Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 28, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | BBGI | |
Entity Registrant Name | BEASLEY BROADCAST GROUP, INC. | |
Entity Central Index Key | 0001099160 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Interactive Data Current | Yes | |
Entity Address, State or Province | FL | |
Entity Tax Identification Number | 65-0960915 | |
Entity Address, Address Line One | 3033 Riviera Drive | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, City or Town | Naples | |
Entity Address, Postal Zip Code | 34103 | |
City Area Code | 239 | |
Local Phone Number | 263-5000 | |
Security Exchange Name | NASDAQ | |
Title of 12(b) Security | Class A Common Stock, par value $0.001 per share | |
Entity File Number | 000-29253 | |
Entity Incorporation, State or Country Code | DE | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 13,296,990 | |
Class B Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 16,662,743 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 35,490,662 | $ 39,534,653 |
Accounts receivable, less allowance for credit losses of $1,876,751 in 2022 and $1,848,595 in 2023 | 55,299,435 | 56,683,526 |
Prepaid expenses | 8,669,362 | 5,078,231 |
Other current assets | 4,931,795 | 4,364,120 |
Total current assets | 104,391,254 | 105,660,530 |
Property and equipment, net | 53,442,533 | 55,807,047 |
Operating lease right-of-use assets | 37,398,260 | 38,478,756 |
Finance lease right-of-use assets | 300,000 | 306,667 |
FCC licenses | 477,208,798 | 487,249,798 |
Goodwill | 13,265,460 | 13,265,460 |
Other intangibles, net | 7,735,897 | 8,219,939 |
Other assets | 4,684,273 | 5,955,158 |
Total assets | 698,426,475 | 714,943,355 |
Current liabilities: | ||
Accounts payable | 20,071,365 | 19,344,621 |
Operating lease liabilities | 8,317,603 | 8,166,394 |
Other current liabilities | 32,330,526 | 29,183,630 |
Total current liabilities | 60,719,494 | 56,694,645 |
Long-term debt, net of unamortized debt issuance costs | 283,249,402 | 285,472,107 |
Operating lease liabilities | 36,011,146 | 37,485,602 |
Deferred tax liabilities | 94,924,594 | 98,068,981 |
Total liabilities | 488,617,022 | 491,454,547 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued | ||
Additional paid-in capital | 152,303,663 | 151,948,310 |
Treasury stock, Class A common stock; 3,649,568 shares in 2022; 3,719,886 shares in 2023 | (29,223,067) | (29,155,300) |
Retained earnings | 86,195,869 | 100,163,064 |
Accumulated other comprehensive income | 499,311 | 499,311 |
Total stockholders' equity | 209,809,453 | 223,488,808 |
Total liabilities and stockholders' equity | 698,426,475 | 714,943,355 |
Class A Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock | 17,015 | 16,761 |
Class B Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock | 16,662 | 16,662 |
Due to Related Parties [Member] | ||
Current liabilities: | ||
Other long-term liabilities | 70,375 | 85,731 |
Nonrelated Party [Member] | ||
Current liabilities: | ||
Other long-term liabilities | $ 13,642,011 | $ 13,647,481 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts | $ 1,848,595 | $ 1,876,751 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Class A Common Stock [Member] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 17,016,876 | 16,763,227 |
Common stock, shares outstanding | 13,296,990 | 13,113,659 |
Treasury stock, Class A common stock shares | 3,719,886 | 3,649,568 |
Class B Common Stock [Member] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 16,662,743 | 16,662,743 |
Common stock, shares outstanding | 16,662,743 | 16,662,743 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Loss - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Net revenue | $ 63,461,723 | $ 64,810,450 | $ 121,240,843 | $ 120,530,718 |
Operating expenses: | ||||
Operating expenses | 51,327,562 | 53,626,592 | 101,981,217 | 103,636,141 |
Corporate expenses | 4,405,031 | 4,567,470 | 8,888,126 | 8,800,930 |
Depreciation and amortization | 2,195,985 | 2,451,102 | 4,425,310 | 4,967,002 |
Impairment losses | 10,041,000 | 8,619,097 | 10,041,000 | 10,476,323 |
Total operating expenses | 67,969,578 | 69,264,261 | 125,335,653 | 127,880,396 |
Operating loss | (4,507,855) | (4,453,811) | (4,094,810) | (7,349,678) |
Non-operating income (expense): | ||||
Interest expense | (6,724,469) | (6,823,217) | (13,318,321) | (13,672,254) |
Other income, net | 36,735 | 190,210 | 577,250 | 191,082 |
Loss before income taxes | (11,195,589) | (11,086,818) | (16,835,881) | (20,830,850) |
Income tax expense (benefit) | (821,836) | 3,554,469 | (2,985,819) | (2,621,977) |
Loss before equity in earnings of unconsolidated affiliates | (10,373,753) | (14,641,287) | (13,850,062) | (18,208,873) |
Equity in earnings of unconsolidated affiliates, net of tax | (56,876) | 186,570 | (117,133) | 163,226 |
Net loss | $ (10,430,629) | $ (14,454,717) | $ (13,967,195) | $ (18,045,647) |
Net loss per Class A and Class B common share: | ||||
Basic | $ (0.35) | $ (0.49) | $ (0.47) | $ (0.61) |
Diluted | $ (0.35) | $ (0.49) | $ (0.47) | $ (0.61) |
Weighted average shares outstanding: | ||||
Basic | 29,853,144 | 29,418,951 | 29,819,638 | 29,395,003 |
Diluted | 29,853,144 | 29,418,951 | 29,819,638 | 29,395,003 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Stock-based compensation | $ 355,607 | $ 606,080 | ||
Station Operating Expenses [Member] | ||||
Stock-based compensation | $ 39,416 | $ 75,368 | 72,220 | 153,591 |
Corporate General and Administrative Expenses [Member] | ||||
Stock-based compensation | $ 141,923 | $ 303,462 | $ 283,387 | $ 452,489 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||||
Net loss | $ (10,430,629) | $ (14,454,717) | $ (13,967,195) | $ (18,045,647) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
Stock-based compensation | 355,607 | 606,080 | ||
Provision for credit losses | 295,122 | 511,253 | 525,814 | 588,751 |
Depreciation and amortization | 2,195,985 | 2,451,102 | 4,425,310 | 4,967,002 |
Impairment losses | 10,041,000 | 8,619,097 | 10,041,000 | 10,476,323 |
Amortization of loan fees | 734,253 | 754,085 | ||
Gain on debt purchases | (973,208) | (100,335) | ||
Deferred income taxes | (3,144,387) | (2,747,810) | ||
Equity in earnings of unconsolidated affiliates | 56,876 | (186,570) | 117,133 | (163,226) |
Change in operating assets and liabilities: | ||||
Accounts receivable | 858,277 | 7,160,917 | ||
Prepaid expenses | (3,591,131) | (2,286,447) | ||
Other assets | 947,918 | (2,176,152) | ||
