Beasley Broadcast Group Inc (BBGI) 2025 Q1 法說會逐字稿

Good morning and welcome to Beasley Broadcast Group first quarter 2025 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 factor section of our most recent annual report on Form 10k as supplemented by our quarterly report on Form 10Q.

早安，歡迎參加 Beasley Broadcast Group 2025 年第一季財報電話會議。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有關我們未來的前瞻性陳述。涉及我們最新的 10k 表年度報告風險因素部分中所述的風險和不確定性的業績和經營結果，並由我們的 10Q 表季度報告補充。

Today's webcast will also contain a discussion of certain non-gap financial measures within the meaning of item 10 of regulation SK.

今天的網路廣播也將討論 SK 條例第 10 項所定義的某些非缺口財務措施。

A reconciliation of these non-gap measures with their most directly comparable financial measures calculated and presented in accordance with GAAP can be found in this morning's news announcement and on the company's website. I would also remind listeners that following its completion, the replay of today's call can be accessed for five days on the company's website www.bbgi.com.

在今天早上的新聞公告和公司網站上可以找到這些非差距指標與按照 GAAP 計算和呈現的最直接可比較財務指標的對帳。我還要提醒聽眾，今天的電話會議結束後，聽眾可以在公司網站 www.bbgi.com 上觀看五天的重播。

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.

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, Ilana, and good morning everyone. We appreciate you joining us to review our first quarter results. Following a transformative 2024, we entered this year with a clear set of priorities. Number one, accelerate digital growth. Number two, improve revenue quality, and number three, execute with discipline. In Q4, we remain focused on those priorities, scaling high margin digital products, deepening our advertiser relationships, and continuing to invest in areas that drive long-term value.

謝謝你，伊拉娜，大家早安。感謝您與我們一起回顧我們的第一季業績。在經歷了變革性的 2024 年之後，我們帶著明確的優先事項進入了新的一年。第一，加速數位化成長。第二，提高收入品質；第三，嚴格執行。在第四季度，我們將繼續專注於這些優先事項，擴大高利潤數位產品，深化與廣告商的關係，並繼續投資於能夠推動長期價值的領域。

In Q1, total net revenue was $48.9 million while total operating expenses were $45.2 million. While top line softness was felt industrywide, our ability to preserve EBITDA profitability through efficient cost management highlights the foundational improvements we've made, and the ongoing impact of our margin focused operating strategy.

第一季度，總淨收入為 4,890 萬美元，總營運支出為 4,520 萬美元。儘管整個產業都感受到了營收疲軟，但我們透過高效的成本管理來維持 EBITDA 獲利的能力凸顯了我們所做的基礎改進，以及以利潤為中心的營運策略的持續影響。

We were especially encouraged by the progress in our digital segment. Digital revenue accounted for 22% of total revenue, and digital segment operating income grew meaningfully from [100,000] in Q1 '24 to $1.9 million in Q1 '25. This performance highlights the impact of our digital product margin op optimization. And the growing demand for digital first solutions.

數位領域的進步尤其令我們感到鼓舞。數位收入佔總收入的 22%，數位部門營業收入從 2024 年第一季的 [100,000] 美​​元大幅成長至 2025 年第一季的 190 萬美元。這一表現凸顯了我們的數位產品利潤率營運優化的影響。對數位優先解決方案的需求不斷增長。

We believe this momentum validate validates our long-term strategy and positions us to drive further gains in market share, operating efficiency, and margin expansion across the digital portfolio. At the same time, we took proactive steps to manage through broader economic headwinds.

我們相信，這一勢頭驗證了我們的長期策略，並使我們能夠進一步提高數位產品組合的市場份額、營運效率和利潤率。同時，我們採取積極措施來應對更廣泛的經濟逆風。

We continued executing our cost reduction plan, realigning resources across the company. And improving internal workflows to maximize efficiency and support growth in high return categories, including sports, which is a high return category that has developed to be core to our broader strategy. We see meaningful opportunities to grow this vertical both on air and digitally.

我們繼續執行成本削減計劃，重新調整整個公司的資源。並改善內部工作流程，以最大限度地提高效率並支持高回報類別的成長，包括體育，這是一個高回報類別，已發展成為我們更廣泛策略的核心。我們看到了在廣播和數位領域發展這一垂直領域的重大機會。

We currently maintain flagship relationships with five major professional teams in Boston and Philadelphia, in addition to relationships with several major universities across the nation. In April, we expanded this footprint with a landmark multi-year partnership in Detroit through a new flagship agreement with University of Michigan Athletics in Learfield's, Michigan sports properties.

