Beasley Broadcast (BBGI) 10-Q 11 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Aug. 04, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Registrant Name	BEASLEY BROADCAST GROUP INC
Security Exchange Name	NASDAQ
Entity Central Index Key	0001099160
Title of 12(b) Security	Common Stock
Current Fiscal Year End Date	--12-31
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Address, State or Province	FL
Trading Symbol	BBGI
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,350,628
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, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 22,841,461	$ 18,648,171
Accounts receivable, less allowance for doubtful accounts of $2,145,599 in 2019 and $4,237,565 in 2020	29,692,208	54,577,452
Prepaid expenses	3,664,663	3,516,766
Other current assets	8,039,706	2,915,654
Total current assets	64,238,038	79,658,043
Property and equipment, net	56,207,484	53,813,602
Operating lease right-of-use assets	37,960,666	39,768,910
Finance lease right-of-use assets	340,000	346,667
FCC licenses	510,724,755	517,529,167
Goodwill	28,596,547	28,596,547
Other intangibles, net	27,566,822	29,333,230
Other assets	9,031,018	11,014,063
Total assets	734,665,330	760,060,229
Current liabilities:
Current installments of long-term debt	5,000,000	7,500,000
Accounts payable	10,502,915	10,323,408
Operating lease liabilities	7,214,916	7,234,492
Finance lease liabilities	67,497	70,192
Other current liabilities	23,677,161	28,064,367
Total current liabilities	46,462,489	53,192,459
Due to related parties	5,518,900	565,617
Long-term debt, net of current installments and unamortized debt issuance costs	256,898,044	248,712,452
Operating lease liabilities	33,029,090	34,837,804
Finance lease liabilities	37,030	75,020
Deferred tax liabilities	118,619,859	121,130,996
Other long-term liabilities	17,038,803	17,073,923
Total liabilities	477,604,215	475,588,271
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued
Additional paid-in capital	153,720,249	153,254,599
Treasury stock, Class A common stock; 4,493,181 shares in 2019; 4,507,637 shares in 2020	(30,694,251)	(30,662,332)
Retained earnings	134,498,613	162,350,145
Accumulated other comprehensive loss	(436,338)	(436,338)
Total stockholders' equity	257,120,792	284,538,540
Noncontrolling interests	(59,677)	(66,582)
Total equity	257,061,115	284,471,958
Total liabilities and stockholders' equity	734,665,330	760,060,229
Class A Common Stock [Member]
Stockholders' equity:
Common stock	15,857	15,804
Class B Common Stock [Member]
Stockholders' equity:
Common stock	$ 16,662	$ 16,662

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Allowance for doubtful accounts	$ 4,237,565	$ 2,145,599
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	4,507,637	4,493,181
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	15,858,265	15,805,432
Common stock, shares outstanding	11,350,628	11,312,251
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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Net revenue	$ 30,383,132	$ 65,658,748	$ 88,033,558	$ 123,346,302
Operating expenses:
Operating expenses	41,378,315	47,759,693	92,278,792	95,210,875
Corporate expenses	3,724,764	5,423,561	8,237,856	10,385,975
Transaction expenses		55,163		296,511
Depreciation and amortization	2,886,071	1,742,687	5,462,546	3,511,474
Gain on dispositions				(3,545,755)
Impairment losses			6,804,412
Total operating expenses	47,989,150	54,981,104	112,783,606	105,859,080
Operating income (loss)	(17,606,018)	10,677,644	(24,750,048)	17,487,222
Non-operating income (expense):
Interest expense	(3,851,660)	(4,547,036)	(8,036,471)	(9,137,921)
Loss on modification of long-term debt	(2,798,789)		(2,798,789)
Other income (expense), net	71,691	38,193	98,116	(194,390)
Income (loss) before income taxes	(24,184,776)	6,168,801	(35,487,192)	8,154,911
Income tax expense (benefit)	(6,041,946)	1,899,800	(8,459,726)	2,532,647
Income (loss) before equity in earnings of unconsolidated affiliates	(18,142,830)	4,269,001	(27,027,466)	5,622,264
Equity in earnings of unconsolidated affiliates, net of tax	(24,967)		(86,494)
Net income (loss)	(18,167,797)	4,269,001	(27,113,960)	5,622,264
Earnings attributable to noncontrolling interest	432,836		542,438
Net income (loss) attributable to BBGI stockholders	$ (17,734,961)	$ 4,269,001	$ (26,571,522)	$ 5,622,264
Net income (loss) attributable to BBGI stockholders per Class A and B common share:
Basic and diluted	$ (0.63)	$ 0.15	$ (0.95)	$ 0.20
Dividends declared per common share		$ 0.05	$ 0.05	$ 0.10
Weighted average shares outstanding:
Basic	27,977,113	27,776,682	27,962,345	27,668,814
Diluted	27,977,113	27,838,939	27,962,345	27,740,491

