Beasley Broadcast Group Inc (BBGI) 2024 Q3 法說會逐字稿

Good morning, and welcome to Beasley Broadcast Group third-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 report on Form 10-Q.

早安，歡迎參加 Beasley Broadcast Group 2024 年第三季財報電話會議。在繼續之前，我想強調一下，今天的電話會議和網路廣播將包含關於我們未來業績和經營成果的前瞻性陳述，這些陳述涉及我們最近的 10-K 表年度報告（並由 10-Q 表季度報告補充）中「風險因素」部分中所述的風險和不確定性。

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.

現今的網路廣播也將討論 S-K 規則第 10 項所定義的某些非 GAAP 財務指標。這些非公認會計準則指標與按照公認會計準則計算和呈現的最直接可比較財務指標的對帳表可在今天早上的新聞公告和公司網站上找到。

I would also remind listeners that following its completion, a replay of today's call can be accessed for five days on the company's website, www.bbgi.com. You can also find a copy of today's press release on the Investors or Press Room 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.

我還要提醒聽眾，今天的電話會議結束後，可以在公司網站 www.bbgi.com 重播五天。您也可以在網站的投資者或新聞室部分找到今天的新聞稿的副本。現在，我想將會議交給主持人、比斯利廣播集團執行長卡洛琳·比斯利。請繼續。

Thank you, Ryan. And good morning, everyone, and thank you for joining us to review our third-quarter results. Before we dive into the third quarter and other recent developments, I want to thank Marie Tedesco, who retired last week from Beasley after 33 years, including serving as our CFO for the last seven years. On behalf of the Board and the entire Beasley team, we wish her the very best in the next phase of her journey.

謝謝你，瑞安。大家早安，感謝大家與我們一起回顧我們的第三季業績。在我們深入探討第三季度和其他最新進展之前，我要感謝瑪麗·特德斯科 (Marie Tedesco)，她於上週從比斯利退休，此前她在那裡工作了 33 年，並在過去七年中一直擔任我們的首席財務官。我謹代表董事會和整個比斯利團隊，祝福她在新的旅程中一切順利。

I'm pleased to announce that Lauren Burrows Coleman, our newly appointed CFO, is on the call with me this morning. Lauren joined us from Wayfair, where she served as Global Head of Strategic Corporate and Commercial Finance. Leading the team of 50 across financial planning and analysis, commercial finance, capital markets, corporate development, and global tax functions. We're delighted to have her on the team, and she has hit the ground running.

我很高興地宣布，我們新任命的財務長勞倫·伯羅斯·科爾曼（Lauren Burrows Coleman）今天早上與我進行了通話。勞倫在加入本公司之前，曾在 Wayfair 擔任策略企業和商業財務全球主管。領導 50 人的團隊，涉及財務規劃和分析、商業金融、資本市場、企業發展和全球稅務職能。我們很高興她能加入團隊，而且她已經迅速地做好了工作。

The last few months have been both active and productive for Beasley as we've reached an inflection point with respect to successfully addressing several of the strategic priorities that we've discussed on recent calls related to debt reduction, maturities, and our Nasdaq listing. To start, subsequent to the quarter end, we successfully completed our exchange offer, new notes offering, and tender offer, resulting in an immediate debt reduction of $47 million, in a meaningful extension of our maturities to August of 2028. This transaction was supported by 98.4% of the company's existing 8.625% senior secured note due in 2026, reflecting our noteholders confidence in the future of our business.

過去幾個月對比斯利來說是活躍而富有成效的，因為我們已經到達了一個轉折點，成功解決了我們在最近的電話會議上討論的有關債務削減、到期日和納斯達克上市的幾個戰略重點。首先，在本季末之後，我們成功完成了交換要約、新票據發行和要約收購，從而立即減少了 4,700 萬美元的債務，並將我們的債務期限延長至 2028 年 8 月。此交易得到了公司現有的 2026 年到期的 8.625% 優先擔保票據的 98.4% 的支持，反映了我們的票據持有人對我們業務未來的信心。

As we've noticed previously, improving our capital structure is a strategic priority for the business and this transaction squarely addresses our goals and create value for all of our stakeholders. Also in September, the company effected a reverse split of our Class A and Class B common stock at a ratio of 1 for 20. This enables us to maintain our Nasdaq listing while making BBGI shares more investable for certain institutions.

