Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 06, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
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 $0.001 per share | |
Entity File Number | 000-29253 | |
Entity Incorporation, State or Country Code | DE | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 13,796,612 | |
Class B Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 16,662,743 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 33,294,187 | $ 26,733,921 |
Accounts receivable, less allowance for credit losses of $1,752,058 in 2023 and $1,473,743 in 2024 | 47,175,316 | 53,424,196 |
Prepaid expenses | 5,818,556 | 4,338,503 |
Other current assets | 2,134,690 | 2,150,163 |
Total current assets | 88,422,749 | 86,646,783 |
Property and equipment, net | 49,919,069 | 51,474,754 |
Operating lease right-of-use assets | 33,431,749 | 34,767,126 |
FCC licenses | 393,006,900 | 393,006,900 |
Goodwill | 922,000 | 922,000 |
Other intangibles, net | 2,576,904 | 2,722,408 |
Other assets | 4,888,812 | 4,727,967 |
Total assets | 573,168,183 | 574,267,938 |
Current liabilities: | ||
Accounts payable | 13,737,563 | 14,299,048 |
Operating lease liabilities | 8,283,652 | 8,082,981 |
Other current liabilities | 27,900,560 | 25,913,827 |
Total current liabilities | 49,921,775 | 48,295,856 |
Long-term debt, net of unamortized debt issuance costs | 264,874,288 | 264,203,010 |
Operating lease liabilities | 31,621,104 | 33,440,246 |
Deferred tax liabilities | 70,222,945 | 71,894,915 |
Total liabilities | 424,080,032 | 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 | 153,209,210 | 152,794,353 |
Treasury stock, Class A common stock; 3,737,441 shares in 2023; 3,790,020 shares in 2024 | (29,276,664) | (29,239,179) |
Retained earnings | 24,774,875 | 25,042,926 |
Accumulated other comprehensive income | 346,484 | 346,484 |
Total stockholders' equity | 149,088,151 | 148,978,635 |
Total liabilities and stockholders' equity | 573,168,183 | 574,267,938 |
Class A Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock | 17,584 | 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 | 39,663 | 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 ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Allowance for doubtful accounts | $ 1,473,743 | $ 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 | 17,586,632 | 17,391,382 |
Common stock, shares outstanding | 13,796,612 | 13,653,941 |
Treasury stock, Class A common stock shares | 3,790,020 | 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 Loss - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Net revenue | $ 60,435,657 | $ 63,461,723 | $ 114,816,003 | $ 121,240,843 |
Operating expenses: | ||||
Operating expenses | 49,347,793 | 51,327,562 | 98,588,791 | 101,981,217 |
Corporate expenses | 3,879,771 | 4,405,031 | 8,287,603 | 8,888,126 |
Depreciation and amortization | 1,832,894 | 2,195,985 | 3,667,496 | 4,425,310 |
Impairment loss | 10,041,000 | 10,041,000 | ||
Total operating expenses | 55,060,458 | 67,969,578 | 110,543,890 | 125,335,653 |
Operating income (loss) | 5,375,199 | (4,507,855) | 4,272,113 | (4,094,810) |
Non-operating income (expense): | ||||
Interest expense | (6,092,829) | (6,724,469) | (11,680,137) | (13,318,321) |
Gain on sale of investment | 6,026,776 | |||
Other income, net | 357,260 | 36,735 | 627,265 | 577,250 |
Loss before income taxes | (360,370) | (11,195,589) | (753,983) | (16,835,881) |
Income tax benefit | (75,986) | (821,836) | (486,216) | (2,985,819) |
Loss before equity in earnings of unconsolidated affiliates | (284,384) | (10,373,753) | (267,767) | (13,850,062) |
Equity in earnings of unconsolidated affiliates, net of tax | 8,363 | (56,876) | (284) | (117,133) |
Net loss | $ (276,021) | $ (10,430,629) | $ (268,051) | $ (13,967,195) |
Net loss per Class A and Class B common share: | ||||
Basic | $ (0.01) | $ (0.35) | $ (0.01) | $ (0.47) |
Diluted | $ (0.01) | $ (0.35) | $ (0.01) | $ (0.47) |
Weighted average shares outstanding: | ||||
Basic | 30,354,222 | 29,853,144 | 30,340,012 | 29,819,638 |