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Stock-based compensation			$ 465,703	$ 1,132,190
Station Operating Expenses [Member]
Stock-based compensation	$ 113,397	$ 85,002	243,517	208,149
Corporate General and Administrative Expenses [Member]
Stock-based compensation	$ 85,867	$ 462,614	$ 222,186	$ 924,041

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows	6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)
Cash flows from operating activities:
Net income (loss)	$ (27,113,960)	$ 5,622,264
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation	465,703	1,132,190
Provision for bad debts	3,180,444	(72,379)
Depreciation and amortization	5,462,546	3,511,474
Gain on dispositions		(3,545,755)
Impairment losses	6,804,412
Amortization of loan fees	967,966	967,966
Loss on modification of long-term debt	2,798,789
Deferred income taxes	(8,322,642)	1,025,496
Equity in earnings of unconsolidated affiliates	86,494
Change in operating assets and liabilities:
Accounts receivable	21,704,800	5,002,344
Prepaid expenses	(147,897)	(2,878,929)
Other assets	3,398,417	(2,046,809)
Accounts payable	179,507	890,586
Other liabilities	(2,787,003)	2,008,914
Other operating activities	411,840	(83,423)
Net cash provided by operating activities	7,089,416	11,533,939
Cash flows from investing activities:
Capital expenditures	(5,955,130)	(4,669,405)
Proceeds from dispositions		3,800,000
Payments for investments	(1,000,000)	(2,500,000)
Net cash used in investing activities	(6,955,130)	(3,369,405)
Cash flows from financing activities:
Issuance of debt	14,000,000
Payments on debt	(4,500,000)	(6,500,000)
Payment of debt issuance costs	(2,581,163)
Reduction of finance lease liabilities	(32,410)	(33,551)
Dividends paid	(2,795,504)	(2,761,343)
Purchase of treasury stock	(31,919)	(31,084)
Net cash provided by (used in) financing activities	4,059,004	(9,325,978)
Net increase (decrease) in cash and cash equivalents	4,193,290	(1,161,444)
Cash and cash equivalents at beginning of period	18,648,171	13,433,828
Cash and cash equivalents at end of period	22,841,461	12,272,384
Cash paid for interest	7,330,654	8,237,145
Cash paid for income taxes	$ 115,400	2,537,750
Supplement disclosure of non-cash investing and financing activities:
Dividends declared but unpaid		1,388,992
Media advertising exchanged for investment		1,000,000
Class A Common Stock [Member]
Supplement disclosure of non-cash investing and financing activities:
Class A common stock issued for acquisition		198,500
Class A common stock issued for investment		$ 974,125

Interim Financial Statements

Interim Financial Statements	6 Months Ended
	Jun. 30, 2020
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 10-Q S-X. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and its investments in OutlawsXP, Inc. (“Outlaws”) and Renegades Holdings, Inc. (“Renegades”). The Company holds an an COVID-19 In March 2020, coronavirus disease 2019 (“COVID-19”) COVID-19 COVID-19 COVID-19 COVID-19 In response, beginning in March 2020, the Company made safety a priority, implementing a work-at-home on-air, To help listeners and businesses in the communities it serves, the Company launched the “We are all in this together” Community of Caring Campaign that includes: • creating webinars to help struggling businesses deal with the crisis; • launching “Operation Gift Card” where businesses upload gift card information on our websites so that listeners can support businesses by purchasing the gift cards for future use; and • expanding local initiatives to include collecting medical supplies and delivering food to healthcare workers. Beginning in March 2020, the Company also implemented certain expense control initiatives, such as reductions in compensation for management and other employees, reductions in planned capital expenditures, negotiated vendor pricing reductions, furloughs and headcount reductions for certain employees and suspensions of new employee hiring and travel and entertainment expenses. The Company expects these initiatives to continue reducing its expenses in the third quarter of 2020. The board of directors also suspended future quarterly dividend payments until it is determined that resumption of dividend payments is in the best interest of the Company’s stockholders. In addition, the Amendment (as defined below) limits the ability of the Company to pay dividends until certain leverage-based milestones have been achieved. In June 2020, the Company entered into Amendment No. 2 to its credit agreement (the “Amendment”) and into an amendment to the Promissory Note (as defined below). See Note 4 for additional information. The COVID-19 right-of-use