Accounts payable | 726,744 | 2,641,981 | ||
Other liabilities | 2,840,148 | 5,003,953 | ||
Other operating activities | 127,428 | 72,071 | ||
Net cash provided by operating activities | 23,711 | 6,751,546 | ||
Cash flows from investing activities: | ||||
Payment for acquisition | (2,000,000) | |||
Capital expenditures | (2,016,185) | (6,486,902) | ||
Proceeds from dispositions | 1,185,312 | |||
Net cash used in investing activities | (2,016,185) | (7,301,590) | ||
Cash flows from financing activities: | ||||
Payments on debt | (1,983,750) | (4,802,500) | ||
Reduction of finance lease liabilities | (1,945) | |||
Purchase of treasury stock | (67,767) | (105,707) | ||
Net cash used in financing activities | (2,051,517) | (4,910,152) | ||
Net decrease in cash and cash equivalents | (4,043,991) | (5,460,196) | ||
Cash and cash equivalents at beginning of period | 39,534,653 | 51,378,642 | ||
Cash and cash equivalents at end of period | $ 35,490,662 | $ 45,918,446 | 35,490,662 | 45,918,446 |
Cash paid for interest | 12,569,776 | 12,921,869 | ||
Cash paid for income taxes | $ 1,246,263 | $ 1,546,500 |
Interim Financial Statements
Interim Financial Statements | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Interim Financial Statements | (1) Interim Financial Statements The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of Beasley Broadcast Group, Inc. and its subsidiaries (the “Company”) included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. These financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the financial statements reflect all adjustments necessary for a fair statement of the financial position and results of operations for the interim periods presented, and all such adjustments are of a normal and recurring nature. The Company’s results are subject to seasonal fluctuations; therefore the results shown on an interim basis are not necessarily indicative of results for the full year. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (2) Summary of Significant Accounting Policies Use of Estimates Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Such estimates include: (i) the amount of allowance for credit losses; (ii) future cash flows used for testing recoverability of property and equipment; (iii) fair values used for testing Federal Communications Commission (“FCC”) licenses, goodwill and other intangibles for impairment; (iv) estimates used to determine the incremental borrowing rate to record lease liabilities and related right-of-use assets; (v) the realization of deferred tax assets; and (vi) actuarial assumptions related to the SERP. Actual results and outcomes may differ from management’s estimates and assumptions. Accounts Receivable Accounts receivable consist primarily of uncollected amounts due from advertisers for the sale of advertising airtime. The amounts are net of advertising agency commissions and an allowance for credit losses. The allowance for credit losses reflects management’s estimate of expected losses in accounts receivable from local advertisers and national agencies. Management determines the allowance based on historical information, relative improvements or deteriorations in the age of the accounts receivable and changes in current economic conditions and reasonable and supportable forecasts of future economic conditions. Interest is not accrued on accounts receivable. The changes in allowance for credit losses on accounts receivable are as follows: Three months ended June 30, Six months ended June 30, 2022 2023 2022 2023 Beginning balance $ 1,510,422 $ 1,740,162 $ 1,720,477 $ 1,876,751 Provision for credit losses 511,253 295,122 588,751 525,814 Deductions ( 373,333 ) ( 186,689 ) ( 660,886 ) ( 553,970 ) Ending balance $ 1,648,342 $ 1,848,595 $ 1,648,342 $ 1,848,595 Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued guidance that will require the measurement of all expected credit losses for financial assets, including accounts receivable, held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The guidance was initially effective for the Company for annual reporting periods beginning after December 15, 2019, and interim periods within those fiscal years. In November 2019, the FASB issued additional guidance that included a deferral of the effective date for smaller reporting companies as defined by the Securities and Exchange Commission to fiscal years beginning after December 15, 2022, and interim periods within those years. The Company adopted the guidance on January 1, 2023, and the adoption did not have a material impact on the Company’s condensed consolidated financial statements. |
Acquisition and Dispositions
Acquisition and Dispositions | 6 Months Ended |
Jun. 30, 2023 | |
Business Combinations [Abstract] | |
Acquisition and Dispositions | (3) Acquisition and Dispositions Due to the potential sales of certain audio assets in 2023, the Company recorded impairment losses of $ 10.0 million during the second quarter of 2023 based on the estimated fair value of these audio assets. Management determined that the reclassification to assets held for sale would not have a material impact on the Company’s condensed consolidated balance sheet as of June 30, 2023. On June 22, 2022, the Company completed the acquisition of Guarantee Digital, LLC (“Guarantee”), a digital marketing agency, for $ 2.0 million in cash. The acquisition was accounted for as a business combination. The purchase price allocation is summarized as follows: Property and equipment $ 3,000 Goodwill 922,000 Other intangibles 1,075,000 $ 2,000,000 Goodwill was equal to the amount the purchase price exceeded the values allocated to the tangible and identifiable intangible assets and includes the value of the assembled workforce. The goodwill was allocated to the Digital segment. The $ 0.9 million allocated to goodwill is deductible for tax purposes. Revenue and earnings for Guarantee are not material for all reporting periods presented in the accompanying condensed consolidated financial statements. On April 1, 2022, the Company completed the sale of substantially all of the assets used in the operations of WWNN-AM in West Palm Beach-Boca Raton, FL to a third party for $ 1.25 million in cash. As a result of the sale, the Company recorded an impairment loss of $ 1.9 million related to the FCC license during the first quarter of 2022. |
FCC Licenses
FCC Licenses | 6 Months Ended |
Jun. 30, 2023 | |
Text Block [Abstract] | |
