283,990 Equity in earnings of unconsolidated affiliates, net of tax 60,257 56,876 18,744 12,651 8,647 (8,363) (60,320) (4,754) (26,198) 67,556 Earnings attributable to noncontrolling interest - - - - - - - - - - Station operating income $7,125,465 $12,134,161 $10,002,713 $9,599,698 $5,139,348 $11,087,864 $8,243,983 $14,051,659 $3,671,204 $8,249,513
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RECONCILIATION OF NET LOSS TO ADJ EBITDA AND EBITDA PER INDENTURE 2025 2024 2025 2024 Net loss (154,175) $ (276,021) $ (2,843,996) $ (268,051) $ Interest expense 3,294,772 6,092,829 6,675,414 11,680,137 Income tax expense (benefit) 283,990 (75,986) (1,283,737) (486,216) Depreciation and amortization 1,589,014 1,832,894 3,241,345 3,667,496 EBITDA 5,013,601 7,573,716 5,789,026 14,593,366 Severance expenses 149,643 1,292,777 1,039,113 1,292,777 Non-recurring expenses — — 494,961 — Stock-based compensation expenses 76,609 261,691 175,228 415,052 Gain on repurchase of long-term debt (525,000) — (525,000) — Gain on sale of investment — — — (6,026,776) Other income, net (75,887) (357,260) (1,173,372) (627,265) Equity in earnings of unconsolidated affiliates, net of tax 67,556 (8,363) 41,358 284 Adjusted EBITDA 4,706,522 $ 8,762,561 $ 5,841,314 $ 9,647,438 $ Non-cash trade adjustments (154,719) 237,661 (303,764) 258,778 Property and franchise taxes 581,010 437,492 1,102,268 942,021 Pro-forma cost savings 513,281 — 681,013 — EBITDA per Indenture 5,646,094 $ 9,437,714 $ 7,320,831 $ 10,848,237 $ June 30, Six months ended Three months ended June 30,
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CALCULATION OF SAME-STATION NET REVENUE AND OPERATING EXPENSES Three months ended Six months ended June 30, June 30, 2025 2024 2025 2024 Net revenue $52,999,711 $60,435,657 $101,912,176 $114,816,003 Wilmington — — — (55,117) Guarantee Digital — (717,342) — (1,250,588) Outlaws — (96,035) — (195,226) Same station net revenue $52,999,711 $59,622,280 $101,912,176 $113,315,072 Three months ended Six months ended June 30, June 30, 2025 2024 2025 2024 Operating expenses $44,750,198 $49,347,793 $89,991,459 $98,588,791 Atlanta — (39,765) — (76,035) Wilmington — 27,244 — (49,983) Guarantee Digital — (972,312) — (1,760,912) Outlaws — (301,958) — (614,773) Same station operating expenses $44,750,198 $48,061,002 $89,991,459 $96,087,088
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CALCULATION OF SAME-STATION DIGITAL REVENUE AND DIGITAL OPERATING EXPENSES Three months ended Six months ended June 30, June 30, 2025 2024 2025 2024 Digital net revenue $13,180,841 $13,005,577 $23,939,936 $23,957,796 Guarantee Digital — (717,342) — (1,250,588) Outlaws — (96,035) — (195,226) Same station digital net revenue $13,180,841 $12,192,200 $23,939,936 $22,511,982 Three months ended Six months ended June 30, June 30, June 30, December 31, June 30, December 31, Digital operating expenses $9,654,879 $9,878,895 $18,501,164 $20,686,981 Guarantee Digital — (972,312) — (1,760,912) Outlaws — (301,958) — (614,773) Same station digital operating expenses $9,654,879 $8,604,625 $18,501,164 $18,311,296
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CALCULATION OF SAME-STATION AUDIO REVENUE AND AUDIO OPERATING EXPENSES Three months ended Six months ended June 30, June 30, 2025 2024 2025 2024 Audio net revenue $39,818,870 $47,430,080 $77,972,240 $90,858,207 Wilmington — — — (55,117) Same station audio net revenue $39,818,870 $47,430,080 $77,972,240 $90,803,090 Audio operating expenses $35,095,319 $39,468,898 $71,490,295 $77,901,810 Three months ended Six months ended June 30, June 30, 2025 2024 2025 2024 Audio operating expenses $35,095,319 $39,468,898 $71,490,295 $77,901,810 Atlanta — (39,765) — (76,035) Wilmington — 27,244 — (49,983) Same station audio operating expenses $35,095,319 $39,456,377 $71,490,295 $77,775,792