Dispositions

Dispositions	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Dispositions	(2) Dispositions On May 5, 2020, the Company entered into an agreement to sell certain land with an immateri al carrying amount On March 28, 2019, the Company completed the sale of certain land and improvements in Augusta, GA to a third party for $0.5 million. As a result of the sale, the Company recorded a gain of $0.4 million in the first quarter of 2019. 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 million in the first quarter of 2019.

FCC Licenses

FCC Licenses	6 Months Ended
	Jun. 30, 2020
Text Block [Abstract]
FCC Licenses	(3) FCC Licenses Changes in the carrying amount of Federal Communications Commission (“FCC”) licenses for the six months ended June 30, 2020 are as follows: Balance as of January 1, 2020 $ 517,529,167 Impairment losses (6,804,412 ) Balance as of June 30, 2020 $ 510,724,755 Licenses are tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the Company’s licenses might be impaired. The Company assesses qualitative factors to determine whether it is more likely than not that its licenses are impaired. If the Company determines it is more likely than not that its licenses are impaired, then the Company is required to perform the quantitative impairment test. The quantitative impairment test compares the fair value of the Company’s licenses with their carrying amounts. If the carrying amounts of the licenses exceed their fair value, an impairment loss is recognized in an amount equal to that excess. For the purpose of testing its licenses for impairment, the Company combines its licenses into reporting units based on its market clusters. Due to the impact of the COVID-19 COVID-19 The fair value of the FCC licenses in the Atlanta, GA, Middlesex, NJ, Monmouth, NJ, Morristown, NJ, Las Vegas, NV, West Palm Beach-Boca Raton, FL, and Wilmington, DE market clusters were estimated using an income approach. The income approach is based upon discounted cash flow analyses incorporating variables such as projected radio market revenues, projected growth rate for radio market revenues, projected radio market revenue shares, projected radio station operating income margins, and a discount rate appropriate for the radio broadcasting industry. The key assumptions used in the discounted cash flow analyses are as follows: Revenue growth rates (14.1)% - 7.9% Market revenue shares at maturity 0.6% - 39.0% Operating income margins at maturity 26.5% - 35.4% Discount rate 9.5% The Company did not identify any triggering events for impairment during the second quarter of 2020. Therefore, the Company did not test its FCC licenses for impairment as of June 30, 2020.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Long-Term Debt	(4) Long-Term Debt Long-term debt is comprised of the following: December 31, June 30, 2020 Credit facility - term loan facility $ 239,000,000 $ 238,000,000 Credit facility - revolving credit facility 11,000,000 20,000,000 Promissory note 13,500,000 10,000,000 263,500,000 268,000,000 Less unamortized debt issuance costs (7,287,548 ) (6,101,956 ) 256,212,452 261,898,044 Less current installments (7,500,000 ) (5,000,000 ) $ 248,712,452 $ 256,898,044 As of June 30, 2020, the credit facility consisted of a term loan facility with a remaining balance of $238.0 million and a revolving credit facility with an outstanding balance of $20.0 million and a maximum commitment of $20.0 million. As of June 30, 2020, the Company had no available commitments under its revolving credit facility. Following the entry into the Amendment as described below , at On June 30, 2020, the Company entered into the Amendment with certain of its lenders. The Amendment amended and modified the credit agreement to, among other things, (i) increase the interest rate applicable to the term loans and revolving credit facility by 25 basis points per annum, (ii) add fees of 300 b asis points asis points - Additionally, the Amendment modified the financial covenant to remove the maximum First Lien Leverage Ratio previously tested quarterly through the fiscal quarter ended March 31, 2020. In its place, the Amendment added (i) a minimum liquidity covenant of $8.5 million (the “Minimum Liquidity Amount”), which will be tested every other week until the Total Leverage Ratio is less than 5.0x, (ii) a minimum EBITDA (as defined in the credit agreement, as amended by the Amendment) covenant, which will be tested monthly beginning October 31, 2020 add-backs and EBI TDA As of December 31, 2019, the credit facility consisted of a term loan facility with a remaining balance of $239.0 million and a revolving credit facility with an outstanding balance of $11.0 million and a maximum commitment of $20.0 million. The term loan facility and revolving credit facility carried interest, based on LIBOR, at 5.8% as of December 31, 2019. 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 June 30, 2020, the maximum amount of undiscounted payments the Company and its applicable subsidiaries would have been required to make in the event of default was $258.0 million. The guarantees for the credit facility expire on November 17, 2022 for the revolving credit facility and on November 1, 2023 for the term loan facility. Failure to comply with financial covenants, scheduled interest payments, scheduled principal repayments, or any other terms of the credit agreement, as amended by the Amendment, 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. The Company projects that it will be in compliance with all applicable financial covenants, as amended, for the next twelve months. On November 14, 2019, the Company acquired a majority interest in an esports team and issued a promissory note for $16.5 million to the seller (the “Promissory Note”). The Promissory Note had a remaining balance of $13.5 million as of December 31, 2019. On June 30, 2020, the Company entered into an amendment to Promissory Note (as amended, the “Amended Promissory Note”) As of June 30, 2020, t . million . The Amended Promissory Note bears cash-pay payment-in-kind 20-day The aggregate scheduled principal repayments of the credit facility and Amended Promissory Note for the remainder of 2020 and the next three years are as follows: 2020 $ 4,500,000 2021 750,000 2022 21,250,000 2023 241,500,000 Total $ 268,000,000