FCC Licenses | (4) FCC Licenses Due to an increase in interest rates in the U.S. economy, the Company tested its FCC licenses for impairment during the second quarter of 2022. As a result of the quantitative impairment test performed as of June 30, 2022, the Company recorded impairment losses of $ 2.8 million related to the FCC licenses in its Fort Myers-Naples, FL, Las Vegas, NV, and Wilmington, DE market clusters. The impairment losses were primarily due to an increase in the discount rate used in the discounted cash flow analyses to estimate the fair value of the FCC licenses due to certain risks associated with the U.S. economy. The fair values of the FCC licenses in the Fort Myers-Naples, FL, Las Vegas, NV, and Wilmington, DE market clusters were estimated using an income approach. The income approach is based upon discounted cash flow analyses incorporating variables such as projected radio market revenues, projected growth rate for radio market revenues, projected radio market revenue shares, projected radio station operating income margins, and a discount rate appropriate for the radio broadcasting industry. The key assumptions used in the discounted cash flow analyses are as follows: Revenue growth rates ( 1.9 )% - 15.9 % Market revenue shares at maturity 0.6 % - 44.0 % Operating income margins at maturity 19.2 % - 32.6 % Discount rate 9.5 % |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | (5) Goodwill Due to an increase in interest rates in the U.S. economy, the Company tested its goodwill for impairment during the second quarter of 2022. As a result of the quantitative impairment test performed as of June 30, 2022, the Company recorded impairment losses of $ 5.9 million related to the goodwill in its Boston, MA, Charlotte, NC, Fayetteville, NC, Fort Myers-Naples, FL, and Tampa-Saint Petersburg, FL market clusters. The impairment losses were primarily due to an increase in the discount rate used in the discounted cash flow analyses to estimate the fair value of goodwill due to certain risks associated with the U.S. economy. The fair values of goodwill in the Boston, MA, Charlotte, NC, Fayetteville, NC, Fort Myers-Naples, FL, and Tampa-Saint Petersburg, FL market clusters were estimated using an income approach. The income approach is based upon discounted cash flow analyses incorporating variables such as projected radio market revenues, projected growth rate for radio market revenues, projected radio market revenue shares, projected radio station operating income margins, and a discount rate appropriate for the radio broadcasting industry. The key assumptions used in the discounted cash flow analyses are as follows: Revenue growth rates ( 1.9 )% - 11.1 % Operating income margins 5.4 % - 29.8 % Discount rate 9.5 % |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | (6) Long-Term Debt Long-term debt is comprised of the following: December 31, June 30, 2022 2023 Secured notes $ 290,000,000 $ 287,000,000 Less unamortized debt issuance costs ( 4,527,893 ) ( 3,750,598 ) $ 285,472,107 $ 283,249,402 On February 2, 2021, the Company issued $ 300.0 million aggregate principal amount of 8.625 % senior secured notes due on February 1, 2026 (the “Notes”) under an indenture dated February 2, 2021 (the “Indenture”). Interest on the Notes accrues at the rate of 8.625% per annum and is payable semiannually in arrears on February 1 and August 1 of each year. The Notes are secured on a first-lien priority basis by substantially all assets of the Company and its majority-owned subsidiaries and are guaranteed jointly and severally by the Company and its majority-owned subsidiaries. The Indenture contains restrictive covenants that limit the ability of the Company and its subsidiaries to, among other things, incur additional indebtedness, guarantee indebtedness or issue disqualified stock or, in the case of such subsidiaries, preferred stock; pay dividends on, repurchase or make distributions in respect of our capital stock or make other restricted payments; make certain investments or acquisitions; sell, transfer or otherwise convey certain assets; create liens; enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany transfers; consolidate, merge, sell or otherwise dispose of all or substantially all of its assets; enter into transactions with affiliates; prepay certain kinds of indebtedness; and issue or sell stock of its subsidiaries. Prior to February 1, 2025, the Company will be subject to certain premiums, as defined in the Indenture, for optional or mandatory (upon certain contingent events) redemption of some or all of the Notes. In the second quarter of 2023, the Company repurchased $ 3.0 million principal amount of the Notes for a price equal to 66 % of the principal amount and recorded a gain of $ 1.0 million as a result of the repurchase. In the second quarter of 2022, the Company repurchased $ 5.0 million aggregate principal amount of the Notes for an aggregate price equal to 96 % of the principal amount and recorded an aggregate gain of $ 0.1 million as a result of the repurchases. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | (7) Stockholders’ Equity The changes in stockholders’ equity are as follows: Three months ended June 30, Six months ended June 30, 2022 2023 2022 2023 Beginning balance $ 259,689,019 $ 220,100,965 $ 263,082,298 $ 223,488,808 Stock-based compensation 378,830 181,339 606,080 355,607 Purchase of treasury stock ( 76,108 ) ( 42,222 ) ( 105,707 ) ( 67,767 ) Net loss ( 14,454,717 ) ( 10,430,629 ) ( 18,045,647 ) ( 13,967,195 ) Ending balance $ 245,537,024 $ 209,809,453 $ 245,537,024 $ 209,809,453 |
Net Revenue