正如我們之前所注意到的，改善我們的資本結構是業務的策略重點，而這筆交易正好符合我們的目標，並為我們所有的利害關係人創造了價值。此外，9 月份，公司對 A 類和 B 類普通股進行了反向拆分，拆分比例為 1：20。這使我們能夠保持在納斯達克的上市地位，同時使 BBGI 股票對某些機構更具投資價值。

Now, diving into Q3, same-station revenue was up 0.5%, adjusting for WJBR divestiture, closure of the Outlaws and Guarantee Digital. Total net revenue comping with WJBR, the Outlaws, and Guarantee Digital from last year declined 3.2%, representing a quarterly sequential improvement from Q2.

現在，進入第三季度，經調整 WJBR 資產剝離、Outlaws 和 Guarantee Digital 的關閉後，同台收入增長了 0.5%。去年同期（包括 WJBR、Outlaws 和 Guarantee Digital）的總淨收入下降了 3.2%，但比第二季度有所改善。

In the nine months ended September 30, 2024, revenue was down 1.6% on a same-station basis and total net revenue was down 4.6%. Given the well-documented challenges of the ad environment and economy at large, we believe the positive third-quarter same-station results reflect the strength of our local content and franchises in the ongoing success of our digital revenue diversification, and also our focus on developing local direct business.

截至 2024 年 9 月 30 日的九個月內，同站收入下降 1.6%，總淨收入下降 4.6%。鑑於廣告環境和整體經濟面臨的已知挑戰，我們認為第三季同店銷售額的正面表現，反映了我們本地內容和特許經營的實力，以及我們持續成功實現數位收入多元化，以及我們對發展本地直銷業務的重視。

During the quarter, we generated $2.7 million in net political across both traditional and digital, bringing year-to-date net political revenue to $3.7 million. That's up 23% relative to $3 million in the same period in 2020. On the day of the general election, we are pleased with the net political revenue we generated, exceeding our budget for the year, and of course, there will be another significant level of political to report in Q4 as we booked $8.2 million to date in Q4 and $12 million on a year-to-date basis.

本季度，我們在傳統和數位領域創造了 270 萬美元的淨政治收入，使年初至今的淨政治收入達到 370 萬美元。與 2020 年同期的 300 萬美元相比，這一數字增長了 23%。在大選當天，我們對產生的淨政治收入感到滿意，超過了我們今年的預算，當然，第四季度還會有另一個重要的政治收入報告，因為我們在第四季度迄今為止的收入為 820 萬美元，年初至今的收入為 1200 萬美元。

Following a strong second quarter, third-quarter digital segment revenue grew 1.1%, but this reflects some of the disruption we experienced as we closed our white-label agency, Guarantee Digital, effective July 15. However, on a same-station basis, digital grew 11.7% for the quarter and 13.6% on a year-to-date basis.

繼第二季表現強勁之後，第三季數位部門營收成長了 1.1%，但這反映了我們在 7 月 15 日關閉白標代理商 Guarantee Digital 時所經歷的一些影響。然而，以同店計算，本季數位媒體銷售額成長了 11.7%，年初至今成長了 13.6%。

Nevertheless, our revenue mix shift toward digital continues with digital revenue accounting for 19.4% of Q3 total revenue. That's up from 18.6% of total revenue in Q3 '23 and 16% in Q3 '22. For the nine months ended September 30, digital accounted for 20.4% of total revenue.

儘管如此，我們的收入結構仍在繼續向數位化轉變，數位收入佔第三季總收入的 19.4%。這比 23 年第三季總收入的 18.6% 和 22 年第三季的 16% 有所上升。截至 9 月 30 日的九個月內，數位業務佔總收入的 20.4%。

National saw the benefit of political in Q3 with same-station national up 10.7%. Overall, national remains constrained across our industry and other ad-reliant businesses. And in Q3, it was down 16% ex political. Including results from divestitures and discontinued ops, national increased $1.2 million or 11.2% year over year for the quarter and dropped 15.3% ex political. In total, national accounted for 12.7% of total revenue, and this is ex political compared to 14.8% in Q2 '24 and 14.6% in Q3 '23.