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Stockholders' Equity	(5) Stockholders’ Equity The changes in stockholders’ equity for the three and six months ended June 30, 2019 and 2020 are as follows: Three months ended June 30, Six months ended June 30, 2019 2020 2019 2020 Beginning balance $ 275,800,979 $ 274,378,038 $ 275,034,091 $ 284,471,958 Change in accounting principle — — (935,916 ) — Issuance of common stock — — 1,172,625 — Stock-based compensation 547,616 199,264 1,132,190 465,703 Purchase of treasury stock (11,258 ) (16,044 ) (31,084 ) (31,919 ) Net income ( loss 4,269,001 (18,167,797 ) 5,622,264 (27,113,960 ) Cash dividends (1,388,992 ) — (2,776,824 ) (1,398,321 ) Noncontrolling interest created in consolidation — 667,654 — 667,654 Ending balance $ 279,217,346 $ 257,061,115 $ 279,217,346 $ 257,061,115

Revenue

Revenue	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue	(6) Revenue Revenue is comprised of the following: Three months ended June 30, Six months ended June 30, 2019 2020 2019 2020 Commercial advertising $ 57,375,821 $ 24,202,267 $ 106,957,086 $ 71,630,987 Digital advertising 4,948,181 4,208,340 8,455,130 9,565,013 Other 3,334,746 1,972,525 7,934,086 6,837,558 $ 65,658,748 $ 30,383,132 $ 123,346,302 $ 88,033,558 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, June 30, Deferred revenue $ 3,639,077 $ 2,714,359 Three months ended June 30, Six months ended June 30, 2019 2020 2019 2020 Losses on receivables $ 45,646 $ 253,553 $ 358,396 $ 1,088,478 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, June 30, Trade sales receivable $ 1,691,295 $ 1,028,251 Trade sales payable 2,180,783 979,822 Three months ended June 30, Six months ended June 30, 2019 2020 2019 2020 Trade sales revenue $ 2,259,366 $ 575,636 $ 4,508,242 $ 2,543,896 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 esports, 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	6 Months Ended
	Jun. 30, 2020
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	(7) Stock-Based Compensation The Beasley Broadcast Group, Inc. 2007 Equity Incentive Award Plan (the “2007 Plan”) permits the Company to issue up to 7.5 million shares of Class A common stock. The 2007 Plan allows for eligible employees, directors and certain consultants of the Company to receive restricted stock units, shares of restricted stock, stock options or other stock-based awards. The restricted stock units 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- Grant-Date Unvested as of April 1, 2020 636,834 $ 4.39 Granted — — Vested (25,500 ) 7.83 Forfeited (22,000 ) 3.72 Unvested as of June 30, 2020 589,334 $ 4.27 A summary of restricted stock activity is presented below: Shares Weighted- Grant-Date Unvested as of April 1, 2020 32,000 $ 5.01 Granted — — Vested (2,000 ) 7.00 Forfeited (3,000 ) 3.09 Unvested as of June 30, 2020 27,000 $ 5.00 As of June 30, 2020, there was $1.9 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 2.9 years.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	(8) Income Taxes The Company’s effective tax rate was 31% and (25)% for the three months ended June 30, 2019 and 2020, respectively, and 31% and (24)% for the six months ended June 30, 2019 and 2020, 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, 2020
Earnings Per Share [Abstract]