Net Revenue | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Net Revenue | (8) Net Revenue Net revenue is comprised of the following: Three months ended June 30, Six months ended June 30, 2022 2023 2022 2023 Audio $ 53,417,896 $ 50,448,093 $ 100,783,041 $ 97,866,059 Digital 10,719,410 12,301,269 18,527,660 22,278,054 Other 673,144 712,361 1,220,017 1,096,730 $ 64,810,450 $ 63,461,723 $ 120,530,718 $ 121,240,843 The Company recognizes revenue when it satisfies a performance obligation under a contract with an advertiser. The transaction price is allocated to performance obligations based on executed contracts which represent relative standalone selling prices. Payment is generally due within 30 days, although certain advertisers are required to pay in advance. Revenues are reported at the amount the Company expects to be entitled to receive under the contract. The Company has elected to use the practical expedient to expense sales commissions as incurred. Payments received from advertisers before the performance obligation is satisfied are recorded as deferred revenue in the balance sheets. Substantially all deferred revenue is recognized within 12 months of the payment date. December 31, June 30, 2022 2023 Deferred revenue $ 4,696,989 $ 6,636,401 Audio revenue includes revenue from the sale or trade of aired commercial spots to advertisers directly or through advertising agencies. Each commercial spot is considered a performance obligation. Revenue is recognized when the commercial spots have aired. Trade sales are recorded at the estimated fair value of the goods or services received. If commercial spots are aired before the goods or services are received, then a trade sales receivable is recorded. If goods or services are received before the commercial spots are aired, then a trade sales payable is recorded. Other revenue includes revenue from concerts, promotional events, talent fees and other miscellaneous items. Such revenue is generally recognized when the concert, promotional event, or talent services are completed. December 31, June 30, 2022 2023 Trade sales receivable $ 1,564,054 $ 1,973,948 Trade sales payable 806,162 849,333 Three months ended June 30, Six months ended June 30, 2022 2023 2022 2023 Trade sales revenue $ 1,504,105 $ 1,466,652 $ 2,876,678 $ 2,847,494 Digital revenue includes revenue from the sale of streamed commercial spots, station-owned assets and third-party products. Each streamed commercial spot, station-owned asset and third-party product is considered a performance obligation. Revenue is recognized when the commercial spots have streamed. Station-owned assets are generally scheduled over a period of time and revenue is recognized over time as the digital items are used for advertising content, except for streamed commercial spots. Third-party products are generally scheduled over a period of time with an impression target each month. Revenue from the sale of third-party products is recognized over time as the digital items are used for advertising content and impression targets are met each month. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | (9) Stock-Based Compensation The Beasley Broadcast Group, Inc. 2007 Equity Incentive Award Plan (the “2007 Plan”) permits the Company to issue up to 7.5 million shares of Class A common stock. The 2007 Plan allows for eligible employees, directors and certain consultants of the Company to receive restricted stock units, shares of restricted stock, stock options or other stock-based awards. The restricted stock units that have been granted under the 2007 Plan generally vest over one to five years of service. A summary of restricted stock unit activity is presented below: Units Weighted-Average Grant-Date Fair Value Unvested as of April 1, 2023 1,049,350 $ 1.78 Granted - - Vested ( 170,500 ) 2.58 Forfeited - - Unvested as of June 30, 2023 878,850 $ 1.63 As of June 30, 2023 , there was $ 1.0 million of total unrecognized compensation cost for restricted stock units granted under the 2007 Plan. That cost is expected to be recognized over a weighted-average period of 2.4 years. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (10) Income Taxes The Company’s effective tax rate was 32 % and ( 7 )% for the three months ended June 30, 2022 and 2023 , respectively, and ( 13 )% and ( 18 )% for the six months ended June 30, 2022 and 2023 , respectively. These rates differ from the federal statutory rate of 21 % due to the effect of state income taxes and certain expenses that are not deductible for tax purposes. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (11) Earnings Per Share Earnings per share calculation information is as follows: Three months ended June 30, Six months ended June 30, 2022 2023 2022 2023 Net loss attributable to BBGI $ ( 14,454,717 ) $ ( 10,430,629 ) $ ( 18,045,647 ) $ ( 13,967,195 ) Weighted-average shares outstanding: Basic 29,418,951 29,853,144 29,395,003 29,819,638 Effect of dilutive restricted stock units and - - - - Diluted 29,418,951 29,853,144 29,395,003 29,819,638 Net loss attributable to BBGI $ ( 0.49 ) $ ( 0.35 ) $ ( 0.61 ) $ ( 0.47 ) The Company excluded the effect of restrictive stock units and restricted stock under the treasury stock method when reporting a net loss as the addition of shares was anti-dilutive. As a result, the Company excluded 136,119 shares and 58,490 shares for the three months ended June 30, 2022 and 2023 , respectively, and 171,501 shares and 57,775 shares for the six months ended June 30, 2022 and 2023 , respectively. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | (12) Financial Instruments The carrying amount of the Company’s financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, approximates fair value due to the short-term nature of these financial instruments. The estimated fair value of the Notes, based on available market information, was $ 174.0 million and $ 189.4 million as of December 31, 2022 and June 30, 2023 , respectively. The Company used Level 2 measurements under the fair value measurement hierarchy to determine the estimated fair value of the Notes. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | (13) Segment Information The Company currently operates three operating segments (Audio, Digital, esports) and two reportable segments (Audio, Digital). The identification of segments is consistent with how the segments report to and are managed by the Company’s Chief Executive Officer (the Company’s Chief Operating Decision Maker). The Audio segment generates revenue primarily from the sale of commercial advertising to customers of the Company’s stations in the following markets: Atlanta, GA, Augusta, GA, Boston, MA, Charlotte, NC, Detroit, MI, Fayetteville, NC, Fort Myers-Naples, FL, Las Vegas, NV, Middlesex, NJ, Monmouth, NJ, Morristown, NJ, Philadelphia, PA, Tampa-Saint Petersburg, FL, and Wilmington, DE. The Digital segment generates revenue primarily from the sale of digital advertising to customers of the Company’s stations and other advertisers throughout the United States. Corporate includes general and administrative expenses and certain other income and expense items not allocated to the operating segments. Non-operating corporate items including interest expense and income taxes, are reported in the accompanying condensed consolidated statements of