我們目前與波士頓和費城的五支主要專業球隊保持著旗艦關係，此外還與全國幾所主要大學保持著關係。今年 4 月，我們透過與密西根大學體育部在密西根州利爾菲爾德的體育地產上達成新的旗艦協議，在底特律建立了具有里程碑意義的多年期合作夥伴關係，從而擴大了這一業務範圍。

Starting this fall, we'll bring Michigan football, men's basketball, and men's hockey to the FM dial on 94/7 WCSX with select women's basketball games airing on 1,051 The Bounce. This partnership is more than just game coverage. It includes weekly coaches shows, player interviews, and digital exclusives fully integrated across our own air, online, and on-site platforms.

從今年秋天開始，我們將把密西根足球、男子籃球和男子曲棍球比賽帶到 94/7 WCSX 的 FM 廣播電台，並將精選女子籃球比賽在 1,051 The Bounce 播出。此次合作不只是比賽報道。它包括每週教練節目、球員訪談和數位獨家節目，完全整合在我們自己的廣播、線上和現場平台上。

It represents the next chapter in our omnichannel sports strategy, bringing advertisers and fans into a seven day a week engagement model.

它代表了我們全通路運動策略的下一個篇章，將廣告商和粉絲帶入每週七天的參與模式。

As we continue investing in high impact content, proprietary digital products, and platform spanning opportunities like sports, we remain equally committed to discipline, execution, and long-term financial performance. With that, I'll turn it over to Lauren for a closer look at our first quarter results.

在我們持續投資高影響力內容、專有數位產品以及體育等跨平台機會的同時，我們同樣致力於紀律、執行和長期財務表現。接下來，我將把話題交給勞倫，讓她仔細看看我們的第一季業績。

Thanks, Caroline, and good morning, everyone. As mentioned, total net revenue for the first quarter was $48.9 million, down 10.1% on an as reported basis, but down 8.5% on the same station basis.

謝謝，卡羅琳，大家早安。如上所述，第一季總淨收入為 4,890 萬美元，按報告計算下降 10.1%，但以同一站點計算下降 8.5%。

As a reminder, we report our pacing data on a same station basis. With that in mind, this result modestly exceeded the trend of a 10% year-over-year decline we reported in our Q4 earnings call, reflecting early progress in stabilizing revenue trends amid continued market volatility.

提醒一下，我們按照同一網站報告我們的步調數據。考慮到這一點，這一結果略微超過了我們在第四季度收益電話會議上報告的同比下降 10% 的趨勢，反映出在持續的市場波動中穩定收入趨勢方面取得了初步進展。

As we received a number of investor questions following our Q4 earnings release on our same station performance, we've added those reconciliation reconciliation tables back to our release, and we'll continue to provide details of reported versus same station performance.

由於我們在發布第四季度收益報告後收到了許多投資者關於同一站點業績的問題，因此我們將這些對賬表重新添加到我們的發布中，並且我們將繼續提供報告與同一站點業績的詳細信息。

The first quarter reflected the ongoing challenges of a cautious advertising environment. With softness across most major categories. Overall demand remained under pressure and year-over-year declines were consistent with broader industry trends.

第一季反映了謹慎的廣告環境所帶來的持續挑戰。大多數主要類別均表現柔軟。整體需求仍面臨壓力，同比下降與更廣泛的行業趨勢一致。

With that context, I'll walk through performance by category beginning with consumer services. Consumer services remained our largest revenue category in Q1, accounting for 30% of total revenue. While dollars from the category declined 15% year over year, there were bright spots within consumer services, including legal and HVAC in particular.

基於此，我將從消費者服務開始按類別介紹績效。消費者服務仍然是我們第一季最大的收入類別，佔總收入的 30%。雖然該類別的銷售額年減了 15%，但消費者服務領域仍有亮點，尤其是法律和暖通空調 (HVAC)。

Legal has continued to build momentum, growing nearly 5% year over year. A key driver of this success has been the expanded deployment of Q visual billboards and sponsorships. Which delivers synchronized in-car messaging during on-air commercials.

法律業務持續保持強勁成長勢頭，較去年同期成長近 5%。這一成功的關鍵驅動因素是 Q 視覺廣告看板和贊助的擴大部署。在播放廣告期間傳遞同步的車內訊息。

When an advertiser's spot airs, a matching visual appears on the car's dashboard. As a full visual ad on HD radio or as a dynamic text messaging on standard radio displays. This real-time ad synchronization dramatically enhances brand visibility and drives deeper audience engagement.

當廣告主的廣告播出時，汽車儀表板上就會出現相符的視覺效果。作為高清廣播上的全視覺廣告或標準廣播顯示器上的動態文字訊息。這種即時廣告同步極大地提高了品牌知名度並推動了更深入的受眾參與。

Law firms in particular have been highly responsive to this format, recognizing the power of having their brand front and center at precisely the moment of message delivery. As a result, Q has helped us secure incremental spend from existing accounts while accelerating new business wins. Reinforcing legal is one of our most stable and scalable verticals.

