Beasley Broadcast (BBGI) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 02, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
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		13,681,533
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 ($)	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 27,763,453	$ 26,733,921
Accounts receivable, less allowance for credit losses of $1,752,058 in 2023 and $1,541,399 in 2024	46,508,958	53,424,196
Prepaid expenses	4,426,652	4,338,503
Other current assets	1,895,334	2,150,163
Total current assets	80,594,397	86,646,783
Property and equipment, net	50,642,084	51,474,754
Operating lease right-of-use assets	33,768,736	34,767,126
FCC licenses	393,006,900	393,006,900
Goodwill	922,000	922,000
Other intangibles, net	2,649,656	2,722,408
Other assets	4,696,089	4,727,967
Total assets	566,279,862	574,267,938
Current liabilities:
Accounts payable	11,714,223	14,299,048
Operating lease liabilities	8,084,044	8,082,981
Other current liabilities	22,167,156	25,913,827
Total current liabilities	41,965,423	48,295,856
Long-term debt, net of unamortized debt issuance costs	264,538,649	264,203,010
Operating lease liabilities	32,295,713	33,440,246
Deferred tax liabilities	70,905,149	71,894,915
Total liabilities	417,152,532	425,289,303
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued
Additional paid-in capital	152,947,672	152,794,353
Treasury stock, Class A common stock; 3,737,441 shares in 2023; 3,752,099 shares in 2024	(29,251,815)	(29,239,179)
Retained earnings	25,050,896	25,042,926
Accumulated other comprehensive income	346,484	346,484
Total stockholders' equity	149,127,330	148,978,635
Total liabilities and stockholders' equity	566,279,862	574,267,938
Class A Common Stock [Member]
Stockholders' equity:
Common stock	17,431	17,389
Class B Common Stock [Member]
Stockholders' equity:
Common stock	16,662	16,662
Due to Related Parties [Member]
Current liabilities:
Other long-term liabilities	47,341	55,019
Nonrelated Party [Member]
Current liabilities:
Other long-term liabilities	$ 7,400,257	$ 7,400,257

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Allowance for doubtful accounts	$ 1,541,399	$ 1,752,058
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	17,433,632	17,391,382
Common stock, shares outstanding	13,681,533	13,653,941
Treasury stock, Class A common stock shares	3,752,099	3,737,441
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 Net Income (Loss) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net revenue	$ 54,380,346	$ 57,779,120
Operating expenses:
Operating expenses (including stock-based compensation of $32,804 in 2023 and $22,238 in 2024 and excluding depreciation and amortization shown separately below)	49,240,998	50,653,655
Corporate expenses (including stock-based compensation of $141,464 in 2023 and $131,123 in 2024)	4,407,832	4,483,095
Depreciation and amortization	1,834,602	2,229,325
Total operating expenses	55,483,432	57,366,075
Operating income (loss)	(1,103,086)	413,045
Non-operating income (expense):
Interest expense	(5,587,308)	(6,593,852)
Gain on sale of investment	6,026,776
Other income, net	270,005	540,515
Loss before income taxes	(393,613)	(5,640,292)
Income tax benefit	(410,230)	(2,163,983)
Income (loss) before equity in earnings of unconsolidated affiliates	16,617	(3,476,309)
Equity in earnings of unconsolidated affiliates, net of tax	(8,647)	(60,257)
Net income (loss)	$ 7,970	$ (3,536,566)
Net income (loss) per Class A and Class B common share:
Basic	$ 0	$ (0.12)
Diluted	$ 0	$ (0.12)
Weighted average shares outstanding:
Basic	30,325,802	29,785,759
Diluted	30,466,730	29,785,759

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Net Income (Loss) (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock-based compensation	$ 153,361	$ 174,268
Station Operating Expenses [Member]
Stock-based compensation	22,238	32,804
Corporate General and Administrative Expenses [Member]
Stock-based compensation	$ 131,123	$ 141,464