comprehensive loss. Reportable segment information for the three months ended June 30, 2023 is as follows: Audio Digital Other Corporate Total Net revenue $ 50,448,093 $ 12,301,269 $ 712,361 $ - $ 63,461,723 Operating expenses 39,369,033 10,786,584 1,171,945 - 51,327,562 Corporate expenses - - - 4,405,031 4,405,031 Depreciation and amortization 1,737,441 47,201 199,290 212,053 2,195,985 Impairment losses 10,041,000 - - - 10,041,000 Operating income (loss) $ ( 699,381 ) $ 1,467,484 $ ( 658,874 ) $ ( 4,617,084 ) $ ( 4,507,855 ) Audio Digital Other Corporate Total Capital expenditures $ 811,663 $ 8,777 $ 5,412 $ 21,053 $ 846,905 Reportable segment information for the three months ended June 30, 2022 is as follows: Audio Digital Other Corporate Total Net revenue $ 53,417,896 $ 10,719,410 $ 673,144 $ - $ 64,810,450 Operating expenses 43,187,604 9,171,535 1,267,453 - 53,626,592 Corporate expenses - - - 4,567,470 4,567,470 Depreciation and amortization 1,564,338 4,613 700,953 181,198 2,451,102 Impairment losses 8,619,097 - - - 8,619,097 Operating income (loss) $ 46,857 $ 1,543,262 $ ( 1,295,262 ) $ ( 4,748,668 ) $ ( 4,453,811 ) Audio Digital Other Corporate Total Capital expenditures $ 5,039,229 $ 8,982 $ ( 1,598 ) $ 64,514 $ 5,111,127 Reportable segment information for the six months ended June 30, 2023 is as follows: Audio Digital Other Corporate Total Net revenue $ 97,866,059 $ 22,278,054 $ 1,096,730 $ - $ 121,240,843 Operating expenses 79,268,627 20,694,181 2,018,409 - 101,981,217 Corporate expenses - - - 8,888,126 8,888,126 Depreciation and amortization 3,512,205 93,967 395,767 423,371 4,425,310 Impairment losses 10,041,000 - - - 10,041,000 Operating income (loss) $ 5,044,227 $ 1,489,906 $ ( 1,317,446 ) $ ( 9,311,497 ) $ ( 4,094,810 ) Audio Digital Other Corporate Total Capital expenditures $ 1,949,777 $ 11,590 $ 25,534 $ 29,284 $ 2,016,185 Reportable segment information for the six months ended June 30, 2022 is as follows: Audio Digital Other Corporate Total Net revenue $ 100,783,041 $ 18,527,660 $ 1,220,017 $ - $ 120,530,718 Operating expenses 84,050,529 17,573,298 2,012,314 - 103,636,141 Corporate expenses - - - 8,800,930 8,800,930 Depreciation and amortization 3,186,165 9,077 1,396,301 375,459 4,967,002 Impairment losses 10,476,323 - - - 10,476,323 Operating income (loss) $ 3,070,024 $ 945,285 $ ( 2,188,598 ) $ ( 9,176,389 ) $ ( 7,349,678 ) Audio Digital Other Corporate Total Capital expenditures $ 6,221,223 $ 10,826 $ 59,084 $ 206,744 $ 6,497,877 Reportable segment information as of June 30, 2023 is as follows: Audio Digital Other Corporate Total Property and equipment, net $ 49,958,321 $ 109,274 $ 84,109 $ 3,290,829 $ 53,442,533 FCC licenses 477,208,798 - - - 477,208,798 Goodwill 10,582,360 922,000 1,761,100 - 13,265,460 Other intangibles, net 1,774,455 913,794 4,867,985 179,663 7,735,897 Reportable segment information as of December 31, 2022 is as follows: Audio Digital Other Corporate Total Property and equipment, net $ 51,941,687 $ 112,693 $ 67,751 $ 3,684,916 $ 55,807,047 FCC licenses 487,249,798 - - - 487,249,798 Goodwill 10,582,360 922,000 1,761,100 - 13,265,460 Other intangibles, net 1,841,001 992,752 5,206,523 179,663 8,219,939 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Such estimates include: (i) the amount of allowance for credit losses; (ii) future cash flows used for testing recoverability of property and equipment; (iii) fair values used for testing Federal Communications Commission (“FCC”) licenses, goodwill and other intangibles for impairment; (iv) estimates used to determine the incremental borrowing rate to record lease liabilities and related right-of-use assets; (v) the realization of deferred tax assets; and (vi) actuarial assumptions related to the SERP. Actual results and outcomes may differ from management’s estimates and assumptions. |
Accounts Receivable | Accounts Receivable Accounts receivable consist primarily of uncollected amounts due from advertisers for the sale of advertising airtime. The amounts are net of advertising agency commissions and an allowance for credit losses. The allowance for credit losses reflects management’s estimate of expected losses in accounts receivable from local advertisers and national agencies. Management determines the allowance based on historical information, relative improvements or deteriorations in the age of the accounts receivable and changes in current economic conditions and reasonable and supportable forecasts of future economic conditions. Interest is not accrued on accounts receivable. The changes in allowance for credit losses on accounts receivable are as follows: Three months ended June 30, Six months ended June 30, 2022 2023 2022 2023 Beginning balance $ 1,510,422 $ 1,740,162 $ 1,720,477 $ 1,876,751 Provision for credit losses 511,253 295,122 588,751 525,814 Deductions ( 373,333 ) ( 186,689 ) ( 660,886 ) ( 553,970 ) Ending balance $ 1,648,342 $ 1,848,595 $ 1,648,342 $ 1,848,595 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued guidance that will require the measurement of all expected credit losses for financial assets, including accounts receivable, held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The guidance was initially effective for the Company for annual reporting periods beginning after December 15, 2019, and interim periods within those fiscal years. In November 2019, the FASB issued additional guidance that included a deferral of the effective date for smaller reporting companies as defined by the Securities and Exchange Commission to fiscal years beginning after December 15, 2022, and interim periods within those years. The Company adopted the guidance on January 1, 2023, and the adoption did not have a material impact on the Company’s condensed consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Allowance for Credit Loss [Abstract] | |
Summary of credit losses on accounts receivable | The changes in allowance for credit losses on accounts receivable are as follows: Three months ended June 30, Six months ended June 30, 2022 2023 2022 2023 Beginning balance $ 1,510,422 $ 1,740,162 $ 1,720,477 $ 1,876,751 Provision for credit losses 511,253 295,122 588,751 525,814 Deductions ( 373,333 ) ( 186,689 ) ( 660,886 ) ( 553,970 ) Ending balance $ 1,648,342 $ 1,848,595 $ 1,648,342 $ 1,848,595 |
Acquisition and Dispositions (T
Acquisition and Dispositions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Business Combinations [Abstract] | |