Diluted | 30,354,222 | 29,853,144 | 30,340,012 | 29,819,638 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Net Loss (Parenthetical) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Stock-based compensation | $ 415,052 | $ 355,607 | ||
Station Operating Expenses [Member] | ||||
Stock-based compensation | $ 13,679 | $ 39,416 | 35,917 | 72,220 |
Corporate General and Administrative Expenses [Member] | ||||
Stock-based compensation | $ 248,012 | $ 141,923 | $ 379,135 | $ 283,387 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Net Income (Loss) | $ (268,051) | $ (13,967,195) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Stock-based compensation | 415,052 | 355,607 |
Provision for credit losses | 291,000 | 525,814 |
Depreciation and amortization | 3,667,496 | 4,425,310 |
Impairment loss | 10,041,000 | |
Amortization of loan fees | 671,278 | 734,253 |
Gain on sale of investment | (6,026,776) | |
Gain on repurchases of long-term debt | (973,208) | |
Deferred income taxes | (1,671,970) | (3,144,387) |
Equity in earnings of unconsolidated affiliates | 284 | 117,133 |
Change in operating assets and liabilities: | ||
Accounts receivable | 5,957,880 | 858,277 |
Prepaid expenses | (1,480,053) | (3,591,131) |
Other assets | (351,853) | 947,918 |
Accounts payable | (561,485) | 726,744 |
Other liabilities | 1,656,819 | 2,840,148 |
Other operating activities | 256,205 | 127,428 |
Net cash provided by operating activities | 2,555,826 | 23,711 |
Cash flows from investing activities: | ||
Capital expenditures | (1,984,851) | (2,016,185) |
Proceeds from sale of investment | 6,026,776 | |
Net cash provided by (used in) investing activities | 4,041,925 | (2,016,185) |
Cash flows from financing activities: | ||
Payments on debt | (1,983,750) | |
Purchase of treasury stock | (37,485) | (67,767) |
Net cash used in financing activities | (37,485) | (2,051,517) |
Net increase (decrease) in cash and cash equivalents | 6,560,266 | (4,043,991) |
Cash and cash equivalents at beginning of period | 26,733,921 | 39,534,653 |
Cash and cash equivalents at end of period | 33,294,187 | 35,490,662 |
Cash paid for interest | 11,514,380 | 12,569,776 |
Cash paid for income taxes | $ 351,975 | $ 1,246,263 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ (276,021) | $ (10,430,629) | $ (268,051) | $ (13,967,195) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 2024 | |
Investments, All Other Investments [Abstract] | |
Proceeds from BMI Sale | (3) 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 loss for the six months ended June 30, 2024. After the sale, the Company no longer holds an investment in BMI. |
FCC Licenses
FCC Licenses | 6 Months Ended |
Jun. 30, 2024 | |
FCC Licenses [Abstract] | |
FCC Licenses | (4) FCC Licenses During the second quarter of 2023, due to the potential sale of substantially all of the assets used in the operations of WJBR-FM in Wilmington, DE, the Company recorded an impairment loss of $ 10.0 million related to the Federal Communications Commission ("FCC") license. The Company completed the sale of WJBR-FM on October 5, 2023. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | (5) Long-Term Debt Long-term debt is comprised of the following: December 31, June 30, 2023 2024 Secured notes $ 267,000,000 $ 267,000,000 Less unamortized debt issuance costs ( 2,796,990 ) ( 2,125,712 ) $ 264,203,010 $ 264,874,288 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. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Stockholders' Equity | (6) Stockholders’ Equity The changes in stockholders’ equity are as follows: Three months ended June 30, Six months ended June 30, 2023 2024 2023 2024 Beginning balance $ 220,100,965 $ 149,127,330 $ 223,488,808 $ 148,978,635 Stock-based compensation 181,339 261,691 355,607 415,052 Purchase of treasury stock ( 42,222 ) ( 24,849 ) ( 67,767 ) ( 37,485 ) Net loss ( 10,430,629 ) ( 276,021 ) ( 13,967,195 ) ( 268,051 ) Ending balance $ 209,809,453 $ 149,088,151 $ 209,809,453 $ 149,088,151 |
Net Revenue