Earnings Per Share	(9) Earnings Per Share The following table presents the computation of net income (loss) attributable to BBGI stockholders per Class A and B common share: Three months ended June 30, Six months ended June 30, 2019 2020 2019 2020 Basic income (loss) per share Numerator Net income (loss) $ 4,269,001 $ (17,734,961 ) $ 5,622,264 $ (26,571,522 ) Denominator Basic weighted shares outstanding 27,776,682 27,977,113 27,668,814 27,962,345 Net income (loss) per share - basic $ 0.15 $ (0.63 ) $ 0.20 $ (0.95 ) Diluted income (loss) per share Numerator Net income (loss) $ 4,269,001 $ (17,734,961 ) $ 5,622,264 $ (26,571,522 ) Denominator Basic weighted shares outstanding 27,776,682 27,977,113 27,668,814 27,962,345 Effect of restricted stock and RSUs under the treasury stock method 62,257 — 71,677 — Diluted weighted shares outstanding 27,838,939 27,977,113 27,740,491 27,962,345 Net income (loss) per share - diluted $ 0.15 $ (0.63 ) $ 0.20 $ (0.95 ) The Company excluded the effect of restrictive stock and RSUs under the treasury stock method as the addition of shares were anti-dilutive when reporting a net loss. The number of shares excluded were 34,374 and 42,441 for the three and six months ended June 30, 2020, respectively. In addition, the Company also excluded 1,276,596 shares of Class A common stock issued under the Amended Promissory Note on July 8, 2020 as the addition of shares were anti-dilutive when reporting the net loss for the three and six months ended June 30, 2020. See Note 4 for additional information.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	( 10 Related Party Transactions As a condition to entering into the Amendment, George Beasley, the Company’s Chairman, provided a $5 million loan to the Company that accrues payment-in-kind no

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2020
Investments, All Other Investments [Abstract]
Financial Instruments	(1 1 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 facility and the revolving credit facility as of June 30, 2020 ,

FCC Licenses (Tables)

FCC Licenses (Tables)	6 Months Ended
	Jun. 30, 2020
Text Block [Abstract]
Carrying Amount of Broadcasting Licenses	Changes in the carrying amount of Federal Communications Commission (“FCC”) licenses for the six months ended June 30, 2020 are as follows: Balance as of January 1, 2020 $ 517,529,167 Impairment losses (6,804,412 ) Balance as of June 30, 2020 $ 510,724,755
Discounted Cash Flow Analyses	The key assumptions used in the discounted cash flow analyses are as follows: Revenue growth rates (14.1)% - 7.9% Market revenue shares at maturity 0.6% - 39.0% Operating income margins at maturity 26.5% - 35.4% Discount rate 9.5%

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Summary of Long-Term Debt	Long-term debt is comprised of the following: December 31, June 30, 2020 Credit facility - term loan facility $ 239,000,000 $ 238,000,000 Credit facility - revolving credit facility 11,000,000 20,000,000 Promissory note 13,500,000 10,000,000 263,500,000 268,000,000 Less unamortized debt issuance costs (7,287,548 ) (6,101,956 ) 256,212,452 261,898,044 Less current installments (7,500,000 ) (5,000,000 ) $ 248,712,452 $ 256,898,044
Scheduled Repayments of Credit Facility	The aggregate scheduled principal repayments of the credit facility and Amended Promissory Note for the remainder of 2020 and the next three years are as follows: 2020 $ 4,500,000 2021 750,000 2022 21,250,000 2023 241,500,000 Total $ 268,000,000