全國在第三季受惠於政治因素，同站全國銷售上漲 10.7%。總體而言，我們行業和其他依賴廣告的業務在全國範圍內仍然受到限制。第三季度，政治因素除外，該指數下跌了 16%。如果包括資產剝離和停止營運的結果，本季全國收入較上年同期增加了 120 萬美元，即 11.2%，扣除政治因素則下降了 15.3%。整體而言，國家收入佔總收入的 12.7%，不包括政治收入，而 24 年第二季為 14.8%，23 年第三季為 14.6%。

Now, breaking down our Q3 revenue performance further, same-station over-the-air local was down 8.9% or $3 million and declined 9.9% or $3.4 million overall. This was driven by a 6.9% decline in local agency business. That was partially offset by a 2.7% increase in local direct. Local direct sales currently account for about 57% of our total local business as we continue to shift from agency to direct sales.

現在，進一步分析我們第三季的營收表現，同一電台的本地無線廣播收入下降 8.9% 或 300 萬美元，整體下降 9.9% 或 340 萬美元。這是由於本地代理業務下降 ​​6.9% 所致。但本地直接投資成長 2.7% 在一定程度上抵銷了這一成長。隨著我們繼續從代理商轉向直銷轉變，本地直銷目前約占我們本地業務總額的 57%。

Given the margin and cash flow upside, we remain highly focused on developing our new local direct business. In our Q3 '24, new business increased 1.9% year over year, and on a same-station basis, it grew 4.2%. And on a year-to-date basis, it increased 18.8% year over year and 21.2% on a same-station basis. Now, this reinforces our focus towards business that we have more control over, and that is local direct and digital. So with that, I'm going to hand it over to Lauren, and she's going to give you a deeper dive into Q3.

考慮到利潤率和現金流的上升空間，我們仍然高度專注於發展新的本地直銷業務。2024 年第三季度，新業務年增 1.9%，同站成長 4.2%。從年初至今，數字年增 18.8%，同站成長 21.2%。現在，這加強了我們對我們能夠更好地控制的業務的關注，即本地直接和數位化。因此，我將把時間交給勞倫，她將帶您更深入地探討 Q3。

Thanks, Caroline, and good morning, everyone. I'm excited to be here because, as Caroline noted, Beasley has some fantastic franchises in local markets with great teams. Further, the business is making demonstrable progress on several key strategic priorities and has set a foundation for growth and the creation of shareholder value.

謝謝，卡羅琳，大家早安。我很高興來到這裡，因為正如卡羅琳所說，比斯利在當地市場擁有一些出色的特許經營權和優秀的球隊。此外，該業務在幾個關鍵策略重點上取得了明顯進展，並為成長和創造股東價值奠定了基礎。

As Caroline mentioned, third-quarter total net revenue was $58.2 million. The divestiture of the Wilmington station and elimination of the Outlaws and Guarantee Digital, plus the decline of local spot, was partially offset by political revenue and continued growth in digital. On a same-station basis, excluding the divested Wilmington Station, Guarantee Digital, and esports, July was up 2.5%, August declined 0.8% and September dropped 0.2% year over year, resulting in a 0.5% same-station revenue increase for the quarter.

正如卡羅琳所說，第三季總淨收入為 5,820 萬美元。威爾明頓電視台的剝離以及 Outlaws 和 Guarantee Digital 的取消，加上本地廣告位的減少，部分被政治收入和數位媒體的持續成長所抵消。以同台計算，不包括剝離的威爾明頓站、Guarante Digital 和電子競技，7 月同比增長 2.5%，8 月下降 0.8%，9 月下降 0.2%，導致本季同台營收成長 0.5%。

In Q3, we drove further efficiency in our operations. For the quarter, our operating expenses declined 0.3% or $171,000, inclusive of $747,000 in severance costs, and station operating income, or SOI, declined $1.8 million year over year to $8.2 million. Excluding non-recurring severance costs, expenses were down $639,000 and SOI would have decreased by $1.3 million to $9 million year over year.

第三季度，我們進一步提高了營運效率。本季度，我們的營運費用下降 0.3% 或 171,000 美元，其中包括 747,000 美元的遣散費，而站點營運收入或 SOI 同比下降 180 萬美元至 820 萬美元。不包括非經常性遣散費，費用下降了 639,000 美元，SOI 年比減少 130 萬美元，至 900 萬美元。

On a same-station basis, excluding WJBR, Guarantee Digital, esports and one-time severance costs, operating expenses increased by $1.8 million, which resulted in a $1.5 million reduction in same-station SOI to $9.8 million. Again, that number is also excluding one-time severance costs. In addition to the $0.8 million in severance expenses, this quarter was also impacted by $1 million in incremental expenses from a combination of noncash trade expense, bad debt, and the timing of the home show this year versus last year.