Net Revenue | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Net Revenue | (7) Net Revenue Net revenue is comprised of the following: Three months ended June 30, Six months ended June 30, 2023 2024 2023 2024 Audio $ 50,448,093 $ 47,430,080 $ 97,866,059 $ 90,858,207 Digital 12,301,269 13,005,577 22,278,054 23,957,796 Other 712,361 - 1,096,730 - $ 63,461,723 $ 60,435,657 $ 121,240,843 $ 114,816,003 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, 2023 2024 Deferred revenue $ 4,835,984 $ 4,832,273 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, June 30, 2023 2024 Trade sales receivable $ 1,417,692 $ 1,211,495 Trade sales payable 481,471 512,935 Three months ended June 30, Six months ended June 30, 2023 2024 2023 2024 Trade sales revenue $ 1,466,652 $ 1,211,615 $ 2,847,494 $ 2,476,078 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 | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | (8) 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, 2024 726,084 $ 1.50 Granted 390,661 0.66 Vested ( 153,000 ) 1.82 Forfeited ( 15,000 ) 0.95 Unvested as of June 30, 2024 948,745 $ 1.07 As of June 30, 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 1.8 years. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (9) Income Taxes The Company’s effective tax rate was ( 7 )% and ( 21 )% for the three months ended June 30, 2023 and 2024 , respectively, and ( 18 )% and ( 64 )% for the six months ended June 30, 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. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (10) Earnings Per Share Earnings per share calculation information is as follows: Three months ended June 30, Six months ended June 30, 2023 2024 2023 2024 Net loss attributable to BBGI stockholders $ ( 10,430,629 ) $ ( 276,021 ) $ ( 13,967,195 ) $ ( 268,051 ) Weighted-average shares outstanding: Basic 29,853,144 30,354,222 29,819,638 30,340,012 Effect of dilutive restricted stock units - - - - Diluted 29,853,144 30,354,222 29,819,638 30,340,012 Net loss attributable to BBGI stockholders per Class A and Class B $ ( 0.35 ) $ ( 0.01 ) $ ( 0.47 ) $ ( 0.01 ) 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 C ompany excluded 58,490 shares and 240,282 shares for the three months ended June 30, 2023 and 2024 , respectively, and 57,775 shares and 282,042 shares for the six months ended June 30, 2023 and 2024 , respectively. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2024 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | (11) 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 $ 173.2 million and $ 163.9 million as of December 31, 2023 and June 30, 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 | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | (12) Segment Information The Company currently operates two operating and reportable segments (Audio and Digital). The Company also operated an Reportable segment information for the three months ended June 30, 2024 is as follows: Audio Digital Corporate Total Net revenue $ 47,430,080 $ 13,005,577 $ - $ 60,435,657 Operating expenses 39,468,898 9,878,895 - 49,347,793 Corporate expenses - - 3,879,771 3,879,771 Depreciation and amortization 1,594,673 52,440 185,781 1,832,894 Operating income (loss) $ 6,366,509 $ 3,074,242 $ ( 4,065,552 ) $ 5,375,199 Audio Digital Corporate Total Capital expenditures $ 841,355 $ 8,925 $ 186,847 $ 1,037,127 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 six months ended June 30, 2024 is as follows: Audio Digital Corporate Total Net revenue $ 90,858,207 $ 23,957,796 $ - $ 114,816,003 Operating expenses 77,901,810 20,686,981 - 98,588,791 Corporate expenses - - 8,287,603 8,287,603 Depreciation and amortization 3,190,926 104,879 371,691 3,667,496 Operating income (loss) $ 9,765,471 $ 3,165,936 $ ( 8,659,294 ) $ 4,272,113 Audio Digital Corporate Total Capital expenditures $ 1,663,090 $ 8,925 $ 312,836 $ 1,984,851 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 loss 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 as of June 30, 2024 is as follows: Audio Digital Corporate Total Property and equipment, net $ 46,844,784 $ 152,088 $ 2,922,197 $ 49,919,069 FCC licenses 393,006,900 - - 393,006,900 Goodwill - 922,000 - 922,000 Other intangibles, net 1,641,363 755,878 179,663 2,576,904 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 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt is comprised of the following: December 31, June 30, 2023 2024 Secured notes $ 267,000,000 $ 267,000,000 Less unamortized debt issuance costs ( 2,796,990 ) ( 2,125,712 ) $ 264,203,010 $ 264,874,288 |