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Schedule of Changes in Stockholders Equity	The changes in stockholders’ equity for the three and six months ended June 30, 2019 and 2020 are as follows: Three months ended June 30, Six months ended June 30, 2019 2020 2019 2020 Beginning balance $ 275,800,979 $ 274,378,038 $ 275,034,091 $ 284,471,958 Change in accounting principle — — (935,916 ) — Issuance of common stock — — 1,172,625 — Stock-based compensation 547,616 199,264 1,132,190 465,703 Purchase of treasury stock (11,258 ) (16,044 ) (31,084 ) (31,919 ) Net income ( loss 4,269,001 (18,167,797 ) 5,622,264 (27,113,960 ) Cash dividends (1,388,992 ) — (2,776,824 ) (1,398,321 ) Noncontrolling interest created in consolidation — 667,654 — 667,654 Ending balance $ 279,217,346 $ 257,061,115 $ 279,217,346 $ 257,061,115

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Composition of Revenue	Revenue is comprised of the following: Three months ended June 30, Six months ended June 30, 2019 2020 2019 2020 Commercial advertising $ 57,375,821 $ 24,202,267 $ 106,957,086 $ 71,630,987 Digital advertising 4,948,181 4,208,340 8,455,130 9,565,013 Other 3,334,746 1,972,525 7,934,086 6,837,558 $ 65,658,748 $ 30,383,132 $ 123,346,302 $ 88,033,558
Deferred Revenue	December 31, June 30, Deferred revenue $ 3,639,077 $ 2,714,359 Three months ended June 30, Six months ended June 30, 2019 2020 2019 2020 Losses on receivables $ 45,646 $ 253,553 $ 358,396 $ 1,088,478
Trade Sale Revenue	December 31, June 30, Trade sales receivable $ 1,691,295 $ 1,028,251 Trade sales payable 2,180,783 979,822

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
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- Grant-Date Unvested as of April 1, 2020 636,834 $ 4.39 Granted — — Vested (25,500 ) 7.83 Forfeited (22,000 ) 3.72 Unvested as of June 30, 2020 589,334 $ 4.27 A summary of restricted stock activity is presented below: Shares Weighted- Grant-Date Unvested as of April 1, 2020 32,000 $ 5.01 Granted — — Vested (2,000 ) 7.00 Forfeited (3,000 ) 3.09 Unvested as of June 30, 2020 27,000 $ 5.00

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Schedule of Net Income Per Share	The following table presents the computation of net income (loss) attributable to BBGI stockholders per Class A and B common share: Three months ended June 30, Six months ended June 30, 2019 2020 2019 2020 Basic income (loss) per share Numerator Net income (loss) $ 4,269,001 $ (17,734,961 ) $ 5,622,264 $ (26,571,522 ) Denominator Basic weighted shares outstanding 27,776,682 27,977,113 27,668,814 27,962,345 Net income (loss) per share - basic $ 0.15 $ (0.63 ) $ 0.20 $ (0.95 ) Diluted income (loss) per share Numerator Net income (loss) $ 4,269,001 $ (17,734,961 ) $ 5,622,264 $ (26,571,522 ) Denominator Basic weighted shares outstanding 27,776,682 27,977,113 27,668,814 27,962,345 Effect of restricted stock and RSUs under the treasury stock method 62,257 — 71,677 — Diluted weighted shares outstanding 27,838,939 27,977,113 27,740,491 27,962,345 Net income (loss) per share - diluted $ 0.15 $ (0.63 ) $ 0.20 $ (0.95 )

Interim Financial Statements -

Interim Financial Statements - Additional Information (Detail)	Jun. 30, 2020
OutlawsXP Inc [Member]
Equity method investment, ownership percentage	90.00%
Renegades Holdings, Inc. [Member]
Equity method investment, ownership percentage	51.00%