律師事務所尤其對這種形式反應積極，認識到在訊息傳遞的那一刻將其品牌置於最顯眼的位置所具有的力量。因此，Q 幫助我們確保了現有帳戶的增量支出，同時加速了新業務的成功。加強法律是我們最穩定和可擴展的垂直領域之一。

We also saw meaningful growth in HVAC growing 12% year over year. Our focus on targeted outreach and digital integration resulted in several new advertiser wins. This category is becoming an increasingly dependable contributor, and we believe we have additional upside as we expand our footprint and refine campaign offerings for the remainder of the year.

我們也看到 HVAC 業務實現了顯著成長，年成長 12%。我們專注於有針對性的推廣和數位整合，從而贏得了多個新的廣告商。這個類別正成為越來越可靠的貢獻者，我們相信，隨著我們擴大影響力並完善今年剩餘時間的宣傳活動，我們也將擁有更多的上升空間。

Shifting to automotive, overall category revenue declined slightly in Q1, with domestic softness outweighing strength in foreign auto. Foreign Auto was up 7.5% for the quarter, down from the plus 15% year over year growth we saw in Q4, primarily due to advertiser caution tied to potential tariffs on imported vehicles.

轉向汽車產業，第一季整體類別收入略有下降，國內汽車市場的疲軟超過了外國汽車市場的強勁表現。本季外國汽車銷售成長 7.5%，低於第四季 15% 的年成長，主要原因是廣告商對進口汽車可能徵收關稅持謹慎態度。

This uncertainty emerged late in the quarter and weighed on both campaign planning and co-op spending. Domestic auto declined 5% despite early strength in January placements as broader market concerns and shifting inventory dynamics impacted budgets across several key accounts.

這種不確定性在本季末出現，並對競選計劃和合作支出產生了壓力。儘管 1 月投放量初顯強勁，但國內汽車市場仍下跌了 5%，原因是更廣泛的市場擔憂和庫存動態變化影響了多個主要客戶的預算。

While the category was down overall, we did see bright spots in markets like Boston and Tampa, where our team secured tier two program commitments and developed new local partnerships. That said, given the macro environment and auto sector volatility, we expect these headwinds to continue into Q2, particularly on the national side.

雖然該類別總體下降，但我們確實在波士頓和坦帕等市場看到了亮點，我們的團隊在這些市場獲得了二級計劃承諾並建立了新的本地合作夥伴關係。儘管如此，考慮到宏觀環境和汽車行業的波動，我們預計這些不利因素將持續到第二季​​度，尤其是在全國範圍內。

Altogether, national revenue, excluding political, declined 12.7%, driven in part by a broad pullback across all verticals. As well as continued softness in categories such as home improvement and healthcare. These results reflected heightened macroeconomic caution and ongoing pressure across agency channels.

總體而言，不包括政治收入在內的國家收入下降了 12.7%，部分原因是所有垂直領域的普遍衰退。家居裝修和醫療保健等類別也持續疲軟。這些結果反映出宏觀經濟謹慎情緒的增強和代理管道持續面臨的壓力。

Local agency revenue declined 19.9% year over year, with all markets experiencing some level of contraction. That said, several of our markets limited local agency losses to the single digits, underscoring the strength of local relationships and effective sales execution.

本地代理收入較去年同期下降19.9%，所有市場均出現一定程度的萎縮。儘管如此，我們的幾個市場將當地代理商的損失限制在個位數，凸顯了當地關係的力量和有效的銷售執行。

In contrast, local direct revenue increased by 0.3% year over year and now represents 55% of our total local business. A testament to the resilience of our direct advertiser base and the continued performance of our in-market sales teams.

相較之下，本地直接收入年增 0.3%，目前占我們本地業務總額的 55%。這證明了我們的直接廣告客戶群的韌性以及我們市場銷售團隊的持續表現。

This year over year growth, even in a challenging economic environment, reflects the enduring value of our local sales strategy and the strength of our client relationships. As with others in our industry, the majority of our overall revenue decline was concentrated in agency-driven business, amplified by broader macroeconomic headwinds.

即使在充滿挑戰的經濟環境下，我們的業績仍同比增長，這反映了我們本地銷售策略的持久價值以及我們與客戶關係的牢固性。與我們行業中的其他公司一樣，我們的整體收入下降主要集中在代理驅動的業務上，並受到更廣泛的宏觀經濟逆風的加劇。

Looking ahead, we are taking deliberate steps to deepen collaboration with our local agency partners, focus on streamlining the buying process, and offering multi-platform solutions that align with the client's evolving needs.

展望未來，我們正在採取深思熟慮的措施，深化與當地代理商合作夥伴的合作，專注於簡化購買流程，並提供符合客戶不斷變化的需求的多平台解決方案。

New business declined 19.5% in the quarter, largely due to agency churn and tough comparisons to Q1 2024, which included several one-time high value campaigns in healthcare and sports betting that now fall into a recurring base.