Stockholders Equity (Tables)
Stockholders Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023 2024 2023 2024 Beginning balance $ 220,100,965 $ 149,127,330 $ 223,488,808 $ 148,978,635 Stock-based compensation 181,339 261,691 355,607 415,052 Purchase of treasury stock ( 42,222 ) ( 24,849 ) ( 67,767 ) ( 37,485 ) Net loss ( 10,430,629 ) ( 276,021 ) ( 13,967,195 ) ( 268,051 ) Ending balance $ 209,809,453 $ 149,088,151 $ 209,809,453 $ 149,088,151 |
Net Revenue (Tables)
Net Revenue (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023 2024 2023 2024 Audio $ 50,448,093 $ 47,430,080 $ 97,866,059 $ 90,858,207 Digital 12,301,269 13,005,577 22,278,054 23,957,796 Other 712,361 - 1,096,730 - $ 63,461,723 $ 60,435,657 $ 121,240,843 $ 114,816,003 |
Deferred Revenue | December 31, June 30, 2023 2024 Deferred revenue $ 4,835,984 $ 4,832,273 |
Trade Sale Revenue | December 31, June 30, 2023 2024 Trade sales receivable $ 1,417,692 $ 1,211,495 Trade sales payable 481,471 512,935 Three months ended June 30, Six months ended June 30, 2023 2024 2023 2024 Trade sales revenue $ 1,466,652 $ 1,211,615 $ 2,847,494 $ 2,476,078 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 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 April 1, 2024 726,084 $ 1.50 Granted 390,661 0.66 Vested ( 153,000 ) 1.82 Forfeited ( 15,000 ) 0.95 Unvested as of June 30, 2024 948,745 $ 1.07 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023 2024 2023 2024 Net loss attributable to BBGI stockholders $ ( 10,430,629 ) $ ( 276,021 ) $ ( 13,967,195 ) $ ( 268,051 ) Weighted-average shares outstanding: Basic 29,853,144 30,354,222 29,819,638 30,340,012 Effect of dilutive restricted stock units - - - - Diluted 29,853,144 30,354,222 29,819,638 30,340,012 Net loss attributable to BBGI stockholders per Class A and Class B $ ( 0.35 ) $ ( 0.01 ) $ ( 0.47 ) $ ( 0.01 ) |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Summary of reportable segment information | Reportable segment information for the three months ended June 30, 2024 is as follows: Audio Digital Corporate Total Net revenue $ 47,430,080 $ 13,005,577 $ - $ 60,435,657 Operating expenses 39,468,898 9,878,895 - 49,347,793 Corporate expenses - - 3,879,771 3,879,771 Depreciation and amortization 1,594,673 52,440 185,781 1,832,894 Operating income (loss) $ 6,366,509 $ 3,074,242 $ ( 4,065,552 ) $ 5,375,199 Audio Digital Corporate Total Capital expenditures $ 841,355 $ 8,925 $ 186,847 $ 1,037,127 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 six months ended June 30, 2024 is as follows: Audio Digital Corporate Total Net revenue $ 90,858,207 $ 23,957,796 $ - $ 114,816,003 Operating expenses 77,901,810 20,686,981 - 98,588,791 Corporate expenses - - 8,287,603 8,287,603 Depreciation and amortization 3,190,926 104,879 371,691 3,667,496 Operating income (loss) $ 9,765,471 $ 3,165,936 $ ( 8,659,294 ) $ 4,272,113 Audio Digital Corporate Total Capital expenditures $ 1,663,090 $ 8,925 $ 312,836 $ 1,984,851 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 loss 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 as of June 30, 2024 is as follows: Audio Digital Corporate Total Property and equipment, net $ 46,844,784 $ 152,088 $ 2,922,197 $ 49,919,069 FCC licenses 393,006,900 - - 393,006,900 Goodwill - 922,000 - 922,000 Other intangibles, net 1,641,363 755,878 179,663 2,576,904 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 (Details) - USD ($) | 6 Months Ended | |