Schedule of Purchase Price Allocation | The purchase price allocation is summarized as follows: Property and equipment $ 3,000 Goodwill 922,000 Other intangibles 1,075,000 $ 2,000,000 |
FCC Licenses (Tables)
FCC Licenses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text Block [Abstract] | |
Discounted Cash Flow Analyses | The key assumptions used in the discounted cash flow analyses are as follows: Revenue growth rates ( 1.9 )% - 15.9 % Market revenue shares at maturity 0.6 % - 44.0 % Operating income margins at maturity 19.2 % - 32.6 % Discount rate 9.5 % |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Key Assumptions Used in the Discounted Cash Flow Analyses | The key assumptions used in the discounted cash flow analyses are as follows: Revenue growth rates ( 1.9 )% - 11.1 % Operating income margins 5.4 % - 29.8 % Discount rate 9.5 % |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt is comprised of the following: December 31, June 30, 2022 2023 Secured notes $ 290,000,000 $ 287,000,000 Less unamortized debt issuance costs ( 4,527,893 ) ( 3,750,598 ) $ 285,472,107 $ 283,249,402 |
Stockholders Equity (Tables)
Stockholders Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of Changes in Stockholders Equity | The changes in stockholders’ equity are as follows: Three months ended June 30, Six months ended June 30, 2022 2023 2022 2023 Beginning balance $ 259,689,019 $ 220,100,965 $ 263,082,298 $ 223,488,808 Stock-based compensation 378,830 181,339 606,080 355,607 Purchase of treasury stock ( 76,108 ) ( 42,222 ) ( 105,707 ) ( 67,767 ) Net loss ( 14,454,717 ) ( 10,430,629 ) ( 18,045,647 ) ( 13,967,195 ) Ending balance $ 245,537,024 $ 209,809,453 $ 245,537,024 $ 209,809,453 |
Net Revenue (Tables)
Net Revenue (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Composition of Revenue | Net revenue is comprised of the following: Three months ended June 30, Six months ended June 30, 2022 2023 2022 2023 Audio $ 53,417,896 $ 50,448,093 $ 100,783,041 $ 97,866,059 Digital 10,719,410 12,301,269 18,527,660 22,278,054 Other 673,144 712,361 1,220,017 1,096,730 $ 64,810,450 $ 63,461,723 $ 120,530,718 $ 121,240,843 |
Deferred Revenue | December 31, June 30, 2022 2023 Deferred revenue $ 4,696,989 $ 6,636,401 |
Trade Sale Revenue | December 31, June 30, 2022 2023 Trade sales receivable $ 1,564,054 $ 1,973,948 Trade sales payable 806,162 849,333 Three months ended June 30, Six months ended June 30, 2022 2023 2022 2023 Trade sales revenue $ 1,504,105 $ 1,466,652 $ 2,876,678 $ 2,847,494 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Restricted Stock Units | A summary of restricted stock unit activity is presented below: Units Weighted-Average Grant-Date Fair Value Unvested as of April 1, 2023 1,049,350 $ 1.78 Granted - - Vested ( 170,500 ) 2.58 Forfeited - - Unvested as of June 30, 2023 878,850 $ 1.63 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | Earnings per share calculation information is as follows: Three months ended June 30, Six months ended June 30, 2022 2023 2022 2023 Net loss attributable to BBGI $ ( 14,454,717 ) $ ( 10,430,629 ) $ ( 18,045,647 ) $ ( 13,967,195 ) Weighted-average shares outstanding: Basic 29,418,951 29,853,144 29,395,003 29,819,638 Effect of dilutive restricted stock units and - - - - Diluted 29,418,951 29,853,144 29,395,003 29,819,638 Net loss attributable to BBGI $ ( 0.49 ) $ ( 0.35 ) $ ( 0.61 ) $ ( 0.47 ) |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Summary of reportable segment information | Reportable segment information for the three months ended June 30, 2023 is as follows: Audio Digital Other Corporate Total Net revenue $ 50,448,093 $ 12,301,269 $ 712,361 $ - $ 63,461,723 Operating expenses 39,369,033 10,786,584 1,171,945 - 51,327,562 Corporate expenses - - - 4,405,031 4,405,031 Depreciation and amortization 1,737,441 47,201 199,290 212,053 2,195,985 Impairment losses 10,041,000 - - - 10,041,000 Operating income (loss) $ ( 699,381 ) $ 1,467,484 $ ( 658,874 ) $ ( 4,617,084 ) $ ( 4,507,855 ) Audio Digital Other Corporate Total Capital expenditures $ 811,663 $ 8,777 $ 5,412 $ 21,053 $ 846,905 Reportable segment information for the three months ended June 30, 2022 is as follows: Audio Digital Other Corporate Total Net revenue $ 53,417,896 $ 10,719,410 $ 673,144 $ - $ 64,810,450 Operating expenses 43,187,604 9,171,535 1,267,453 - 53,626,592 Corporate expenses - - - 4,567,470 4,567,470 Depreciation and amortization 1,564,338 4,613 700,953 181,198 2,451,102 Impairment losses 8,619,097 - - - 8,619,097 Operating income (loss) $ 46,857 $ 1,543,262 $ ( 1,295,262 ) $ ( 4,748,668 ) $ ( 4,453,811 ) Audio Digital Other Corporate Total Capital expenditures $ 5,039,229 $ 8,982 $ ( 1,598 ) $ 64,514 $ 5,111,127 Reportable segment information for the six months ended June 30, 2023 is as follows: Audio Digital Other Corporate Total Net revenue $ 97,866,059 $ 22,278,054 $ 1,096,730 $ - $ 121,240,843 Operating expenses 79,268,627 20,694,181 2,018,409 - 101,981,217 Corporate expenses - - - 8,888,126 8,888,126 Depreciation and amortization 3,512,205 93,967 395,767 423,371 4,425,310 Impairment losses 10,041,000 - - - 10,041,000 Operating income (loss) $ 5,044,227 $ 1,489,906 $ ( 1,317,446 ) $ ( 9,311,497 ) $ ( 4,094,810 ) Audio Digital Other Corporate Total Capital expenditures $ 1,949,777 $ 11,590 $ 25,534 $ 29,284 $ 2,016,185 Reportable segment information for the six months ended June 30, 2022 is as follows: Audio Digital Other Corporate Total Net revenue $ 100,783,041 $ 18,527,660 $ 1,220,017 $ - $ 120,530,718 Operating expenses 84,050,529 17,573,298 2,012,314 - 103,636,141 Corporate expenses - - - 8,800,930 8,800,930 Depreciation and amortization 3,186,165 9,077 1,396,301 375,459 4,967,002 Impairment losses 10,476,323 - - - 10,476,323 Operating income (loss) $ 3,070,024 $ 945,285 $ ( 2,188,598 ) $ ( 9,176,389 ) $ ( 7,349,678 ) Audio Digital Other Corporate Total Capital expenditures $ 6,221,223 $ 10,826 $ 59,084 $ 206,744 $ 6,497,877 Reportable segment information as of June 30, 2023 is as follows: Audio Digital Other Corporate Total Property and equipment, net $ 49,958,321 $ 109,274 $ 84,109 $ 3,290,829 $ 53,442,533 FCC licenses 477,208,798 - - - 477,208,798 Goodwill 10,582,360 922,000 1,761,100 - 13,265,460 Other intangibles, net 1,774,455 913,794 4,867,985 179,663 7,735,897 Reportable segment information as of December 31, 2022 is as follows: Audio Digital Other Corporate Total Property and equipment, net $ 51,941,687 $ 112,693 $ 67,751 $ 3,684,916 $ 55,807,047 FCC licenses 487,249,798 - - - 487,249,798 Goodwill 10,582,360 922,000 1,761,100 - 13,265,460 Other intangibles, net 1,841,001 992,752 5,206,523 179,663 8,219,939 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of Credit Losses on Accounts Receivable (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Allowance for Credit Loss [Abstract] | ||||