本季新業務下降了 19.5%，主要是由於代理商流失以及與 2024 年第一季度的艱難比較，其中包括醫療保健和體育博彩領域的幾次一次性高價值活動，這些活動現在都屬於經常性基礎。

Despite this, we saw positive year over year new business comps in some of our largest markets, including Boston, Tampa, Charlotte, and Philadelphia. Amid macroeconomic challenges, we remain focused on value creation, with our sales team focused on building sustainable advertiser relationships and strengthening conversion across priority verticals.

儘管如此，我們在一些最大的市場（包括波士頓、坦帕、夏洛特和費城）的新業務同比增長了積極勢頭。在宏觀經濟挑戰中，我們仍然專注於價值創造，我們的銷售團隊專注於建立可持續的廣告商關係並加強優先垂直領域的轉換。

Now turning to expenses. Total operating expenses for the quarter were $45.2 million, down nearly $4 million or 8.1% compared to the prior year. On a same station basis, operating expenses were down $2.6 million or 5.4% compared to the prior year.

現在談談費用。本季總營運費用為 4,520 萬美元，較上年下降近 400 萬美元，降幅為 8.1%。以同一站點計算，營運費用與前一年相比下降了 260 萬美元，即 5.4%。

Audio operating expenses declined 5.3% or 5% on the same station basis, while digital operating expenses saw an 18.2% reduction or a 6.8% reduction on the same station basis due to the divestiture of guaranteed digital and the outlaws.

音訊營運費用下降了 5.3%，以同一電台計算下降了 5%，而數位營運費用由於保證數位和不法之徒的剝離而減少了 18.2%，以同一電台計算減少了 6.8%。

As a result, station operating income for the quarter was $3.7 million compared to $5.1 million in Q1 2024. On an adjusted basis excluding non-recurring and severance expenses and stock-based compensation, adjusted SOI was $4.6 million.

因此，本季車站營運收入為 370 萬美元，而 2024 年第一季為 510 萬美元。經調整後，不包括非經常性費用、遣散費和股票薪酬，調整後的 SOI 為 460 萬美元。

The decline in SOI reflects the impact of lower revenues that outpaced our cost reductions, despite strong underlying expense discipline. Corporate G&A expenses decreased 8.8% or (388,000) compared to the same quarter a year ago to $4 million.

儘管我們嚴格控制開支，但 SOI 的下降仍反映出收入下降的影響，其速度超過了成本削減的速度。公司一般及行政開支與去年同期相比下降 8.8% 或 (388,000) 至 400 萬美元。

Excluding non-recurring severance costs and stock-based compensation, adjusted corporate GNA expenses declined approximately 20%, or $575,000 to $3.4 million. These results reflect our broader commitment to financial rigor and a sustained focus on align aligning our expense base with current revenue trends.

不包括非經常性遣散費和股票薪酬，調整後的企業 GNA 費用下降約 20%，即 575,000 美元至 340 萬美元。這些結果反映了我們對財務嚴謹性的更廣泛承諾以及持續關注使我們的支出基礎與當前收入趨勢保持一致。

Operating income for the first quarter of 2025 was a loss of $2 million compared to a loss of $1.1 million in the prior year period.

2025 年第一季的營業收入虧損 200 萬美元，而去年同期的虧損為 110 萬美元。

The reported decline was primarily the result of a $5.5 million year over year reduction in net revenue, which outpaced the $4.6 million decrease in total operating expenses, corporate expenses, and depreciation and amortization.

報告的下降主要是由於淨收入年減 550 萬美元，而總營運費用、公司費用以及折舊和攤提的減少幅度則為 460 萬美元。

However, when excluding one-time charges, including severance, One-time costs related to our financial systems implementation and go live and expenses associated with our debt transactions, our adjusted operating loss was $0.6 million.

然而，當排除一次性費用（包括遣散費、與我們的財務系統實施和上線相關的一次性成本以及與我們的債務交易相關的費用）時，我們的調整後營業虧損為 60 萬美元。

On this basis, underlying operating performance improved by approximately (500,000) compared to the same period last year. This improvement underscores the continued impact of our cost containment efforts and highlights the operational progress we've made despite a softer revenue environment.

在此基礎上，基礎經營績效較去年同期改善約（50 萬）。這項改善凸顯了我們成本控制措施的持續影響，並凸顯了我們在收入環境疲軟的情況下取得的營運進展。

Interest expense declined $2.2 million year over year from $5.6 million to $3.4 million, reflecting the benefit of debt reduction activities in Q4 2024. We ended Q1 2025 with total principal outstanding of $220 million.