Mar. 08, 2024 | Jun. 30, 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 |
Summary of Significant Accounti
Summary of Significant Accounting Policies - Summary of Credit Losses on Accounts Receivable (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Allowance for Credit Loss [Abstract] | ||
Provision for credit losses | $ 291,000 | $ 525,814 |
Acquisition and Dispositions -
Acquisition and Dispositions - Schedule of Purchase Price Allocation (Detail) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Business Acquisition [Line Items] | ||
Goodwill | $ 922,000 | $ 922,000 |
FCC Licenses - Additional Infor
FCC Licenses - Additional Information (Detail) $ in Millions | 3 Months Ended |
Jun. 30, 2023 USD ($) | |
WJBR-FM in Wilmington DE [Member] | Licensing Agreements [Member] | |
FCC Licenses [Line Items] | |
Impairment of intangible assets indefinite lived excluding goodwill | $ 10 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Line of Credit Facility [Line Items] | ||
Less unamortized debt issuance costs | $ (2,125,712) | $ (2,796,990) |
Long-term debt | 264,874,288 | 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) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2023 | Feb. 02, 2021 | |
Long-Term Debt [Line Items] | |||
Gain on repurchase of debt | $ 973,208 | ||
Promissory Note [Member] | |||
Long-Term Debt [Line Items] | |||
Debt instrument, repurchased amount | $ 3,000,000 | ||
Debt instrument, redeemed percentage | 66% | ||
Gain on repurchase of debt | $ 1,000,000 | ||
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Beginning balance | $ 149,127,330 | $ 220,100,965 | $ 148,978,635 | $ 223,488,808 |
Stock-based compensation | 261,691 | 181,339 | 415,052 | 355,607 |
Purchase of treasury stock | (24,849) | (42,222) | (37,485) | (67,767) |
Net Income (Loss) | (276,021) | (10,430,629) | (268,051) | (13,967,195) |
Ending balance | $ 149,088,151 | $ 209,809,453 | $ 149,088,151 | $ 209,809,453 |
Net Revenue - Composition of Re
Net Revenue - Composition of Revenue (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 60,435,657 | $ 63,461,723 | $ 114,816,003 | $ 121,240,843 |
Audio [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 47,430,080 | 50,448,093 | 90,858,207 | 97,866,059 |
Digital [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 13,005,577 | 12,301,269 | $ 23,957,796 | 22,278,054 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 712,361 | $ 1,096,730 |
Net Revenue - Deferred Revenue
Net Revenue - Deferred Revenue (Detail) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue | $ 4,832,273 | $ 4,835,984 |
Net Revenue - Trade Sale Revenu
Net Revenue - Trade Sale Revenue (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |||||
Trade sales receivable | $ 1,211,495 | $ 1,211,495 | $ 1,417,692 | ||
Trade sales payable | 512,935 | 512,935 | $ 481,471 | ||
Trade sales revenue | $ 1,211,615 | $ 1,466,652 | $ 2,476,078 | $ 2,847,494 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - 2007 Plan [Member] $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) shares | |
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 | 1 year 9 months 18 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, 2024 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested Shares, Beginning Balance | shares | 726,084 |
Granted, Shares | shares | 390,661 |
Vested, Shares | shares | (153,000) |
Forfeited, Shares | shares | (15,000) |
Unvested Shares, Ending Balance | shares | 948,745 |
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares | $ 1.5 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | 0.66 |
Vested, Weighted-Average Grant-Date Fair Value | $ / shares | 1.82 |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | 0.95 |
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares | $ 1.07 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Federal statutory rate | 21% | |||
Effective tax rate | (21.00%) | (7.00%) | (64.00%) | (18.00%) |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Per Share (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||
