Beasley Broadcast (BBGI) 10-Q 7 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 30, 2019
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Registrant Name	BEASLEY BROADCAST GROUP INC
Entity Central Index Key	0001099160
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Trading Symbol	BBGI
Entity Emerging Growth Company	false
Entity Small Business	true
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,204,668
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, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 16,393,569	$ 13,433,828
Accounts receivable, less allowance for doubtful accounts of $2,010,721 in 2018 and $1,583,576 in 2019	41,376,141	52,417,152
Prepaid expenses	4,712,482	3,134,756
Other current assets	4,498,979	1,960,032
Total current assets	66,981,171	70,945,768
Property and equipment, net	57,025,461	57,078,452
Operating lease right-of-use assets	37,352,430
Finance lease right-of-use assets	668,943	675,194
FCC broadcasting licenses	516,735,554	516,735,554
Goodwill	25,377,447	25,377,447
Other intangibles, net	2,778,761	2,823,178
Other assets	12,385,207	7,449,486
Total assets	719,304,974	681,085,079
Current liabilities:
Accounts payable	8,345,514	9,611,151
Operating lease liabilities	6,376,473
Finance lease liabilities	67,906	67,101
Other current liabilities	18,359,299	19,181,108
Total current liabilities	33,149,192	28,859,360
Due to related parties	638,151	662,329
Long-term debt, net of unamortized debt issuance costs	240,760,503	242,776,520
Operating lease liabilities	35,457,040
Finance lease liabilities	482,172	499,753
Deferred tax liabilities	123,364,689	122,912,545
Other long-term liabilities	9,652,248	10,340,481
Total liabilities	443,503,995	406,050,988
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued
Additional paid-in capital	151,720,149	149,963,252
Treasury stock, Class A common stock; 4,426,027 shares in 2018; 4,431,006 shares in 2019	(30,467,423)	(30,447,597)
Retained earnings	154,428,070	155,398,555
Accumulated other comprehensive income	87,885	87,885
Total stockholders' equity	275,800,979	275,034,091
Total liabilities and stockholders' equity	719,304,974	681,085,079
Class A Common Stock [Member]
Stockholders' equity:
Common stock	15,636	15,334
Class B Common Stock [Member]
Stockholders' equity:
Common stock	$ 16,662	$ 16,662

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Allowance for doubtful accounts	$ 1,583,576	$ 2,010,721
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Treasury stock, Class A common stock shares	4,431,006	4,426,027
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	15,637,549	15,334,336
Common stock, shares outstanding	11,206,543	10,908,309
Class B Common Stock [Member]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	16,662,743	16,662,743
Common stock, shares outstanding	16,662,743	16,662,743

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Net revenue	$ 57,687,554	$ 55,153,627
Operating expenses:
Station operating expenses (including stock-based compensation of $152,418 in 2018 and $123,147 in 2019 and excluding depreciation and amortization shown separately below)	47,451,182	45,512,847
Corporate general and administrative expenses (including stock-based compensation of $465,354 in 2018 and $461,427 in 2019)	4,962,414	3,282,473
Transaction expenses	241,348
Depreciation and amortization	1,768,787	1,546,734
Change in fair value of contingent consideration		4,415,925
Gain on dispositions	(3,545,755)
Total operating expenses	50,877,976	54,757,979
Operating income	6,809,578	395,648
Non-operating income (expense):
Interest expense	(4,590,885)	(3,625,240)
Other income (expense), net	(232,583)	448,901
Income (loss) before income taxes	1,986,110	(2,780,691)
Income tax expense	632,847	380,501
Net income (loss)	1,353,263	(3,161,192)
Other comprehensive loss:
Reclassification of other comprehensive income due to termination of pension plan (net of income tax benefit of $261,358)		(731,265)
Comprehensive income (loss)	$ 1,353,263	$ (3,892,457)
Net income (loss) per Class A and B common share:
Basic and diluted	$ 0.05	$ (0.11)
Dividends declared per common share	$ 0.05	$ 0.05
Weighted average shares outstanding:
Basic	27,559,748	27,717,394
Diluted	27,622,809	27,717,394

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Stock-based compensation	$ 584,574	$ 617,772
Reclassification of other comprehensive income due to termination of pension plan, income tax benefit	261,358
Station Operating Expenses [Member]
Stock-based compensation	123,147	152,418
Corporate General and Administrative Expenses [Member]
Stock-based compensation	$ 461,427	$ 465,354