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 7,970	$ (3,536,566)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Stock-based compensation	153,361	174,268
Provision for credit losses	217,742	230,692
Depreciation and amortization	1,834,602	2,229,325
Amortization of loan fees	335,639	367,126
Gain on sale of investment	(6,026,776)
Deferred income taxes	(989,766)	(2,163,983)
Equity in earnings of unconsolidated affiliates	8,647	60,257
Change in operating assets and liabilities:
Accounts receivable	6,697,496	8,965,032
Prepaid expenses	(88,149)	(266,749)
Other assets	241,709	1,049,212
Accounts payable	(2,584,825)	(3,713,040)
Other liabilities	(3,884,195)	(6,062,782)
Other operating activities	39,661	222,043
Net cash used in operating activities	(4,036,884)	(2,445,165)
Cash flows from investing activities:
Capital expenditures	(947,724)	(1,169,280)
Proceeds from sale of investment	6,026,776
Net cash provided by (used in) investing activities	5,079,052	(1,169,280)
Cash flows from financing activities:
Purchase of treasury stock	(12,636)	(25,545)
Net cash used in financing activities	(12,636)	(25,545)
Net increase (decrease) in cash and cash equivalents	1,029,532	(3,639,990)
Cash and cash equivalents at beginning of period	26,733,921	39,534,653
Cash and cash equivalents at end of period	27,763,453	35,894,663
Cash paid for interest	11,514,377	12,506,445
Cash paid for income taxes	$ 84,450	$ 21,491

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 7,970	$ (3,536,566)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Interim Financial Statements

Interim Financial Statements	3 Months Ended
	Mar. 31, 2024
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, 2023. 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.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Recent Accounting Pronouncements	(2) Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued guidance which requires additional disclosures primarily related to the Company's income tax rate reconciliation and income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied prospectively. The Company is currently in the process of reviewing the new guidance. In November 2023, the FASB issued guidance which requires additional disclosures for the Company's reportable segments, primarily related to significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within the fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently in the process of reviewing the new guidance.

Proceeds from BMI Sale

Proceeds from BMI Sale	3 Months Ended
	Mar. 31, 2024
Investments, All Other Investments [Abstract]
Proceeds from BMI Sale	On March 8, 2024, the Company received $ 6.0 million related to the sale of an investment in Broadcast Music, Inc. ("BMI") and recorded a gain of $ 6.0 million. The gain on sale of investment is reported in the accompanying condensed consolidated statement of net income for the three months ended March 31, 2024. After the sale, the Company no longer holds an investment in BMI.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	(4) Long-Term Debt Long-term debt is comprised of the following: December 31, March 31, 2023 2024 Secured notes $ 267,000,000 $ 267,000,000 Less unamortized debt issuance costs ( 2,796,990 ) ( 2,461,351 ) $ 264,203,010 $ 264,538,649 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.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders' Equity	(5) Stockholders’ Equity The changes in stockholders’ equity are as follows: Three months ended March 31, 2023 2024 Beginning balance $ 223,488,808 $ 148,978,635 Stock-based compensation 174,268 153,361 Purchase of treasury stock ( 25,545 ) ( 12,636 ) Net income (loss) ( 3,536,566 ) 7,970 Ending balance $ 220,100,965 $ 149,127,330

Net Revenue

Net Revenue	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Net Revenue	(6) Net Revenue Net revenue is comprised of the following: Three months ended March 31, 2023 2024 Audio $ 47,417,966 $ 43,428,127 Digital 9,976,785 10,952,219 Other 384,369 - $ 57,779,120 $ 54,380,346 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, March 31, 2023 2024 Deferred revenue $ 4,835,984 $ 4,611,312 Audio revenue includes revenue from the sale or trade of aired commercial spots to advertisers directly or through national, regional or local 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, March 31, 2023 2024 Trade sales receivable $ 1,417,692 $ 1,381,341 Trade sales payable 481,471 466,237 Three months ended March 31, 2023 2024 Trade sales revenue $ 1,380,842 $ 1,264,463 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. The Company assesses each digital sales order to determine if the Company is operating as the principal or an agent. The Company currently operates as the principal for digital revenue.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	(7) 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 January 1, 2024 773,334 $ 1.54 Granted - - Vested ( 42,250 ) 2.28 Forfeited ( 5,000 ) 0.92 Unvested as of March 31, 2024 726,084 $ 1.50 As of March 31, 2024 , there was $ 0.6 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 2.1 years.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	(8) Income Taxes The Company’s effective tax rate was ( 38 )% and ( 104 )% for the three months ended March 31, 2023 and 2024 , 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.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	(9) Net Income (Loss) Per Share Net income (loss) per share calculation information is as follows: Three months ended March 31, 2023 2024 Net income (loss) $ ( 3,536,566 ) $ 7,970 Weighted-average shares outstanding: Basic 29,785,759 30,325,802 Effect of dilutive restricted stock units - 140,928 Diluted 29,785,759 30,466,730 Net income (loss) per Class A and Class B common share – basic and diluted $ ( 0.12 ) $ - The Company excluded the effect of restrictive stock units under the treasury stock method when reporting a net loss as the addition of shares was anti-dilutive. The number of shares excluded was 123,738 for the three months ended March 31, 2023