利息支出年減 220 萬美元，從 560 萬美元降至 340 萬美元，反映了 2024 年第四季減債活動帶來的好處。截至 2025 年第一季度，我們的未償還本金總額為 2.2 億美元。

Adjusted EBITDA after the first quarter of 2025 was $1.1 million, up 28% from $0.9 million in the prior year period, despite a challenging revenue environment.

儘管營收環境充滿挑戰，但 2025 年第一季後的調整後 EBITDA 為 110 萬美元，較去年同期的 90 萬美元成長 28%。

This performance reflects the benefits of our strategic cost initiative and disciplined operational execution. Adjusted EBITDA includes $0.1 million in non-cash stock-based compensation, $495,000 in non-recurring advisory expenses associated with our financial systems go live and the debt transaction, and $890,000 in one-time severance expenses.

這項業績反映了我們的策略成本措施和嚴格的營運執行所帶來的好處。調整後的 EBITDA 包括 10 萬美元的非現金股票薪酬、與我們的財務系統上線和債務交易相關的 495,000 美元的非經常性諮詢費用以及 890,000 美元的一次性遣散費。

Excluding non-cash trade adjustments, property and franchise taxes, and pro forma cost savings totaling $0.5 million altogether, EBITDA as defined by our indenture was even stronger at $1.7 million. Following our Q4 earnings call, we had a number of conversations with our lenders, and we have refocused our earnings release around adjusted EBITDA as that continues to be their metric they are most interested in.

不包括非現金交易調整、財產稅和特許經營稅以及總計 50 萬美元的備考成本節約，我們的契約定義的 EBITDA 甚至更高，達到 170 萬美元。在我們的第四季度收益電話會議之後，我們與貸款方進行了多次對話，並將收益發布的重點重新集中在調整後的 EBITDA 上，因為這仍然是他們最感興趣的指標。

While revenue declined by $5.5 million year over year due to broader market sockets, we believe our improved profitability profile positions us to capitalize on future top line recovery. Our proactive cost discipline, combined with investments in core growth areas provides a strong foundation for margin expansion and sustainable long-term value creation.

儘管由於市場規模擴大，營收年減了 550 萬美元，但我們相信，獲利能力的改善使我們能夠利用未來的收入復甦。我們積極主動的成本控制，加上對核心成長領域的投資，為利潤率的擴大和可持續的長期價值創造提供了堅實的基礎。

We ended the quarter with $12.2 million in cash on hand, down from $13.8 million at the end of fiscal year 2024. Capital expenditures were $800,000 in the quarter. Compared to $900,000 in the prior year. And with that, let me turn it back to Caroline.

本季末，我們手頭上的現金為 1,220 萬美元，低於 2024 財年末的 1,380 萬美元。本季資本支出為 800,000 美元。相比之下，上一年為 90 萬美元。現在，讓我把話題轉回給卡洛琳。

Thank you, Lauren. Before I turn to our ratings performance and updated outlook, I want to spend a few minutes on one of the most exciting and fast moving areas of our business, our digital segment. This is not just a growth vertical for us.

謝謝你，勞倫。在介紹我們的收視率表現和最新展望之前，我想花幾分鐘時間談談我們業務中最令人興奮和發展最快的領域之一——數位領域。對我們來說，這不僅僅是一個垂直成長點。

It's a key part of how we are futureproofing Beasley and creating. Value across platforms, audiences, and advertisers. Our progress in Q1 continues to validate that strategy, demonstrating that our digital transformation is gaining traction, accelerating margin expansion, and positioning the Beasley at the business for scalable, sustainable growth.

這是我們如何確保比斯利的未來發展和創造的關鍵部分。跨平台、受眾和廣告商的價值。我們在第一季的進展繼續驗證了這一策略，表明我們的數位轉型正在獲得動力，加速利潤率擴張，並為 Beasley 的業務定位於可擴展、可持續的成長。

Q1 '25 marked a continuation of this trajectory. Total digital revenue grew 6.4% year over year on the same station basis. In our same station, digital segment operating income increased by $1.3 million compared to the prior period.

2025 年第一季標誌著這一軌蹟的延續。以同一電台計算，數字總收入年增 6.4%。在我們同一電台，數位部門的營業收入與上一時期相比增加了 130 萬美元。

On the same station basis, digital segment operating margin expanded. Significantly from 6.1% to 17.8%, reflecting strong operating leverage and disciplined execution. This exceptional margin improvement underscores the scalability of our digital platform and affirms the effectiveness of our strategic investments in content, technology, and audience development.

以同一電台計算，數位部門營業利潤率擴大。顯著提升，從 6.1% 上升至 17.8%，反映出強勁的經營槓桿和嚴格的執行力。這一顯著的利潤率提升凸顯了我們數位平台的可擴展性，並肯定了我們在內容、技術和受眾發展方面的策略性投資的有效性。

It is a clear demonstration of how our digital business is not only growing but maturing into a high margin value accretive engine within our portfolio.

