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 |