在同站基礎上，不包括 WJBR、Guarante Digital、電競和一次性遣散費用，營運費用增加了 180 萬美元，導致同站 SOI 減少 150 萬美元至 980 萬美元。再次，該數字還不包括一次性遣散費用。除了 80 萬美元的遣散費外，本季還受到非現金交易費用、壞帳以及今年與去年家居展時間差異等因素影響，導致增​​量費用達 100 萬美元。

Digging into our revenue categories for the quarter, consumer services remained our largest revenue category at 28.6% of total revenue with a 1% year-over-year decline. Tampa and Detroit were bright spots, delivering the combined $0.8 million in incremental revenue in the consumer services category.

深入研究本季的收入類別，消費者服務仍然是我們最大的收入類別，佔總收入的 28.6%，年減 1%。坦帕和底特律是亮點，在消費者服務類別中共實現了 80 萬美元的增量收入。

Retail and entertainment tied for second place, each representing 15.6% in the quarter as retail fell 5.2% year over year and entertainment rose 1.2% year over year. Declines in the retail category were primarily driven by national accounts, responding to the challenging economic environment, partially offset by strength in local retail.

零售和娛樂並列第二，本季各佔 15.6%，零售業年減 5.2%，娛樂業年增 1.2%。零售類的下滑主要是由於嚴峻的經濟環境影響，國家帳戶的下滑，但被本地零售的強勁表現部分抵消。

In entertainment, Charlotte delivered a year-over-year gain of $726,000, more than offsetting declines in other markets. In the sports betting category, which benefited Charlotte as North Carolina went live with sports betting, early in 2024, we recorded $3.4 million in the quarter, and that accounted for 5.8% of total revenue in the quarter.

在娛樂領域，夏洛特的收益比去年同期增加了 726,000 美元，足以抵消其他市場的下滑。在體育博彩類別中，由於北卡羅來納州在 2024 年初開始開展體育博彩，夏洛特從中受益，我們在該季度錄得 340 萬美元的收入，佔該季度總收入的 5.8%。

Reflecting the continued challenges in domestic auto as profits have been squeezed by rising inventory levels and high interest rates, the auto category was down 11% year over year, and represented 7.9% of our total Q3 revenue. Consumer products came in fifth place at 5.4% of total revenue for the quarter, up an impressive 18% year over year, driven by Boston and Philadelphia with strong results in Charlotte and Augusta as well.

由於國內汽車產業持續面臨挑戰，庫存水準上升和高利率擠壓了利潤，汽車類收入年減 11%，占我們第三季總收入的 7.9%。消費品位居第五，佔本季總營收的 5.4%，年成長 18%，主要得益於波士頓和費城的推動，夏洛特和奧古斯塔的表現也十分出色。

Turning to expenses, corporate G&A expenses decreased 4.4% or $197,000 compared to the same quarter a year ago to $4.3 million. Excluding non-recurring severance costs, corporate G&A expenses increased 15 point -- I'm sorry, decreased 15.5% or $696,000 to $3.8 million. The Q3 decrease in corporate G&A is mostly related to a reduction in corporate compensation and an allocation of digital expenses to our markets.

談到費用，企業一般及行政開支與去年同期相比減少 4.4% 或 197,000 美元至 430 萬美元。不包括非經常性遣散費，公司一般及行政開支增加了 15 個百分點，對不起，減少了 15.5% 或 696,000 美元，至 380 萬美元。第三季企業一般及行政開支的下降主要與企業薪酬的減少以及向我們的市場分配數字費用有關。

Non-cash stock-based compensation increased $180,000 to $358,000 in the quarter and increased $240,000 to $773,000 year to date. Third-quarter 2024 operating income increased 101.4% year over year or $86.7 million from a negative $85.5 million to a positive $1.2 million, and operating income for the nine months ending September 30 increased $95.1 million from a negative $89.6 million to a positive $5.5 million. The prior year Q3 and prior year nine months results included an impairment loss of $89 million and $99 million, respectively, compared to $922,000 in the current year quarter and current year-to-date.