這清楚地表明了我們的數位業務不僅在成長，而且正在發展成為我們投資組合中高利潤價值增值的引擎。

We've been intentional in driving more predictable and sustainable digital outcomes. In Q1, we've launched a focused effort to optimize our product portfolio and backend infrastructure. These initiatives include Enhancements to our owned and operated platforms, expanded newsletter and content distribution capabilities, and continued investment in advertising technology, particularly around campaign automation and monetization.

我們一直致力於推動更可預測和可持續的數位化成果。在第一季度，我們專注於優化我們的產品組合和後端基礎設施。這些措施包括增強我們擁有和經營的平台、擴大時事通訊和內容分發能力，以及持續投資廣告技術，特別是在廣告活動自動化和貨幣化方面。

We're also advancing our audio and video offerings to create more integrated cross-platform experiences and at the same time we're aligning our sales organization to focus on higher margin, proprietary inventory, and simplifying the by-side experience. Taken together, these efforts are enabling us to deliver greater value per listener, improve yield, and build a more scalable, diversified digital business.

我們也正在改進我們的音訊和視訊產品，以創造更整合的跨平台體驗，同時我們正在調整我們的銷售組織，以專注於更高的利潤、專有庫存和簡化現場體驗。總的來說，這些努力使我們能夠為每個聽眾提供更大的價值，提高收益，並建立更具可擴展性、更多樣化的數位業務。

As a result, revenue from our digital owned and operated inventory grew by $1 million year over year, while CPMs on our streaming platform increased by 13%. These gains paired with stronger cross platform engagement and improving digital margins underscore the progress we're making in unlocking greater value per listener and building a more scalable, diversified digital business.

結果，我們自有和經營的數位庫存收入年增了 100 萬美元，而我們串流平台的 CPM 則成長了 13%。這些收益加上更強的跨平台參與度和不斷提高的數位利潤率，凸顯了我們在釋放每個聽眾的更大價值和建立更具可擴展性、多樣化的數位業務方面所取得的進展。

At the heart of our digital growth is a strong and differentiated foundation, one that's difficult to replicate. We combined the reach and credibility of beloved local brands with national scale execution across platforms and channels. In short, our foundation is not just about content, it's about connection.

我們數位化成長的核心是強大而差異化的基礎，這是難以複製的。我們將深受喜愛的本地品牌的影響力和可信度與跨平台和通路的全國規模執行力相結合。簡而言之，我們的基礎不僅是內容，更是連結。

We're combining editorial integrity, distribution breadth, and monetization depth to create a digital business that is growing, durable and highly aligned with where media consumption is headed. One of the clearest expressions of this strategy and one of the most exciting areas of transformation is our streaming products.

我們將編輯的完整性、發行的廣度和貨幣化的深度結合起來，創造一個不斷發展、持久且與媒體消費趨勢高度一致的數位業務。這項策略最清晰的體現之一，也是最令人興奮的轉型領域之一，就是我們的串流媒體產品。

This year in digital, we are focused on product optimization across our entire digital portfolio, and we began that process with streaming. We've consolidated our offerings into a single unified streaming solution, audio plus.

今年在數位領域，我們專注於整個數位產品組合的產品優化，並且我們從串流媒體開始了這一過程。我們將我們的產品整合為一個統一的串流媒體解決方案，即 Audio Plus。

This product simplifies our go to market strategy and significantly enhances performance for both listeners and advertisers. Previously, sales teams were pitching both owned and operated in third party platforms, but limited inventory on our side often led clients to choose third party platforms.

該產品簡化了我們的行銷策略，並顯著提高了聽眾和廣告商的表現。以前，銷售團隊在第三方平台上推銷自有和經營的產品，但我們這邊的庫存有限，常常導致客戶選擇第三方平台。

Now with back-end optimization efforts completed in late Q1, we've increased streaming inventory availability by nearly three times, making audio Plus a far more scalable and competitive product. All targeting is now prioritized through our ONO channels and audience targeting waterfalls intelligently from our direct inventory to programmatic and only then to third party when needed.

現在，隨著第一季末完成的後端優化工作，我們將串流媒體庫存可用性提高了近三倍，使 Audio Plus 成為更具可擴展性和競爭力的產品。現在，所有定位都透過我們的 ONO 管道和受眾定位瀑布進行優先排序，從我們的直接庫存到程序化，然後在需要時再到第三方。

And this is just the beginning. Display is the next product we'll optimize, followed by video and pre-roll, as we continue transforming our digital product portfolio for growth and efficiency. As advertisers continue to shift more dollars into digital, we're capturing a growing share thanks to high quality brand safe environments and a scalable data driven approach to audio monetization.