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income (loss)	$ 1,353,263	$ (3,161,192)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation	584,574	617,772
Provision for bad debts	(114,395)	225,415
Depreciation and amortization	1,768,787	1,546,734
Change in fair value of contingent consideration		4,415,925
Gain on dispositions	(3,545,755)
Amortization of loan fees	483,983	470,376
Deferred income taxes	452,144	375,204
Change in operating assets and liabilities:
Accounts receivable	11,155,406	2,426,074
Prepaid expenses	(1,577,726)	(3,020,162)
Other assets	(2,884,940)	(48,878)
Accounts payable	(1,265,637)	(419,087)
Other liabilities	846,902	2,410,033
Other operating activities	154,380	(44,593)
Net cash provided by operating activities	7,410,986	4,800,998
Cash flows from investing activities:
Capital expenditures	(1,841,132)	(1,173,496)
Proceeds from dispositions	3,800,000
Payments for translator licenses		(52,500)
Payments for investments	(2,500,000)
Net cash used in investing activities	(541,132)	(1,225,996)
Cash flows from financing activities:
Payments on debt	(2,500,000)	(3,016,005)
Reduction of finance lease liabilities	(16,776)
Dividends paid	(1,373,511)	(1,286,381)
Purchase of treasury stock	(19,826)	(25,042)
Net cash used in financing activities	(3,910,113)	(4,327,428)
Net increase (decrease) in cash and cash equivalents	2,959,741	(752,426)
Cash and cash equivalents at beginning of period	13,433,828	13,922,390
Cash and cash equivalents at end of period	16,393,569	13,169,964
Cash paid for interest	4,112,206	3,051,884
Cash paid for income taxes	1,013,900	35,950
Supplement disclosure of non-cash investing and financing activities:
Dividends declared but unpaid	1,387,832	1,366,922
Media advertising exchanged for investment	1,000,000
Postretirement Benefits Plan [Member]
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Termination of pension plan		(992,623)
Class A Common Stock [Member]
Supplement disclosure of non-cash investing and financing activities:
Class A common stock returned to treasury stock		$ 13,515,406
Common stock issued for acquisition	198,500
Common stock issued for investment	$ 974,125

Interim Financial Statements

Interim Financial Statements	3 Months Ended
	Mar. 31, 2019
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, 2018. 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, 2019
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	(2) Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued guidance to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. There continues to be a differentiation between finance leases and operating leases, however lease assets and lease liabilities arising from operating leases should now be recognized in the statement of financial position. New disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. In 2018 and 2019, the FASB issued several updates to address certain practical expedients, codification improvements, and targeted improvements to the original guidance. On January 1, 2019, the Company adopted the new guidance retrospectively at the beginning of the period of adoption through a cumulative-effect adjustment. On January 1, 2019, the Company recorded a lease liability of $43.1 million and right-of-use assets of $38.8 million. The Company recorded a cumulative effect of initially applying the new standard of $0.9 million on the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting guidance in effect for that period.

Acquisitions and Dispositions

Acquisitions and Dispositions	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
Acquisitions and Dispositions	(3) Acquisition and Dispositions On March 28, 2019, the Company completed the sale of certain land and improvements in Augusta, GA to a third party for $0.5 $0.4 On March 15, 2019, the Company agreed to cancel a broadband radio service license in Chattanooga, TN in exchange for a fee of $3.3 million received from Clearwire Spectrum Holdings LLC (“Clearwire”). The Company had previously leased the channels under the broadband radio service license to Clearwire under an agreement that ended on March 15, 2019. As a result of the license cancelation the Company recorded a gain of $3.1 On September 27, 2018 10-K for the year ended December 31, 2018 filed on February 19, 2019. The following unaudited pro forma information for the three months ended March 31, 2018 assumes that the acquisition had occurred on January 1, 2018. This unaudited pro forma information has been prepared based on estimates and assumptions, which management believes are reasonable, and are not necessarily indicative of what would have occurred had the acquisition been completed on January 1, 2018 or of results that may occur in the future. Net revenue $ 57,886,045 Operating income 6,169,983 Net income 1,732,579 Basic and diluted net income per share 0.06