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2024
Investments, All Other Investments [Abstract]
Financial Instruments	(10) 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 Company's Notes, based on available market information, was $ 173.2 million and $ 160.2 million as of December 31, 2023 and March 31, 2024 , 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	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	(11) Segment Information The Company currently operates two operating and reportable segments (Audio and Digital). The Company also operated an esports segment until December 13, 2023. 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, and Tampa-Saint Petersburg, FL. 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 expenses 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 net income (loss). Reportable segment information for the three months ended March 31, 2024 is as follows: Audio Digital Corporate Total Net revenue $ 43,428,127 $ 10,952,219 $ - $ 54,380,346 Operating expenses 38,432,912 10,808,086 - 49,240,998 Corporate expenses - - 4,407,832 4,407,832 Depreciation and amortization 1,596,253 52,439 185,910 1,834,602 Operating income (loss) $ 3,398,962 $ 91,694 $ ( 4,593,742 ) $ ( 1,103,086 ) Audio Digital Corporate Total Capital expenditures $ 821,735 $ - $ 125,989 $ 947,724 Reportable segment information for the three months ended March 31, 2023 is as follows: Audio Digital Other Corporate Total Net revenue $ 47,417,966 $ 9,976,785 $ 384,369 $ - $ 57,779,120 Operating expenses 39,899,594 9,907,597 846,464 - 50,653,655 Corporate expenses - - - 4,483,095 4,483,095 Depreciation and amortization 1,774,764 46,766 196,477 211,318 2,229,325 Operating income (loss) $ 5,743,608 $ 22,422 $ ( 658,572 ) $ ( 4,694,413 ) $ 413,045 Audio Digital Other Corporate Total Capital expenditures $ 1,138,114 $ 2,813 $ 20,122 $ 8,231 $ 1,169,280 Reportable segment information as of March 31, 2024 is as follows: Audio Digital Corporate Total Property and equipment, net $ 47,564,829 $ 156,124 $ 2,921,131 $ 50,642,084 FCC licenses 393,006,900 - - 393,006,900 Goodwill - 922,000 - 922,000 Other intangibles, net 1,674,636 795,357 179,663 2,649,656 Reportable segment information as of December 31, 2023 is as follows: Audio Digital Other Corporate Total Property and equipment, net $ 48,324,618 $ 95,003 $ 74,081 $ 2,981,052 $ 51,474,754 FCC licenses 393,006,900 - - - 393,006,900 Goodwill - 922,000 - - 922,000 Other intangibles, net 1,707,909 834,836 - 179,663 2,722,408

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Recent Accounting Pronouncements	In December 2023, the Financial Accounting Standards Board (“FASB”) issued guidance which requires additional disclosures primarily related to the Company's income tax rate reconciliation and income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied prospectively. The Company is currently in the process of reviewing the new guidance. In November 2023, the FASB issued guidance which requires additional disclosures for the Company's reportable segments, primarily related to significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within the fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently in the process of reviewing the new guidance.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Summary of Long-Term Debt	Long-term debt is comprised of the following: December 31, March 31, 2023 2024 Secured notes $ 267,000,000 $ 267,000,000 Less unamortized debt issuance costs ( 2,796,990 ) ( 2,461,351 ) $ 264,203,010 $ 264,538,649

Stockholders Equity (Tables)

Stockholders Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Changes in Stockholders Equity	The changes in stockholders’ equity are as follows: Three months ended March 31, 2023 2024 Beginning balance $ 223,488,808 $ 148,978,635 Stock-based compensation 174,268 153,361 Purchase of treasury stock ( 25,545 ) ( 12,636 ) Net income (loss) ( 3,536,566 ) 7,970 Ending balance $ 220,100,965 $ 149,127,330

Net Revenue (Tables)

Net Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Composition of Revenue	Net revenue is comprised of the following: Three months ended March 31, 2023 2024 Audio $ 47,417,966 $ 43,428,127 Digital 9,976,785 10,952,219 Other 384,369 - $ 57,779,120 $ 54,380,346
Deferred Revenue	December 31, March 31, 2023 2024 Deferred revenue $ 4,835,984 $ 4,611,312
Trade Sale Revenue	December 31, March 31, 2023 2024 Trade sales receivable $ 1,417,692 $ 1,381,341 Trade sales payable 481,471 466,237 Three months ended March 31, 2023 2024 Trade sales revenue $ 1,380,842 $ 1,264,463