本季非現金股票薪資增加了 18 萬美元，達到 35.8 萬美元，年初至今增加了 24 萬美元，達到 77.3 萬美元。2024 年第三季營業收入年增 101.4% 或 8,670 萬美元，從負 8,550 萬美元增至正 120 萬美元，截至 9 月 30 日的九個月營業收入從負 8,960 萬美元增至正 550 萬美元，增加 9,510 萬美元。去年第三季和去年前九個月的業績分別包括 8,900 萬美元和 9,900 萬美元的減損損失，而今年第一季和年初至今的減損損失為 922,000 美元。

Interest expense decreased $353,000 year over year to $6.1 million and decreased $2 million year to date compared to the same period a year ago, reflecting the benefit of debt reductions throughout 2023. We ended the third quarter with total debt of $267 million, down from the original $300 million of debt issued at the beginning of 2021. And as Caroline noted at the start of the call, we completed our exchange, new notes, and tender offer on October 8, 2024, and pro forma for the transaction, our quarter-end debt was $220 million.

利息支出年減 353,000 美元至 610 萬美元，年初至今與去年同期相比減少 200 萬美元，反映了 2023 年全年債務減少的好處。截至第三季度，我們的總債務為 2.67 億美元，低於 2021 年初發行的 3 億美元債務。正如卡羅琳在電話會議開始時指出的那樣，我們於 2024 年 10 月 8 日完成了交換、新票據和要約收購，根據交易的預測，我們的季度末債務為 2.2 億美元。

Adjusted EBITDA, with the add-back of one-time severance expense of $1.2 million and non-cash stock-based compensation of $358,000, was $5.6 million for the quarter and $15.2 million year to date, down 6.9% or $414,000 for the quarter, and 9.2% or $1.5 million year to date. We had additional non-recurring expenses of $760,000 this quarter, from the shutdown of Guarantee Digital and Outlaws and the LMA of WBOS. When adjusting for these further one-time items, adjusted EBITDA grew by $344,000 year over year, more than offsetting the $1.9 million reduction in revenue.

調整後的 EBITDA（加上 120 萬美元的一次性遣散費和 358,000 美元的非現金股票薪酬）本季為 560 萬美元，年初至今為 1,520 萬美元，本季下降 6.9% 或 414,000 美元，年初至今下降 9.2% 或 150 萬美元。由於 Guarantee Digital 和 Outlaws 的關閉以及 WBOS 的 LMA，本季我們還有 76 萬美元的額外非經常性支出。調整這些一次性項目後，調整後的 EBITDA 年成長 344,000 美元，足以抵消 190 萬美元的收入減少。

We ended the quarter with cash on hand of $27.8 million, down from $33.3 million at the end of Q2 2024. Our capital expenses for the quarter were $642,000 compared to the prior year Q3 of $847,000. Year-to-date CapEx spend was $2.6 million compared to the prior year of $3.1 million, and looking at the full year of 2024, we continue to expect our annual CapEx spend in the range of $4 million to $5 million. And with that, let me turn it back to Caroline.

截至本季末，我們的現金餘額為 2,780 萬美元，低於 2024 年第二季末的 3,330 萬美元。我們本季的資本支出為 642,000 美元，而去年同期第三季的資本支出為 847,000 美元。年初至今的資本支出為 260 萬美元，而前一年為 310 萬美元，展望 2024 年全年，我們預計年度資本支出將繼續在 400 萬至 500 萬美元之間。現在，讓我把話題轉回給卡洛琳。

Thank you, Lauren. So digital revenue growth remains a strategic priority for us, and Q3 represented a further optimization of our strategy. As noted on our Q2 call, we closed our white-label agency, Guarantee Digital, effective July 15. And in doing so, we eliminated a large portion of the operating expenses. So for the third quarter, our digital segment reported SOI of $871,000.