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2019
Other Assets [Abstract]
Other Assets	(4) Other Assets On March 1, 2019, the Company (i) issued 235,296 shares of Class A common stock with a fair value of $1.0 million, (ii) agreed to provide $1.0 million of media advertising over a three year period, and (iii) contributed $2.5 million in cash for an aggregate investment of $4.5 3,750,000 shares or approximately 43% 416,666 shares in the third quarter of 2019, an additional 416,666 shares in the fourth quarter of 2019, and an additional 416,668 shares in the first quarter of 2020 for an aggregate of $1.5 million in cash.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Long-Term Debt	(5) Long-Term Debt Long-term debt is comprised of the following: December 31, 2018 March 31, 2019 Term loan $ 252,000,000 $ 249,500,000 Revolving credit facility — — 252,000,000 249,500,000 Less unamortized debt issuance costs (9,223,480 ) (8,739,497 ) 242,776,520 240,760,503 Less current installments — — $ 242,776,520 $ 240,760,503 As of March 31, 2019, the credit facility consisted of a term loan with a remaining balance of $249.5 million and a revolving credit facility with a maximum commitment of $20.0 million. As of March 31, 2019, the Company had $20.0 million in available commitments under its revolving credit facility. At the Company’s option, the credit facility may bear interest at either (i) the London Interbank Offered Rate (“LIBOR”) plus a margin of 4.0% or (ii) the base rate plus a margin of 3.0%. The LIBOR interest rate for the term loan is subject to a 1% 6.5% as of March 31, 2019 and matures on November 17, 2022. The term loan carried interest, based on LIBOR, at 6.5% as of March 31, 2019 and matures on November 1, 2023. As of December 31, 2018, the credit facility consisted of a term loan with a remaining balance of $252.0 million and a revolving credit facility with a maximum commitment of $20.0 million. The revolving credit facility and term loan carried interest, based on LIBOR, at 6.5% as of December 31, 2018. The credit agreement requires mandatory prepayments equal to 50% of Excess Cash Flow (as defined in the credit agreement) when the Company’s Total Leverage Ratio (as defined in the credit agreement) is greater than 3.5x; mandatory prepayments equal to 25% of Excess Cash Flow when the Total Leverage Ratio is less than or equal to 3.5x but greater than 3.0x; and no mandatory prepayments when the Total Leverage Ratio is less than or equal to 3.0x. Mandatory prepayments of Excess Cash Flow are due 95 days after year end. The credit agreement also requires mandatory prepayments for defined amounts from net proceeds of asset sales, net insurance proceeds, and net proceeds of debt issuances. The credit agreement requires the Company to comply with certain financial covenants which are defined in the credit agreement. These financial covenants include a First Lien Leverage Ratio that will be tested at the end of each quarter. For the period from March 31, 2019 through December 31, 2019, the maximum First Lien Leverage Ratio is 5.75x. The maximum First Lien Leverage Ratio is 5.25x for March 31, 2020 and thereafter. The credit facility is secured by substantially all assets of the Company and its subsidiaries and is guaranteed jointly and severally by the Company and its subsidiaries. If the Company defaults under the terms of the credit agreement, the Company and its subsidiaries may be required to perform under their guarantees. As of March 31, 2019, the maximum amount of undiscounted payments the Company and its applicable subsidiaries would have been required to make in the event of default was $249.5 million. The guarantees for the credit facility expire on November 17, 2022 for the revolving credit facility and on November 1, 2023 for the . Failure to comply with financial covenants, scheduled interest payments, scheduled principal repayments, or any other terms of the credit agreement could result in the acceleration of the maturity of the Company’s outstanding debt, which could have a material adverse effect on the Company’s business or results of operations. As of March 31, 2019, the Company was in compliance with all applicable financial covenants under the credit agreement. The 2019 $ — 2020 — 2021 — 2022 2,285,270 2023 247,214,730 Total $ 249,500,000