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
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 January 1, 2024 773,334 $ 1.54 Granted - - Vested ( 42,250 ) 2.28 Forfeited ( 5,000 ) 0.92 Unvested as of March 31, 2024 726,084 $ 1.50

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Net Income (Loss) Per Share	Net income (loss) per share calculation information is as follows: Three months ended March 31, 2023 2024 Net income (loss) $ ( 3,536,566 ) $ 7,970 Weighted-average shares outstanding: Basic 29,785,759 30,325,802 Effect of dilutive restricted stock units - 140,928 Diluted 29,785,759 30,466,730 Net income (loss) per Class A and Class B common share – basic and diluted $ ( 0.12 ) $ -

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Summary of reportable segment information	Reportable segment information for the three months ended March 31, 2024 is as follows: Audio Digital Corporate Total Net revenue $ 43,428,127 $ 10,952,219 $ - $ 54,380,346 Operating expenses 38,432,912 10,808,086 - 49,240,998 Corporate expenses - - 4,407,832 4,407,832 Depreciation and amortization 1,596,253 52,439 185,910 1,834,602 Operating income (loss) $ 3,398,962 $ 91,694 $ ( 4,593,742 ) $ ( 1,103,086 ) Audio Digital Corporate Total Capital expenditures $ 821,735 $ - $ 125,989 $ 947,724 Reportable segment information for the three months ended March 31, 2023 is as follows: Audio Digital Other Corporate Total Net revenue $ 47,417,966 $ 9,976,785 $ 384,369 $ - $ 57,779,120 Operating expenses 39,899,594 9,907,597 846,464 - 50,653,655 Corporate expenses - - - 4,483,095 4,483,095 Depreciation and amortization 1,774,764 46,766 196,477 211,318 2,229,325 Operating income (loss) $ 5,743,608 $ 22,422 $ ( 658,572 ) $ ( 4,694,413 ) $ 413,045 Audio Digital Other Corporate Total Capital expenditures $ 1,138,114 $ 2,813 $ 20,122 $ 8,231 $ 1,169,280 Reportable segment information as of March 31, 2024 is as follows: Audio Digital Corporate Total Property and equipment, net $ 47,564,829 $ 156,124 $ 2,921,131 $ 50,642,084 FCC licenses 393,006,900 - - 393,006,900 Goodwill - 922,000 - 922,000 Other intangibles, net 1,674,636 795,357 179,663 2,649,656 Reportable segment information as of December 31, 2023 is as follows: Audio Digital Other Corporate Total Property and equipment, net $ 48,324,618 $ 95,003 $ 74,081 $ 2,981,052 $ 51,474,754 FCC licenses 393,006,900 - - - 393,006,900 Goodwill - 922,000 - - 922,000 Other intangibles, net 1,707,909 834,836 - 179,663 2,722,408

Proceeds from BMI Sale - Additi

Proceeds from BMI Sale - Additional Information (Detail) - USD ($)		3 Months Ended
	Mar. 08, 2024	Mar. 31, 2024
Net Investment Income [Line Items]
Gain on sale of investment		$ 6,026,776
Broadcast Music, Inc. [Member]
Net Investment Income [Line Items]
Proceeds from sale of investments	$ 6,000,000
Gain on sale of investment	$ 6,000,000

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Less unamortized debt issuance costs	$ (2,461,351)	$ (2,796,990)
Long-term debt	264,538,649	264,203,010
Secured Notes [Member]
Line of Credit Facility [Line Items]
Secured notes	$ 267,000,000	$ 267,000,000

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - 8.625% senior secured notes due on February 1, 2026 $ in Millions	Feb. 02, 2021 USD ($)
Long-Term Debt [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	8.625%
Debt instrument face value	$ 300

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Changes in Stockholders Equity (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Beginning balance	$ 148,978,635	$ 223,488,808
Stock-based compensation	153,361	174,268
Purchase of treasury stock	(12,636)	(25,545)
Net income (loss)	7,970	(3,536,566)
Ending balance	$ 149,127,330	$ 220,100,965

Net Revenue - Composition of Re

Net Revenue - Composition of Revenue (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Net revenue	$ 54,380,346	$ 57,779,120
Audio [Member]
Disaggregation of Revenue [Line Items]
Net revenue	43,428,127	47,417,966
Digital [Member]
Disaggregation of Revenue [Line Items]
Net revenue	$ 10,952,219	9,976,785
Other [Member]
Disaggregation of Revenue [Line Items]
Net revenue		$ 384,369