謝謝你，勞倫。因此，數位收入成長仍然是我們的策略重點，第三季代表了我們策略的進一步優化。正如我們在第二季電話會議上所指出的，我們從 7 月 15 日起關閉了白標代理商 Guarantee Digital。透過這樣做，我們消除了很大一部分營運費用。因此，第三季我們的數位部門報告的 SOI 為 871,000 美元。

In August, we hired Dave Snyder as our Head of Digital Content Marketing. He's responsible for overseeing digital marketing and building revenue opportunities on behalf of the company. In Dave's short time with the company, he successfully rolled out content-rich newsletters, website, go-to-market O&O sales strategy, and affiliate marketing products. He's also been integral in leading our development team to optimize all of our digital offerings.

八月，我們聘請 Dave Snyder 擔任數位內容行銷主管。他負責監督數位行銷並代表公司創造創收機會。在戴夫加入公司的短暫時間內，他成功推出了內容豐富的新聞通訊、網站、上市 O&O 銷售策略和聯盟行銷產品。他還發揮了重要作用，帶領我們的開發團隊優化所有數位產品。

We've mentioned a few times on the call the strength of our local franchises in Beasley remains the Nielsen Ratings powerhouse in most of the markets we operate. In our markets such as Boston, Charlotte, Vegas, Tampa, and Philly, we sustained our dominant ratings positions in the key adult 25-54 demographic.

我們在電話會議上多次提到，我們在比斯利的本地特許經營權的實力仍然是我們經營的大多數市場的尼爾森評級強者。在波士頓、夏洛特、拉斯維加斯、坦帕和費城等市場，我們在 25-54 歲的關鍵成年人口群體中保持了主導的收視率地位。

Since the last earnings release, the spring rating period was released for our medium-sized market, where we saw growth of 3% from the previous rating period. Augusta and Charlotte saw the most share growth increasing 25% and 19%, respectively. As more of our audience continues to migrate to our digital platform, same-station streaming audience grew 2% from the same period in 2023.

自上次發布收益報告以來，我們已針對中型市場發布了春季評級期，我們發現該市場的業績較上一評級期增長了 3%。奧古斯塔和夏洛特的市佔率增幅最大，分別成長了 25% 和 19%。隨著越來越多的觀眾繼續遷移到我們的數位平台，同台串流媒體觀眾較 2023 年同期成長了 2%。

Now, during the final days of Q3, Hurricane Helene impacted several of our markets, especially Augusta, Fort Myers, and Tampa. During the storm, our station served as a lifeline to concerned local residents, looking for information and guidance. Our programming team provided amazing live wall-to-wall coverage and listener engagement before and after the storm, and our technical team worked day and night to keep us on the air.

現在，在第三季的最後幾天，颶風海倫影響了我們的幾個市場，尤其是奧古斯塔、邁爾斯堡和坦帕。在暴風雨期間，我們的站點成為關心當地居民尋求資訊和指導的生命線。我們的節目製作團隊在暴風雨來臨之前和之後提供了令人驚嘆的現場全面報道和聽眾互動，我們的技術團隊日夜不停地工作以確保我們能夠繼續播出。

In the days following the storm, our stations were leading the recovery efforts by hosting supply drive, producing benefit concerts, and providing ongoing Red Cross support on all stations. And then just a few days later, we did it all over again when Hurricane Milton made landfall just south of Tampa. These are the moments when radio is needed the most and the Beasley team served their communities in the best possible way.

在風暴過後的日子裡，我們的電台透過舉辦補給活動、舉辦慈善音樂會以及為所有電台提供持續的紅十字會支持，引領了復原工作。僅僅幾天后，當颶風米爾頓在坦帕南部登陸時，我們又經歷了同樣的情況。這些時候最需要廣播，而比斯利團隊以最好的方式為社區服務。

Now, moving on to fourth-quarter 2024 revenue pacing on a same-station basis as of today, they're up in the mid-single digits with October up 24% and November pacing down mid-single digits and December pacing down roughly 10%. As we look at the pacing through November and December, we are hearing from our advertisers that they are hesitant to book prior to the election results.

現在，以截至今日的同站基礎來看，2024 年第四季的營收成長幅度為中等個位數，其中 10 月成長 24%，11 月下降中位數個位數，12 月下降約 10%。當我們回顧 11 月和 12 月的進展時，我們從廣告商那裡聽說，他們不願意在選舉結果公佈前預訂廣告。

We continue to execute on our strategic plan to drive improved profitability and free cash flow, and in parallel, improve our capital structure. Our recent exchange, new notes, and tender offer represented a material improvement in our capital structure.