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Lessee, Operating Leases [Text Block]	(6) Leases The Company leases office space in several markets. Some leases are for the entire building while others are for certain office space in a building. The Company also rents land beneath a building owned by the Company in Augusta, GA. The Company leases radio towers for the majority of its radio stations. Leases for FM radio stations are generally to install broadcast equipment on a radio tower and in a transmitter building adjacent to the radio tower. Leases for AM radio stations are generally for the entire radio tower array and the adjacent transmitter building. The Company also leases tower space to install translator equipment. Certain rental agreements for office space and radio towers contain non-lease components such as common area maintenance and utilities. The Company elected to apply the practical expedient that permits lessees to make an accounting policy election to account for each separate lease component of an office space and radio tower lease contract and its associated non-lease components as a single lease component. Certain rental agreements for office space and radio towers also include taxes and insurance which are not considered lease components. Consideration for office space and radio tower leases generally includes monthly payments with either a fixed annual increase or a variable annual increase based on a consumer price index. Leases with variable annual increases based on a consumer price index are initially measured using the index at the commencement date. Subsequent changes to variable increases based on a consumer price index will be recognized in the statement of operations in the period of change. The lease term begins at the commencement date and is determined on that date based on the noncancelable term of the lease, together with periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option. When evaluating whether the Company is reasonably certain to exercise an option to renew the lease, the Company is required to assess all relevant factors that create an economic incentive for the Company to exercise the renewal. The Company rents certain office equipment, such as copiers, in several markets. Consideration for office equipment leases generally includes fixed monthly payments for the lease term. The lease term begins at the commencement date and is determined on that date based on the noncancelable term of the lease. Office equipment leases generally do not include options to extend the lease. The Company received several vehicles through acquisitions that have completed the original lease term and are now leased on a month to month basis. The vehicles are expected to be acquired or returned to the lessor within twelve months. The Company has made an accounting policy election to not record leases with a term of 12 months or less on its balance sheet. Instead, the Company recognizes lease payments as an expense on a straight-line basis over the lease term. The various discount rates are based on the Company’s incremental borrowing rate due to the rate implicit in the leases being not readily determinable. The Company’s incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The Company used the current borrowing rate on its credit facility, adjusted for the effects of collateralization, to determine the various rates it would pay to finance similar transactions over similar time periods. The Company leases certain office space and radio towers from related parties. The current lease expiration dates range from December 2020 through December 2027 and annual rental expense ranges from $13,000 to $0.2 million. Related party right-of-use assets and lease liabilities are included in the amounts reported on the accompanying balance sheet as of March 31, 2019 and future minimum payments for related party leases are included in the tables below. Further information regarding related party leases is included in Note 16 to the consolidated financial statements contained in Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 filed on February 19, 2019. The Company elected to apply a package of practical expedients that allows it not to reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases, and (iii) initial direct costs for any expired or existing leases. Certain amounts related to finance leases previously reported in the 2018 financial statements have been reclassified to conform to the 2019 presentation. The following table summarizes lease information as of and for the three months ended March 31, 2019: Lease cost Operating lease cost $ 2,483,471 Finance lease cost: Amortization of right-of-use assets 6,251 Interest on lease liabilities 3,472 Short-term lease cost 7,200 Total lease cost $ 2,500,394 Other information Operating cash flows from operating leases $ 2,266,643 Operating cash flows from finance leases 3,472 Financing cash flows from finance leases 16,776 Right-of-use assets obtained in exchange for new operating lease liabilities 78,594 Right-of-use assets obtained in exchange for new finance lease liabilities — Weighted-average remaining lease term – operating leases 6.8 years Weighted-average remaining lease term – finance leases 26.8 years Weighted-average discount rate – operating leases 8.7 % Weighted-average discount rate – finance leases 3.9 % As of March 31, 2019, Year 1 $ 10,017,692 Year 2 9,669,882 Year 3 8,814,694 Year 4 7,143,439 Year 5 6,047,100 Thereafter 21,757,196 Total lease payments 63,450,003 Less imputed interest (21,066,412 ) Present value of lease liabilities $ 42,383,591 As of December 31, 2018, future minimum payments for operating and finance leases for the next five years and thereafter were summarized as follows: 2019 $ 9,800,202 2020 9,946,823 2021 8,881,584 2022 7,662,679 2023 6,305,127 Thereafter 19,974,004 Total $ 62,570,419

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Stockholders' Equity	(7) Stockholders’ Equity The changes in stockholders’ equity for the three months ended March 31, 2018 and 2019 are as follows: Three months ended March 31, 2018 2019 Beginning balance $ 286,166,200 $ 275,034,091 Change in accounting principle — (935,916 ) Issuance of common stock — 1,172,625 Stock-based compensation 617,772 584,574 Purchase of treasury stock (13,540,448 ) (19,826 ) Net income (loss) (3,161,192 ) 1,353,263 Cash dividends (1,366,922 ) (1,387,832 ) Other comprehensive loss (731,265 ) — Ending balance $ 267,984,145 $ 275,800,979