而這只是個開始。隨著我們繼續轉變數位產品組合以實現成長和效率，我們將優化的下一個產品是顯示器，其次是影片和前貼片廣告。隨著廣告商繼續將更多資金投入數位領域，憑藉高品質的品牌安全環境和可擴展的數據驅動音訊貨幣化方法，我們正在佔據越來越大的份額。

Our digital transformation is a long term engine for value creation, and we're just getting started with audio plus and market, more products queued for optimization and a robust pipeline of innovation. We're confident in our ability to continue unlocking sustainable growth and margin expansion across digital.

我們的數位轉型是價值創造的長期引擎，我們才剛開始音頻加市場，還有更多產品需要優化和強大的創新管道。我們有信心，我們有能力繼續實現數位領域的可持續成長和利潤擴張。

With that, let's shift back to our ratings performance, where we will continue to see strength in key markets and day parts. I'll then walk through our updated guidance for Q2. Beasley brands continue to maintain their premium status in the radio industry by dominating in Nielsen ratings and growing audience.

有了這些，讓我們回到收視率表現，我們將繼續看到關鍵市場和時段的強勁表現。然後我將介紹我們對第二季的最新指導。Beasley 品牌憑藉在尼爾森收視率和不斷增長的受眾中的主導地位，繼續保持其在廣播行業的領先地位。

Six of our radio stations are currently number one in their market among the key adults 25,54 demo, and our overall audio cu is up 5.6%. In our PPM markets, we saw a 20% quarter to quarter increase in Nielsen and a 10% increase year over year. The largest ratings gains came from Charlotte, which was up 33%, as was Detroit also up 33%, and then Philadelphia up 24%.

目前，我們的六個廣播電台在主要成年人群體（25.54 人口）中佔據各自市場首位，我們的整體收聽率增加了 5.6%。在我們的 PPM 市場中，我們看到尼爾森的季度環比增長了 20%，同比增長了 10%。收視率增幅最大的是夏洛特，上漲了 33%，底特律也上漲了 33%，費城上漲了 24%。

With our increased focus on engaging with audiences on digital platforms, we're happy to report that our social media audience has grown by over 20% year over year.

隨著我們越來越注重在數位平台上與受眾的互動，我們很高興地報告，我們的社群媒體受眾年增了 20% 以上。

In addition to the Landmark partnership with the University of Michigan highlighted earlier, we launched several high impact initiatives in the first quarter that we expect will contribute to future growth. In Las Vegas, we debuted Maxima, a new bilingual music format on KOAS FM designed to better serve the region's rapidly expanding Hispanic population.

除了先前強調的與密西根大學的 Landmark 合作關係之外，我們還在第一季推出了幾項具有高影響力的舉措，預計這些舉措將有助於未來的成長。在拉斯維加斯，我們在 KOAS FM 上推出了 Maxima，這是一種新的雙語音樂形式，旨在更好地服務該地區迅速增長的西班牙裔人口。

We also partnered with PRN and NASCAR icon Kyle Petty to launch a nationally syndicated radio show, which is now airing on more than 180 stations across the country. Each of these initiatives will drive incremental revenue and deepen advertiser engagement in the second half of '25 and beyond.

我們還與 PRN 和 NASCAR 偶像 Kyle Petty 合作推出了一檔全國聯合廣播節目，目前已在全國 180 多個電台播出。這些措施都將在 2025 年下半年及以後推動增量收入並深化廣告商參與度。

As always, serving our community is a core value of Beasley Media Group, and many of our stations hosted and sponsored events to help people in need. These events not only unite the community with a common goal but also strengthens our brands and create a more personal connection with listeners.

像往常一樣，服務社區是比斯利媒體集團的核心價值，我們的許多電台都舉辦和贊助活動來幫助有需要的人。這些活動不僅使社區團結起來，實現共同目標，而且還加強了我們的品牌，並與聽眾建立了更個人化的聯繫。

Beasley is widely known for our work in the community and is being recognized by the NAB with the prestigious 2025 NAB Service to America award in June of this year. Now looking ahead to Q2 in the remainder of the year, we're maintaining a disciplined and focused approach to performance management across the organization.

比斯利因其在社區的工作而廣為人知，並於今年 6 月被 NAB 授予享有盛譽的 2025 年 NAB 美國服務獎。現在展望今年剩餘時間的第二季度，我們將在整個組織內保持嚴謹而專注的績效管理方法。

Revenue is currently pacing down 10% in Q2, primarily driven by continued macroeconomic pressure in select categories. However, we've moved swiftly to offset these headwinds through a combination of targeted expense reductions and strategic product realignment.

目前，第二季收入下降了 10%，主要原因是部分類別的宏觀經濟壓力持續存在。然而，我們已迅速採取行動，透過有針對性地削減開支和策略性產品調整來抵消這些不利因素。

These actions are already helping to protect margin performance. We remain committed to thoughtful cost management while continuing to fund the initiatives, particularly in digital content and technology that we believe will drive long-term shareholder value.