我們繼續執行我們的策略計劃，以提高獲利能力和自由現金流，同時改善我們的資本結構。我們最近的交換、新票據和要約收購顯示我們的資本結構有了實質的改善。

And in addition, since July, we've continued to evaluate our operations, and we executed expense reductions, which are projected to amount to in excess of $5 million on an annualized basis. These reductions have been achieved through a voluntary early retirement, strategic headcount reductions, and the implementation of new systems streamlining G&A.

此外，自 7 月以來，我們一直在評估我們的營運情況，並實施了費用削減措施，預計年化費用削減額將超過 500 萬美元。這些削減是透過自願提前退休、策略性裁員以及實施精簡 G&A 的新系統實現的。

In aggregate, these actions have reduced our full-time employee count from the start of the year by 15% through September 30. Now, this is in addition to the nearly $15 million previously disclosed in the financial settlement for our exchange, new notes, and tender offer. As such, we are looking at total annualized savings of approximately $20 million.

總體而言，這些措施使我們從年初到 9 月 30 日的全職員工人數減少了 15%。現在，這是在我們之前交換、新票據和要約收購的財務結算中披露的近 1500 萬美元之外的金額。因此，我們預計年度總節省金額約為 2000 萬美元。

So with the meaningful improvement in our operational efficiency, and capital structure, and a strong political season behind us, we're focused on growing and nurturing our traditional business and expanding our digital revenues. So in closing, I'd like to thank our team members across the company for everything they've done and are doing to execute on our strategic plan. So with that, Lauren, I know that we have a few questions that were sent in. So yeah, we'll take them.

因此，隨著我們的營運效率和資本結構的顯著改善，以及強勁的政治季節過去，我們專注於發展和培育我們的傳統業務並擴大我們的數位收入。最後，我要感謝公司全體團隊成員為執行我們的策略計畫所做的一切。勞倫，我知道我們已經收到了一些問題。是的，我們會接受它們。

So the first question we received that wasn't covered in our prepared remarks was, are you seeing any resumption in national advertising in Philadelphia and Boston?

因此，我們收到的第一個問題沒有在我們的準備好的發言中涉及，那就是，您是否看到費城和波士頓的全國廣告有所恢復？

So I would answer that as not yet. As we indicated, our advertisers are hesitant to book anything until after the election. And that is primarily because of the shortage of inventory. We are hopeful that once the election is over today, and maybe once the noise has passed, then the advertisers will be coming back.

因此我的回答是還沒有。正如我們所指出的，我們的廣告商在選舉結束前都不願意預訂任何廣告。這主要是因為庫存短缺。我們希望，今天的選舉一結束，也許喧囂過後，廣告商就會回來。

Next question is, post the exchange, how do you think about liquidity and the potential for more bond buybacks? So I'll take this one. First and foremost, we are focused on maintaining a minimum cash position as a business. But of course, anything above that, we will absolutely seek opportunities to opportunistically buy back bonds.

下一個問題是，交易完成後，您如何看待流動性和更多債券回購的潛力？因此我選擇這個。首先，我們專注於維持企業的最低現金狀況。但當然，如果超過這個數字，我們絕對會尋找機會回購債券。

So moving on to the next question, when do you foresee year-over-year comps going positive again?

那麼繼續下一個問題，您預計何時年比銷售額會再次轉為正值？

Right, so in the third quarter on a same-station basis, our revenue was up 0.5%. And as we indicated earlier, fourth quarter is pacing up in the mid-single digits. So we do expect revenue to be up in fourth quarter as well.

好的，第三季以同店計算，我們的營收成長了 0.5%。正如我們之前指出的，第四季的成長速度達到個位數中段。因此我們確實預計第四季營收也會增加。

That's great. So those were all the incremental questions we had beyond what we already addressed in the prepared remarks.

那太棒了。這些都是我們在準備好的發言中已經討論過的內容之外新增的問題。

Okay. Thank you, Lauren, and thank you, everyone, for listening in today. And should you have any follow-up questions, please feel free to contact Lauren or myself. Thank you.

好的。謝謝勞倫，也謝謝大家今天的收聽。如果您有任何後續問題，請隨時聯繫 Lauren 或我本人。謝謝。

Thank you. The conference of Beasley Broadcast Group has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。比斯利廣播集團會議至此結束。感謝您的參與。現在您可以斷開線路了。