Revenue

Revenue	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue	(8) Revenue Revenue is comprised of the following: Three months ended March 31, 2018 2019 Commercial advertising $ 47,702,470 $ 49,581,265 Digital advertising 3,208,539 3,506,949 Other 4,242,618 4,599,340 $ 55,153,627 $ 57,687,554 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 sheet. Substantially all deferred revenue is recognized within twelve months of the payment date. December 31, 2018 March 31, 2019 Deferred revenue $ 1,868,223 $ 1,966,816 Three months ended March 31, 2018 2019 Losses on receivables $ 225,731 $ 312,750 Commercial advertising 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. December 31, 2018 March 31, 2019 Trade sales receivable $ 1,606,283 $ 1,746,064 Trade sales payable 1,250,454 1,170,111 Three months ended March 31, 2018 2019 Trade sales revenue $ 1,882,430 $ 2,248,876 Digital advertising 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. Other revenue includes revenue from concerts, promotional events, talent fees and other miscellaneous items. Revenue is generally recognized when the event is completed, as the promotional events are completed, or as the talent services are completed.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	(9) Stock-Based Compensation The Beasley Broadcast Group, Inc. 2007 Equity Incentive Award Plan (the “2007 Plan”) permits the Company to issue up to 7.5 million shares of Class A common stock. The 2007 Plan allows for eligible employees, directors and certain consultants of the Company to receive restricted stock units, shares of restricted stock, stock options or other stock-based awards. The restricted stock units and restricted stock awards 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: Restricted Stock Units Weighted- Average Grant-Date Fair Value Unvested as of January 1, 2019 429,833 $ 9.77 Granted 144,518 3.90 Vested (18,417 ) 10.13 Forfeited (5,000 ) 3.75 Unvested as of March 31, 2019 550,934 $ 6.92 A summary of restricted stock activity is presented below: Shares Weighted- Average Grant-Date Fair Value Unvested as of January 1, 2019 101,500 $ 6.42 Granted — — Vested (1,500 ) 3.59 Forfeited (500 ) 3.75 Unvested as of March 31, 2019 99,500 $ 4.92 As of March 31, 2019, there was $3.2 million of total unrecognized compensation cost for restricted stock units and shares of restricted stock granted under the 2007 Plan. That cost is expected to be recognized over a weighted-average period of 2.3 years.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	(10) Income Taxes The Company’s effective tax rate was (13.7)% and 31.9% for the three months ended March 31, 2018 and 2019, 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. The effective tax rate for the three months ended March 31, 2018 also reflects a $1.2 million increase due to the change in fair value of contingent consideration during that time period.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2019
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 approximate fair value due to the short term nature of these financial instruments. The carrying amount of the Company’s long-term debt, including the term loan and the revolving credit facility as of March 31, 2019 was $249.5 million, which approximated fair value based on current market interest rates. The carrying amount of the Company’s long-term debt as of December 31, 2018 was $252.0 million, which approximated fair value based on current market interest rates.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	In February 2016, the Financial Accounting Standards Board (“FASB”) issued guidance to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. There continues to be a differentiation between finance leases and operating leases, however lease assets and lease liabilities arising from operating leases should now be recognized in the statement of financial position. New disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. In 2018 and 2019, the FASB issued several updates to address certain practical expedients, codification improvements, and targeted improvements to the original guidance. On January 1, 2019, the Company adopted the new guidance retrospectively at the beginning of the period of adoption through a cumulative-effect adjustment. On January 1, 2019, the Company recorded a lease liability of $43.1 million and right-of-use assets of $38.8 million. The Company recorded a cumulative effect of initially applying the new standard of $0.9 million on the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting guidance in effect for that period.

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	3 Months Ended
	Mar. 31, 2019
Summary of Pro forma Information	The following unaudited pro forma information for the three months ended March 31, 2018 assumes that the acquisition had occurred on January 1, 2018. This unaudited pro forma information has been prepared based on estimates and assumptions, which management believes are reasonable, and are not necessarily indicative of what would have occurred had the acquisition been completed on January 1, 2018 or of results that may occur in the future. Net revenue $ 57,886,045 Operating income 6,169,983 Net income 1,732,579 Basic and diluted net income per share 0.06

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Summary of Long-Term Debt	Long-term debt is comprised of the following: December 31, 2018 March 31, 2019 Term loan $ 252,000,000 $ 249,500,000 Revolving credit facility — — 252,000,000 249,500,000 Less unamortized debt issuance costs (9,223,480 ) (8,739,497 ) 242,776,520 240,760,503 Less current installments — — $ 242,776,520 $ 240,760,503
Scheduled Repayments of Credit Facility	The 2019 $ — 2020 — 2021 — 2022 2,285,270 2023 247,214,730 Total $ 249,500,000