Net loss attributable to BBGI stockholders | $ (276,021) | $ (10,430,629) | $ (268,051) | $ (13,967,195) |
Weighted-average shares outstanding: | ||||
Basic | 30,354,222 | 29,853,144 | 30,340,012 | 29,819,638 |
Effect of dilutive restricted stock units | 0 | 0 | 0 | 0 |
Diluted | 30,354,222 | 29,853,144 | 30,340,012 | 29,819,638 |
Net loss attributable to BBGI stockholders per Class A and Class B common share - basic | $ (0.01) | $ (0.35) | $ (0.01) | $ (0.47) |
Net loss attributable to BBGI stockholders per Class A and Class B common share - diluted | $ (0.01) | $ (0.35) | $ (0.01) | $ (0.47) |
Earnings Per Share - Additional
Earnings Per Share - Additional information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
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 | 240,282 | 58,490 | 282,042 | 57,775 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Of Financial Instruments [Line Items] | ||
Long-term debt | $ 163.9 | $ 173.2 |
Segment Information - Summary o
Segment Information - Summary of Reportable Segment Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Segment Reporting Information [Line Items] | |||||
Net revenue | $ 60,435,657 | $ 63,461,723 | $ 114,816,003 | $ 121,240,843 | |
Operating expenses | 49,347,793 | 51,327,562 | 98,588,791 | 101,981,217 | |
Corporate expenses | 3,879,771 | 4,405,031 | 8,287,603 | 8,888,126 | |
Depreciation and amortization | 1,832,894 | 2,195,985 | 3,667,496 | 4,425,310 | |
Impairment losses | 10,041,000 | 10,041,000 | |||
Operating income (loss) | 5,375,199 | (4,507,855) | 4,272,113 | (4,094,810) | |
Capital expenditures | 1,037,127 | 846,905 | 1,984,851 | 2,016,185 | |
Property and equipment, net | 49,919,069 | 49,919,069 | $ 51,474,754 | ||
FCC licenses | 393,006,900 | 393,006,900 | 393,006,900 | ||
Goodwill | 922,000 | 922,000 | 922,000 | ||
Other intangibles, net | 2,576,904 | 2,576,904 | 2,722,408 | ||
Audio [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenue | 47,430,080 | 50,448,093 | 90,858,207 | 97,866,059 | |
Operating expenses | 39,468,898 | 39,369,033 | 77,901,810 | 79,268,627 | |
Depreciation and amortization | 1,594,673 | 1,737,441 | 3,190,926 | 3,512,205 | |
Impairment losses | 10,041,000 | 10,041,000 | |||
Operating income (loss) | 6,366,509 | (699,381) | 9,765,471 | 5,044,227 | |
Capital expenditures | 841,355 | 811,663 | 1,663,090 | 1,949,777 | |
Property and equipment, net | 46,844,784 | 46,844,784 | 48,324,618 | ||
FCC licenses | 393,006,900 | 393,006,900 | 393,006,900 | ||
Goodwill | 0 | ||||
Other intangibles, net | 1,641,363 | 1,641,363 | 1,707,909 | ||
Digital [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenue | 13,005,577 | 12,301,269 | 23,957,796 | 22,278,054 | |
Operating expenses | 9,878,895 | 10,786,584 | 20,686,981 | 20,694,181 | |
Depreciation and amortization | 52,440 | 47,201 | 104,879 | 93,967 | |
Operating income (loss) | 3,074,242 | 1,467,484 | 3,165,936 | 1,489,906 | |
Capital expenditures | 8,925 | 8,777 | 8,925 | 11,590 | |
Property and equipment, net | 152,088 | 152,088 | 95,003 | ||
Goodwill | 922,000 | 922,000 | 922,000 | ||
Other intangibles, net | 755,878 | 755,878 | 834,836 | ||
Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenue | 712,361 | 1,096,730 | |||
Operating expenses | 1,171,945 | 2,018,409 | |||
Depreciation and amortization | 199,290 | 395,767 | |||
Operating income (loss) | (658,874) | (1,317,446) | |||
Capital expenditures | 5,412 | 25,534 | |||
Property and equipment, net | 74,081 | ||||
Goodwill | 0 | ||||
Other intangibles, net | 0 | ||||
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Corporate expenses | 3,879,771 | 4,405,031 | 8,287,603 | 8,888,126 | |
Depreciation and amortization | 185,781 | 212,053 | 371,691 | 423,371 | |
Operating income (loss) | (4,065,552) | (4,617,084) | (8,659,294) | (9,311,497) | |
Capital expenditures | 186,847 | $ 21,053 | 312,836 | $ 29,284 | |
Property and equipment, net | 2,922,197 | 2,922,197 | 2,981,052 | ||
Other intangibles, net | $ 179,663 | $ 179,663 | $ 179,663 |