Net Revenue - Deferred Revenue

Net Revenue - Deferred Revenue (Detail) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 4,611,312	$ 4,835,984

Net Revenue - Trade Sale Revenu

Net Revenue - Trade Sale Revenue (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Trade sales receivable	$ 1,381,341		$ 1,417,692
Trade sales payable	466,237		$ 481,471
Trade sales revenue	$ 1,264,463	$ 1,380,842

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units and restricted stock awards, vest, period	1 year
2007 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost for restricted stock granted | $	$ 0.6
Cost expected to be recognized over a weighted-average period	2 years 1 month 6 days
2007 Plan [Member] | 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] | 2007 Plan [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
	Mar. 31, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Shares, Beginning Balance | shares	773,334
Granted, Shares | shares	0
Vested, Shares | shares	(42,250)
Forfeited, Shares | shares	(5,000)
Unvested Shares, Ending Balance | shares	726,084
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 1.54
Granted, Weighted-Average Grant-Date Fair Value | $ / shares	0
Vested, Weighted-Average Grant-Date Fair Value | $ / shares	2.28
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares	0.92
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares	$ 1.5

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Federal statutory rate	21%
Effective tax rate	(104.00%)	(38.00%)

Net Income (Loss) Per Share - S

Net Income (Loss) Per Share - Schedule of Net Income (Loss) Per Share (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income (loss)	$ 7,970	$ (3,536,566)
Weighted-average shares outstanding:
Basic	30,325,802	29,785,759
Effect of dilutive restricted stock units and restricted stock	140,928	0
Diluted	30,466,730	29,785,759
Net income (loss) attributable to BBGI stockholders per Class A and Class B common share - basic	$ 0	$ (0.12)
Net income (loss) attributable to BBGI stockholders per Class A and Class B common share - diluted	$ 0	$ (0.12)

Net Income (Loss) Per Share - A

Net Income (Loss) Per Share - Additional information (Detail)	3 Months Ended
	Mar. 31, 2023 shares
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	123,738

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Inputs, Level 2 [Member]
Fair Value Of Financial Instruments [Line Items]
Long-term debt	$ 160.2	$ 173.2

Segment Information - Summary o

Segment Information - Summary of Reportable Segment Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net revenue	$ 54,380,346	$ 57,779,120
Operating expenses	49,240,998	50,653,655
Corporate expenses	4,407,832	4,483,095
Depreciation and amortization	1,834,602	2,229,325
Operating income (loss)	(1,103,086)	413,045
Capital expenditures	947,724	1,169,280
Property and equipment, net	50,642,084		$ 51,474,754
FCC licenses	393,006,900		393,006,900
Goodwill	922,000		922,000
Other intangibles, net	2,649,656		2,722,408
Audio [Member]
Segment Reporting Information [Line Items]
Net revenue	43,428,127	47,417,966
Operating expenses	38,432,912	39,899,594
Depreciation and amortization	1,596,253	1,774,764
Operating income (loss)	3,398,962	5,743,608
Capital expenditures	821,735	1,138,114
Property and equipment, net	47,564,829		48,324,618
FCC licenses	393,006,900		393,006,900
Goodwill	0		0
Other intangibles, net	1,674,636		1,707,909
Digital [Member]
Segment Reporting Information [Line Items]
Net revenue	10,952,219	9,976,785
Operating expenses	10,808,086	9,907,597
Depreciation and amortization	52,439	46,766
Operating income (loss)	91,694	22,422
Capital expenditures	0	2,813
Property and equipment, net	156,124		95,003
Goodwill	922,000		922,000
Other intangibles, net	795,357		834,836
Other [Member]
Segment Reporting Information [Line Items]
Net revenue		384,369
Operating expenses		846,464
Depreciation and amortization		196,477
Operating income (loss)		(658,572)
Capital expenditures		20,122
Property and equipment, net			74,081
Goodwill			0
Other intangibles, net			0
Corporate [Member]
Segment Reporting Information [Line Items]
Corporate expenses	4,407,832	4,483,095
Depreciation and amortization	185,910	211,318
Operating income (loss)	(4,593,742)	(4,694,413)
Capital expenditures	125,989	$ 8,231
Property and equipment, net	2,921,131		2,981,052
Other intangibles, net	$ 179,663		$ 179,663