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Lease, Cost [Table Text Block]	The following table summarizes lease information as of and for the three months ended March 31, 2019: Lease cost Operating lease cost $ 2,483,471 Finance lease cost: Amortization of right-of-use assets 6,251 Interest on lease liabilities 3,472 Short-term lease cost 7,200 Total lease cost $ 2,500,394 Other information Operating cash flows from operating leases $ 2,266,643 Operating cash flows from finance leases 3,472 Financing cash flows from finance leases 16,776 Right-of-use assets obtained in exchange for new operating lease liabilities 78,594 Right-of-use assets obtained in exchange for new finance lease liabilities — Weighted-average remaining lease term – operating leases 6.8 years Weighted-average remaining lease term – finance leases 26.8 years Weighted-average discount rate – operating leases 8.7 % Weighted-average discount rate – finance leases 3.9 %
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	As of March 31, 2019, Year 1 $ 10,017,692 Year 2 9,669,882 Year 3 8,814,694 Year 4 7,143,439 Year 5 6,047,100 Thereafter 21,757,196 Total lease payments 63,450,003 Less imputed interest (21,066,412 ) Present value of lease liabilities $ 42,383,591 As of December 31, 2018, future minimum payments for operating and finance leases for the next five years and thereafter were summarized as follows: 2019 $ 9,800,202 2020 9,946,823 2021 8,881,584 2022 7,662,679 2023 6,305,127 Thereafter 19,974,004 Total $ 62,570,419

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Schedule of Changes in Stockholders Equity	The changes in stockholders’ equity for the three months ended March 31, 2018 and 2019 are as follows: Three months ended March 31, 2018 2019 Beginning balance $ 286,166,200 $ 275,034,091 Change in accounting principle — (935,916 ) Issuance of common stock — 1,172,625 Stock-based compensation 617,772 584,574 Purchase of treasury stock (13,540,448 ) (19,826 ) Net income (loss) (3,161,192 ) 1,353,263 Cash dividends (1,366,922 ) (1,387,832 ) Other comprehensive loss (731,265 ) — Ending balance $ 267,984,145 $ 275,800,979

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Composition of Revenue	Revenue is comprised of the following: Three months ended March 31, 2018 2019 Commercial advertising $ 47,702,470 $ 49,581,265 Digital advertising 3,208,539 3,506,949 Other 4,242,618 4,599,340 $ 55,153,627 $ 57,687,554
Deferred Revenue	December 31, 2018 March 31, 2019 Deferred revenue $ 1,868,223 $ 1,966,816 Three months ended March 31, 2018 2019 Losses on receivables $ 225,731 $ 312,750
Trade Sale Revenue	Commercial advertising 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. December 31, 2018 March 31, 2019 Trade sales receivable $ 1,606,283 $ 1,746,064 Trade sales payable 1,250,454 1,170,111 Three months ended March 31, 2018 2019 Trade sales revenue $ 1,882,430 $ 2,248,876

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Restricted Stock Units and Restricted Stock Activity	A summary of restricted stock unit activity is presented below: Restricted Stock Units Weighted- Average Grant-Date Fair Value Unvested as of January 1, 2019 429,833 $ 9.77 Granted 144,518 3.90 Vested (18,417 ) 10.13 Forfeited (5,000 ) 3.75 Unvested as of March 31, 2019 550,934 $ 6.92 A summary of restricted stock activity is presented below: Shares Weighted- Average Grant-Date Fair Value Unvested as of January 1, 2019 101,500 $ 6.42 Granted — — Vested (1,500 ) 3.59 Forfeited (500 ) 3.75 Unvested as of March 31, 2019 99,500 $ 4.92

Recent Accounting Pronounceme_3

Recent Accounting Pronouncements - Additional Information (Detail) - USD ($)	Mar. 31, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Liability	$ 42,383,591
Operating Lease, Right-of-Use Asset	$ 37,352,430
Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Liability		$ 43,100,000
Operating Lease, Right-of-Use Asset		38,800,000
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Retained Earnings		$ 900,000

Acquisitions and Dispositions -

Acquisitions and Dispositions - Additional Information (Detail) - USD ($)	Mar. 28, 2019	Mar. 15, 2019	Sep. 27, 2018	Mar. 31, 2019
Business Acquisition [Line Items]
Gain on sale of assets				$ 3,545,755
Proceeds from sale of assets				3,800,000
Augusta GA [Member]
Business Acquisition [Line Items]
Gain on sale of assets				400,000
Proceeds from sale of assets	$ 500,000
Operating and Broadcast Rights [Member] | Clearwire [Member]
Business Acquisition [Line Items]
Gain on cancelation of license				$ 3,100,000
Proceeds from cancellation of license		$ 3,300,000
WXTU-FM [Member]
Business Acquisition [Line Items]
Merger agreement date			Sep. 27, 2018
Asset purchase agreement, cash purchase price			$ 38,000,000
Business acquisition partially financed by borrowings			35,000,000
Business acquisition partially funded in cash			$ 3,000,000

Acquisitions and Dispositions_2

Acquisitions and Dispositions - Summary of Pro forma Information (Detail)	3 Months Ended
	Mar. 31, 2019USD ($)$ / shares
Business Combination Increase Decrease To Reflect Liabilities Acquired At Fair Value [Abstract]
Net revenue	$ 57,886,045
Operating income	6,169,983
Net income	$ 1,732,579
Basic and diluted net income per share | $ / shares	$ 0.06