這些措施已經有助於保護利潤率表現。我們仍然致力於周到的成本管理，同時繼續為這些計劃提供資金，特別是我們認為將推動長期股東價值的數位內容和技術。

As we move through the year, we'll stay focused on execution, delivering for our clients, growing our audience, optimizing our digital portfolio, and continuing to unlock operating leverage across the business. I thank you for your continued support and will now address questions that were submitted to us this morning. Ilana.

隨著時間的推移，我們將繼續專注於執行，為客戶提供服務，擴大受眾，優化數位產品組合，並繼續釋放整個業務的營運槓桿。感謝您一直以來的支持，現在我將回答今天早上向我們提出的問題。伊拉娜。

We have several questions submitted ahead of today's call.

我們在今天的電話會議之前提交了幾個問題。

Could you please provide an update on the current status of the cost savings initiatives? Specifically, how much of the projected savings have been realized to date and what additional impact is expected to be reflected in the 2025 financials?

您能否提供有關成本節約舉措的當前狀況的最新資訊？具體來說，迄今已實現了多少預計的節省，預計在 2025 年財務狀況中將反映出哪些額外影響？

All right.

好的。

Thanks for the question. At this point we should see the full amount of the cost reductions that we implemented in 2024 in Q1.

謝謝你的提問。此時，我們應該可以看到 2024 年第一季實施的成本削減全部實現。

And I think to reiterate what I said in the prepared remarks, we continue to be laser focused on aligning our expense base with current revenue trends and our Q1 results are evidence of this. In addition, we made $1.3 million in incremental cuts in Q1 of which roughly let's say 200,000 showed up in the numbers.

我想重申我在準備好的發言中所說的話，我們將繼續專注於使我們的支出基礎與當前的收入趨勢保持一致，而我們的第一季業績就是證明。此外，我們在第一季增量削減了 130 萬美元，其中大約有 20 萬美元體現在數字上。

So, we'll see the balance of that impact in Q2. But we continue to evaluate our cost structure relative to our revenue performance and have made additional cuts, quarter to date.

因此，我們將在第二季度看到這種影響的平衡。但我們將繼續根據收入表現評估我們的成本結構，並且本季迄今已進行了進一步削減。

Thank you, Lauren. Now for the second question. Is National feeling stronger or weaker in 2024? I see that National was 14% of revenue in Q1. How much was National down year over year? How is National performing in Philadelphia and Boston?

謝謝你，勞倫。現在來談談第二個問題。2024 年，國家黨會變得更強還是更弱？我發現 National 在第一季的收入占到了 14%。國家石油公司去年又下降了多少？國家隊在費城和波士頓的表現如何？

So. As we addressed, previously in the call, National is weaker this year than in 2024, but as we look at the market specifically, Boston was down consistent with the overall declines in the segment and its pacing in line with this trend, this quarter.

所以。正如我們之前在電話會議中提到的那樣，全國今年的表現比 2024 年要弱，但當我們具體觀察市場時，波士頓的下滑與該領域的整體下滑趨勢一致，其步伐也與本季度的趨勢一致。

On the bright side, Philly and New Jersey, were, up double digits year over year in Q1. So that was a real bright spot, and these markets continue to pace positively in Q2.

好的一面是，費城和新澤西在第一季的銷售額比去年同期成長了兩位數。這是一個真正的亮點，這些市場在第二季度繼續保持積極發展。

Now for the last question. Has there been any increase in M&A discussions given potential regulatory loosening? Do you see an opportunity for swaps?

現在來回答最後一個問題。鑑於潛在的監管放鬆，併購討論是否增加？您認為有互換的機會嗎？

So I'll take that. Yes, I will say that earlier in the year there were discussions, multiple discussions. However, given the uncertainty in the economy today due to tariffs, it seems that some of these discussions have softened.

所以我會接受。是的，我想說的是，今年早些時候有過討論，多次討論。然而，考慮到目前關稅對經濟帶來的不確定性，一些討論似乎已經軟化。

However, I will also say that we are always open to evaluating swaps if they're beneficial to the company.

不過，我還要說的是，如果掉期交易對公司有利，我們始終願意對其進行評估。

Thank you, Caroline. This concludes today's earnings conference call. A replay of this call will be available on the company's investor relations website. If you have any further questions, please contact investor relations at IR@bbgi.com. We appreciate your continued interest in Beasley Broadcast Group, and we thank you for joining us. Have a great day.

謝謝你，卡洛琳。今天的收益電話會議到此結束。這次電話會議的重播將在公司的投資者關係網站上提供。如有任何疑問，請聯絡投資者關係部（IR@bbgi.com）。感謝您一直以來對Beasley Broadcast Group的關注，也感謝您加入我們。祝你有美好的一天。