Beginning balance | $ 1,740,162 | $ 1,510,422 | $ 1,876,751 | $ 1,720,477 |
Provision for credit losses | 295,122 | 511,253 | 525,814 | 588,751 |
Deductions | (186,689) | (373,333) | (553,970) | (660,886) |
Ending balance | $ 1,848,595 | $ 1,648,342 | $ 1,848,595 | $ 1,648,342 |
Acquisition and Dispositions -
Acquisition and Dispositions - Schedule of Purchase Price Allocation (Detail) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Business Acquisition [Line Items] | ||
Goodwill | $ 13,265,460 | $ 13,265,460 |
BBGI Guarantee Digital L L C [Member] | ||
Business Acquisition [Line Items] | ||
Property and equipment | 3,000 | |
Goodwill | 922,000 | |
Other intangibles | 1,075,000 | |
Total purchase price allocation | $ 2,000,000 |
Acquisition and Dispositions _2
Acquisition and Dispositions - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jun. 22, 2022 | Apr. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Business Acquisition [Line Items] | |||||
Proceeds from dispositions | $ 1,185,312 | ||||
Impairment losses | $ 1,900,000 | $ 10,000,000 | |||
Reporting Unit, Zero or Negative Carrying Amount, Amount of Allocated Goodwill | $ 900,000 | ||||
Payment to acquire business gross | $ 2,000,000 | ||||
Guarantee Digital L L C [Member] | |||||
Business Acquisition [Line Items] | |||||
Payment to acquire business gross | $ 2,000,000 | ||||
West Palm Beach Boca Raton [Member] | WWNNAM [Member] | |||||
Business Acquisition [Line Items] | |||||
Proceeds from dispositions | $ 1,250,000 |
FCC Licenses - Additional Infor
FCC Licenses - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | |
FCC Licenses [Line Items] | |||
Impairment of intangible assets indefinite lived excluding goodwill | $ 1.9 | $ 10 | |
Fort Mayers Naples FL Lasvegas LV And Wilmington [Member] | Licensing Agreements [Member] | |||
FCC Licenses [Line Items] | |||
Impairment of intangible assets indefinite lived excluding goodwill | $ 2.8 |
FCC Licenses - Discounted Cash
FCC Licenses - Discounted Cash Flow Analyses (Detail) | 3 Months Ended |
Jun. 30, 2022 | |
Measurement Input, Discount Rate [Member] | |
Fair Value Inputs Asset Quantitative Information [Line Items] | |
Fair value assumptions inputs rate | 9.50% |
Minimum [Member] | |
Fair Value Inputs Asset Quantitative Information [Line Items] | |
Market revenue shares at maturity | 0.60% |
Operating income margins at maturity | 19.20% |
Minimum [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | |
Fair Value Inputs Asset Quantitative Information [Line Items] | |
Fair value assumptions inputs rate | (1.90%) |
Maximum [Member] | |
Fair Value Inputs Asset Quantitative Information [Line Items] | |
Market revenue shares at maturity | 44% |
Operating income margins at maturity | 32.60% |
Maximum [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | |
Fair Value Inputs Asset Quantitative Information [Line Items] | |
Fair value assumptions inputs rate | 15.90% |
Goodwill - Additional Informati
Goodwill - Additional Information (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Goodwill [Line Items] | |
Goodwill impairment losses | $ 5.9 |
Goodwill - Summary of Key Assum
Goodwill - Summary of Key Assumptions Used in the Discounted Cash Flow Analyses (Details) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2023 | |
Goodwill [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | ||
Goodwill [Line Items] | ||
Revenue growth rates | (9.50%) | |
Minimum [Member] | ||
Goodwill [Line Items] | ||
Operating income margins | 19.20% | |
Minimum [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | ||
Goodwill [Line Items] | ||
Revenue growth rates | (1.90%) | |
Minimum [Member] | Goodwill [Member] | ||
Goodwill [Line Items] | ||
Operating income margins | 5.40% | |
Minimum [Member] | Goodwill [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | ||
Goodwill [Line Items] | ||
Revenue growth rates | (1.90%) | |
Maximum [Member] | ||
Goodwill [Line Items] | ||
Operating income margins | 32.60% | |
Maximum [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | ||
Goodwill [Line Items] | ||
Revenue growth rates | 15.90% | |
Maximum [Member] | Goodwill [Member] | ||
Goodwill [Line Items] | ||
Operating income margins | 29.80% | |
Maximum [Member] | Goodwill [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | ||
Goodwill [Line Items] | ||
Revenue growth rates | 11.10% |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Line of Credit Facility [Line Items] | ||
Less unamortized debt issuance costs | $ (3,750,598) | $ (4,527,893) |
Long-term debt | 283,249,402 | 285,472,107 |
Secured Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Secured notes | $ 287,000,000 | $ 290,000,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Feb. 02, 2021 | |
Long-Term Debt [Line Items] | |||||
Gain (Loss) on Extinguishment of Debt | $ 973,208 | $ 100,335 | |||
Promissory Note [Member] | |||||
Long-Term Debt [Line Items] | |||||
Debt Instrument Repurchased Amount | $ 3,000,000 | $ 5,000,000 | |||
Debt instrument redeemed Percentage | 66% | 96% | |||
Gain (Loss) on Extinguishment of Debt | $ 1,000,000 | $ 100,000 | |||
8.625% senior secured notes due on February 1, 2026 | |||||
Long-Term Debt [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 8.625% | ||||
Debt instrument face value | $ 300,000,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Changes in Stockholders Equity (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Beginning balance | $ 220,100,965 | $ 259,689,019 | $ 223,488,808 | $ 263,082,298 |
Stock-based compensation | 181,339 | 378,830 | 355,607 | 606,080 |
Purchase of treasury stock | (42,222) | (76,108) | (67,767) | (105,707) |
Net loss | (10,430,629) | (14,454,717) | (13,967,195) | (18,045,647) |
Ending balance | $ 209,809,453 | $ 245,537,024 | $ 209,809,453 | $ 245,537,024 |
Net Revenue - Composition of Re
Net Revenue - Composition of Revenue (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 63,461,723 | $ 64,810,450 | $ 121,240,843 | $ 120,530,718 |
Audio [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 50,448,093 | 53,417,896 | 97,866,059 | 100,783,041 |