Other Assets - Additional Infor

Other Assets - Additional Information (Detail) - USD ($)	Mar. 01, 2019	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Mar. 31, 2019
Other Assets [Line Items]
Payments to acquire equity method investments					$ 2,500,000
Renegades Holdings, Inc. [Member]
Other Assets [Line Items]
Business combination transferred others	$ 1,000,000
Payments to acquire equity method investments	2,500,000
Equity method investment aggregate cost	$ 4,500,000
Equity method investments number of shares acquired	3,750,000
Equity method investment ownership percentage	43.00%
Renegades Holdings, Inc. [Member] | Scenario, Forecast [Member]
Other Assets [Line Items]
Equity method investment aggregate cost		$ 1,500,000
Equity method investments number of shares acquired		416,668	416,666	416,666
Equity method investment ownership percentage		50.00%
Common Class A [Member] | Renegades Holdings, Inc. [Member]
Other Assets [Line Items]
Equity method investment, Number of shares issued	235,296
Equity method investment, Value of shares issued	$ 1,000,000

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Line of Credit Facility [Line Items]
Total debt	$ 249,500,000	$ 252,000,000
Less unamortized debt issuance costs	(8,739,497)	(9,223,480)
Long-term debt	240,760,503	242,776,520
Long-term debt, net of current portion	240,760,503	242,776,520
Term Loan [Member]
Line of Credit Facility [Line Items]
Total debt	$ 249,500,000	$ 252,000,000

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Line of Credit Facility [Line Items]
Long-term debt	$ 249,500,000	$ 252,000,000
Credit facility interest rate margins	2.00%
Term Loan [Member]
Line of Credit Facility [Line Items]
Long-term debt	$ 249,500,000	252,000,000
Revolving credit loan and term loan carried interest	6.50%
Revolving credit facility and term loan maturity date	Nov. 1, 2023
Term Loan [Member] | Floor Rate [Member]
Line of Credit Facility [Line Items]
Term loan facility interest rate	1.00%
Revolving Credit Loan [Member]
Line of Credit Facility [Line Items]
Revolving credit facility maximum commitment	$ 20,000,000	$ 20,000,000
Revolving credit loan and term loan carried interest	6.50%	6.50%
Remaining commitments under the revolving credit loan facility	$ 20,000,000
Revolving credit facility and term loan maturity date	Nov. 17, 2022
March 31, 2019 through December 31, 2019 [Member] | First Mortgage [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Long-term debt covenants aggregate leverage ratio	5.75
March 31, 2020 and thereafter [Member] | First Mortgage [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Long-term debt covenants aggregate leverage ratio	5.25
Existing Credit Agreement [Member]
Line of Credit Facility [Line Items]
Long-term debt	$ 249,500,000
Mandatory prepayments of consolidated excess cash flow due period	95 days
Mandatory prepayments of consolidated excess cash flow required by existing credit agreement	The credit agreement requires mandatory prepayments equal to 50% of Excess Cash Flow (as defined in the credit agreement) when the Company’s Total Leverage Ratio (as defined in the credit agreement) is greater than 3.5x; mandatory prepayments equal to 25% of Excess Cash Flow when the Total Leverage Ratio is less than or equal to 3.5x but greater than 3.0x;
Existing Credit Agreement [Member] | Leverage Ratio Greater than 3.5 Times [Member]
Line of Credit Facility [Line Items]
Mandatory prepayments of excess cash flow	50.00%
Existing Credit Agreement [Member] | Leverage Ratio Less than or Equal To 3.5 Times and Greater than 3.0 Times [Member]
Line of Credit Facility [Line Items]
Mandatory prepayments of excess cash flow	25.00%
Existing Credit Agreement [Member] | Leverage Ratio Less than or Equal to 3.0 Times [Member]
Line of Credit Facility [Line Items]
Mandatory prepayments of excess cash flow	0.00%
New Credit Agreement [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Credit facility interest rate margins	4.00%
New Credit Agreement [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Credit facility interest rate margins	3.00%

Long-Term Debt - Scheduled Repa

Long-Term Debt - Scheduled Repayments of Credit Facility (Detail) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
2019	$ 0
2020	0
2021	0
2022	2,285,270
2023	247,214,730
Total	$ 249,500,000	$ 252,000,000

