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Beasley Broadcast Group, Inc. (BBGI) Q4 2022 Earnings Call Transcript

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Beasley Broadcast Group, Inc. (NASDAQ:BBGI) Q4 2022 Earnings Conference Call February 16, 2023 11:00 AM ET

Company Participants

Caroline Beasley - CEO

Marie Tedesco - CFO

Conference Call Participants


Greetings, and welcome to Beasley Broadcast Group Fourth Quarter 2022 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Caroline Beasley, Chief Executive Officer. Please proceed.

Caroline Beasley

Thank you, Latanya. Good morning, everyone, and thank you for joining us to review our fourth quarter and full year results. Marie Tedesco, our CFO, is with me this morning.

We're happy to share that our fourth quarter results showed year-over-year improvements in revenue, SOI and the continued growth we are achieving on our digital side. Our digital revenue, political revenue and new business initiatives were the primary drivers to the quarter. Overall net revenue increased to 1.8%, in line with the guidance we provided when we reported Q3 of a projected flat to slightly up quarter. Breaking down the revenue increase, over-the-air local spot increased 1.9% and national increased 6.1%, and this is inclusive of $5.1 million of political revenue.

The growth in our Q4 political revenue, offset the headlines or the headwinds everyone is seeing in national as our national business, ex political, was down 25%. Notably, same-station revenue for the quarter increased 0.7%, with same-station SOI increasing 2.8%. Full year revenue increased 6.2%.

Similar to fourth quarter, over-the-air local spot increased 7.7%, while national was down 7.5%, including net political revenue of approximately $7.5 million. Same-station full year revenue increased 5.6% and same-station SOI increased 3.2% for the full year.

Excluding political for the full year, national declined 19.2%. In addition, national revenue, ex political, declined to 12.2% of our total revenue in fourth quarter. Looking at previous quarters as well as the last

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