Digital [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 12,301,269 | 10,719,410 | 22,278,054 | 18,527,660 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 712,361 | $ 673,144 | $ 1,096,730 | $ 1,220,017 |
Net Revenue - Deferred Revenue
Net Revenue - Deferred Revenue (Detail) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue | $ 6,636,401 | $ 4,696,989 |
Net Revenue - Trade Sale Revenu
Net Revenue - Trade Sale Revenue (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |||||
Trade sales receivable | $ 1,973,948 | $ 1,973,948 | $ 1,564,054 | ||
Trade sales payable | 849,333 | 849,333 | $ 806,162 | ||
Trade sales revenue | $ 1,466,652 | $ 1,504,105 | $ 2,847,494 | $ 2,876,678 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - 2007 Plan [Member] $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total unrecognized compensation cost for restricted stock granted | $ | $ 1 |
Cost expected to be recognized over a weighted-average period | 2 years 4 months 24 days |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock units and restricted stock awards, vest, period | 1 year |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock units and restricted stock awards, vest, period | 5 years |
Class A Common Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares authorized | shares | 7,500,000 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Units (Detail) - 2007 Plan [Member] - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested Shares, Beginning Balance | shares | 1,049,350 |
Granted, Shares | shares | 0 |
Vested, Shares | shares | (170,500) |
Forfeited, Shares | shares | 0 |
Unvested Shares, Ending Balance | shares | 878,850 |
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares | $ 1.78 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | 0 |
Vested, Weighted-Average Grant-Date Fair Value | $ / shares | 2.58 |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | 0 |
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares | $ 1.63 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Federal statutory rate | 21% | |||
Effective tax rate | (7.00%) | 32% | (18.00%) | (13.00%) |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Per Share (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net loss attributable to BBGI stockholders | $ (10,430,629) | $ (14,454,717) | $ (13,967,195) | $ (18,045,647) |
Weighted-average shares outstanding: | ||||
Basic | 29,853,144 | 29,418,951 | 29,819,638 | 29,395,003 |
Effect of dilutive restricted stock units and restricted stock | 0 | 0 | 0 | 0 |
Diluted | 29,853,144 | 29,418,951 | 29,819,638 | 29,395,003 |
Net loss attributable to BBGI stockholders per Class A and Class B common share - basic | $ (0.35) | $ (0.49) | $ (0.47) | $ (0.61) |
Net loss attributable to BBGI stockholders per Class A and Class B common share - diluted | $ (0.35) | $ (0.49) | $ (0.47) | $ (0.61) |
Earnings Per Share - Additional
Earnings Per Share - Additional information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Payment Arrangement [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the computation of earnings per share | 58,490 | 136,119 | 57,775 | 171,501 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Of Financial Instruments [Line Items] | ||
Long-term debt | $ 189.4 | $ 174 |
Segment Information - Summary o
Segment Information - Summary of Reportable Segment Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||||
Net revenue | $ 63,461,723 | $ 64,810,450 | $ 121,240,843 | $ 120,530,718 | |
Operating expenses | 51,327,562 | 53,626,592 | 101,981,217 | 103,636,141 | |
Corporate expenses | 4,405,031 | 4,567,470 | 8,888,126 | 8,800,930 | |
Depreciation and amortization | 2,195,985 | 2,451,102 | 4,425,310 | 4,967,002 | |
Impairment losses | 10,041,000 | 8,619,097 | 10,041,000 | 10,476,323 | |
Operating loss | (4,507,855) | (4,453,811) | (4,094,810) | (7,349,678) | |
Capital expenditures | 846,905 | 5,111,127 | 2,016,185 | 6,497,877 | |
Property and equipment, net | 53,442,533 | 53,442,533 | $ 55,807,047 | ||
FCC licenses | 477,208,798 | 477,208,798 | 487,249,798 | ||
Goodwill | 13,265,460 | 13,265,460 | 13,265,460 | ||
Other intangibles, net | 7,735,897 | 7,735,897 | 8,219,939 | ||
Audio [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenue | 50,448,093 | 53,417,896 | 97,866,059 | 100,783,041 | |
Operating expenses | 39,369,033 | 43,187,604 | 79,268,627 | 84,050,529 | |
Depreciation and amortization | 1,737,441 | 1,564,338 | 3,512,205 | 3,186,165 | |
Impairment losses | 10,041,000 | 8,619,097 | 10,041,000 | 10,476,323 | |
Operating loss | (699,381) | 46,857 | 5,044,227 | 3,070,024 | |
Capital expenditures | 811,663 | 5,039,229 | 1,949,777 | 6,221,223 | |
Property and equipment, net | 49,958,321 | 49,958,321 | 51,941,687 | ||
FCC licenses | 477,208,798 | 477,208,798 | 487,249,798 | ||
Goodwill | 10,582,360 | 10,582,360 | 10,582,360 | ||
Other intangibles, net | 1,774,455 | 1,774,455 | 1,841,001 | ||
Digital [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenue | 12,301,269 | 10,719,410 | 22,278,054 | 18,527,660 | |
Operating expenses | 10,786,584 | 9,171,535 | 20,694,181 | 17,573,298 | |
Depreciation and amortization | 47,201 | 4,613 | 93,967 | 9,077 | |
Operating loss | 1,467,484 | 1,543,262 | 1,489,906 | 945,285 | |
Capital expenditures | 8,777 | 8,982 | 11,590 | 10,826 | |
Property and equipment, net | 109,274 | 109,274 | 112,693 | ||
Goodwill | 922,000 | 922,000 | 922,000 | ||
Other intangibles, net | 913,794 | 913,794 | 992,752 | ||
Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenue | 712,361 | 673,144 | 1,096,730 | 1,220,017 | |
Operating expenses | 1,171,945 | 1,267,453 | 2,018,409 | 2,012,314 | |
Depreciation and amortization | 199,290 | 700,953 | 395,767 | 1,396,301 | |
Operating loss | (658,874) | (1,295,262) | (1,317,446) | (2,188,598) | |
Capital expenditures | (5,412) | (1,598) | 25,534 | 59,084 | |
Property and equipment, net | 84,109 | 84,109 | 67,751 | ||
Goodwill | 1,761,100 | 1,761,100 | 1,761,100 | ||
Other intangibles, net | 4,867,985 | 4,867,985 | 5,206,523 | ||
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Corporate expenses | 4,405,031 | 4,567,470 | 8,888,126 | 8,800,930 | |
Depreciation and amortization | 212,053 | 181,198 | 423,371 | 375,459 | |
Operating loss | (4,617,084) | (4,748,668) | (9,311,497) | (9,176,389) | |
Capital expenditures | 21,053 | $ 64,514 | 29,284 | $ 206,744 | |
Property and equipment, net | 3,290,829 | 3,290,829 | 3,684,916 | ||
Other intangibles, net | $ 179,663 | $ 179,663 | $ 179,663 |