Leases-Additional Information (

Leases-Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019USD ($)
Maximum [Member]
Operating Leases, Rent Expense	$ 200,000
Lease Expiration Date	Dec. 31, 2027
Minimum [Member]
Operating Leases, Rent Expense	$ 13,000
Lease Expiration Date	Dec. 31, 2020

Leases - Summary Of Lease Cost

Leases - Summary Of Lease Cost (Detail)	3 Months Ended
	Mar. 31, 2019USD ($)
Lease cost
Operating lease cost	$ 2,483,471
Finance lease cost:
Amortization of right-of-use assets	6,251
Interest on lease liabilities	3,472
Short-term lease cost	7,200
Total lease cost	2,500,394
Other information
Operating cash flows from operating leases	2,266,643
Operating cash flows from finance leases	3,472
Financing cash flows from finance leases	16,776
Right-of-use assets obtained in exchange for new operating lease liabilities	78,594
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 0
Weighted-average remaining lease term – operating leases	6 years 9 months 18 days
Weighted-average remaining lease term – finance leases	26 years 9 months 18 days
Weighted-average discount rate – operating leases	8.70%
Weighted-average discount rate – finance leases	3.90%

Leases - Summary Of Future Mini

Leases - Summary Of Future Minimum Payments (Detail) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Year 1	$ 10,017,692	$ 9,800,202
Year 2	9,669,882	9,946,823
Year 3	8,814,694	8,881,584
Year 4	7,143,439	7,662,679
Year 5	6,047,100	6,305,127
Thereafter	21,757,196	19,974,004
Total lease payments	63,450,003	$ 62,570,419
Less imputed interest	(21,066,412)
Present value of lease liabilities	$ 42,383,591

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Changes in Stockholders Equity (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Beginning balance	$ 275,034,091	$ 286,166,200
Change in accounting principle	(935,916)
Issuance of common stock	1,172,625
Stock-based compensation	584,574	617,772
Purchase of treasury stock	(19,826)	(13,540,448)
Net income (loss)	1,353,263	(3,161,192)
Cash dividends	(1,387,832)	(1,366,922)
Other comprehensive loss		(731,265)
Ending balance	$ 275,800,979	$ 267,984,145

Revenue - Composition of Revenu

Revenue - Composition of Revenue (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Net revenue	$ 57,687,554	$ 55,153,627
Commercial Advertising [Member]
Disaggregation of Revenue [Line Items]
Net revenue	49,581,265	47,702,470
Digital Advertising [Member]
Disaggregation of Revenue [Line Items]
Net revenue	3,506,949	3,208,539
Other [Member]
Disaggregation of Revenue [Line Items]
Net revenue	$ 4,599,340	$ 4,242,618

Revenue - Deferred Revenue (Det

Revenue - Deferred Revenue (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 1,966,816		$ 1,868,223
Losses on receivables	$ 312,750	$ 225,731

Revenue - Trade Sale Revenue (D

Revenue - Trade Sale Revenue (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Trade sales receivable	$ 1,746,064		$ 1,606,283
Trade sales payable	1,170,111		$ 1,250,454
Trade sales revenue	$ 2,248,876	$ 1,882,430

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - 2007 Plan [Member] $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost for restricted stock granted | $	$ 3.2
Cost expected to be recognized over a weighted-average period	2 years 3 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 and Restricted Stock Activity (Detail) - 2007 Plan [Member]	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Shares, Beginning Balance | shares	429,833
Granted, Shares | shares	144,518
Vested, Shares | shares	(18,417)
Forfeited, Shares | shares	(5,000)
Unvested Shares, Ending Balance | shares	550,934
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 9.77
Granted, Weighted-Average Grant-Date Fair Value | $ / shares	3.90
Vested, Weighted-Average Grant-Date Fair Value | $ / shares	10.13
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares	3.75
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares	$ 6.92
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Shares, Beginning Balance | shares	101,500
Granted, Shares | shares	0
Vested, Shares | shares	(1,500)
Forfeited, Shares | shares	(500)
Unvested Shares, Ending Balance | shares	99,500
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 6.42
Granted, Weighted-Average Grant-Date Fair Value | $ / shares	0
Vested, Weighted-Average Grant-Date Fair Value | $ / shares	3.59
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares	3.75
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares	$ 4.92

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Federal statutory rate	21.00%
Effective tax rate	31.90%	(13.70%)
Increase (decrease) in income tax due to change in fair value of contingent consideration		$ 1.2

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Fair Value Of Financial Instruments [Line Items]
Long-term debt	$ 249,500,000	$ 252,000,000
Term Loan [Member]
Fair Value Of Financial Instruments [Line Items]
Long-term debt	$ 249,500,000	$ 252,000,000