Dispositions - Additional Infor

Dispositions - Additional Information (Detail) - USD ($)	Mar. 28, 2019	Mar. 15, 2019	Mar. 31, 2019	Jun. 30, 2019	May 05, 2020
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
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Land [Member]
Business Acquisition [Line Items]
Non current assets disposal consideration receivable					$ 4,700,000

FCC Licenses - Carrying Amount

FCC Licenses - Carrying Amount of Broadcasting Licenses (Detail)	6 Months Ended
	Jun. 30, 2020USD ($)
FCC Licenses [Line Items]
Beginning Balance	$ 517,529,167
Impairment losses	(6,804,412)
Ending Balance	$ 510,724,755

FCC Licenses - Discounted Cash

FCC Licenses - Discounted Cash Flow Analyses (Detail) - CBS Radio Stations Inc Entercom Boston LLC and The Entercom Divestiture Trust [Member]	6 Months Ended
	Jun. 30, 2020
Measurement Input, Discount Rate [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Fair value assumptions inputs rate	9.50%
Minimum [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Market revenue shares at maturity	0.60%
Operating income margins at maturity	26.50%
Minimum [Member] | Measurement Input, Long-term Revenue Growth Rate [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Fair value assumptions inputs rate	(14.10%)
Maximum [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Market revenue shares at maturity	39.00%
Operating income margins at maturity	35.40%
Maximum [Member] | Measurement Input, Long-term Revenue Growth Rate [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Fair value assumptions inputs rate	7.90%

FCC Licenses - Additional Infor

FCC Licenses - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Jun. 30, 2020
FCC Licenses [Line Items]
Impairment losses		$ 6,804,412
Atlanta GA and Wet Palm Beach [Member] | Licensing Agreements [Member]
FCC Licenses [Line Items]
Impairment losses	$ 6,800,000

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Total debt	$ 268,000,000	$ 263,500,000
Less unamortized debt issuance costs	(6,101,956)	(7,287,548)
Long-term debt	261,898,044	256,212,452
Less current installments	(5,000,000)	(7,500,000)
Long-term debt, net of current portion	256,898,044	248,712,452
Term Loan [Member]
Line of Credit Facility [Line Items]
Total debt	238,000,000	239,000,000
Revolving Credit Loan [Member]
Line of Credit Facility [Line Items]
Total debt	20,000,000	11,000,000
Long-term debt	20,000,000
Promissory Note [Member]
Line of Credit Facility [Line Items]
Total debt	$ 10,000,000	$ 13,500,000

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020USD ($)	Jul. 08, 2020USD ($)$ / sharesshares	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021$ / sharesshares	Dec. 31, 2019USD ($)	Nov. 14, 2019USD ($)
Line of Credit Facility [Line Items]
Long-term debt					$ 268,000,000	$ 268,000,000	$ 268,000,000		$ 263,500,000
Credit facility interest rate margins							2.00%
Revolving credit outstanding balance					261,898,044	261,898,044	$ 261,898,044		256,212,452
Gain loss on modification of debt						2,800,000
Subsequent Event [Member]
Line of Credit Facility [Line Items]
Stocks issued | shares								3,191,489
Stocks issued, per share value | $ / shares								$ 2.35
Reduction in principal, percent								50.00%
Subsequent Event [Member] | Class A Common Stock [Member]
Line of Credit Facility [Line Items]
Stocks issued | shares				1,276,596
Stocks issued, per share value | $ / shares				$ 2.35
Redemption in principal payment				$ 2,250,000
Term Loan [Member]
Line of Credit Facility [Line Items]
Long-term debt					$ 238,000,000	$ 238,000,000	$ 238,000,000		239,000,000
Revolving credit loan and term loan carried interest					5.25%	5.25%	5.25%
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]
Long-term debt					$ 20,000,000	$ 20,000,000	$ 20,000,000		11,000,000
Revolving credit facility maximum commitment					$ 20,000,000	$ 20,000,000	$ 20,000,000		$ 20,000,000
Revolving credit loan and term loan carried interest					5.25%	5.25%	5.25%		5.80%
Remaining commitments under the revolving credit loan facility					$ 0	$ 0	$ 0
Revolving credit outstanding balance					20,000,000	20,000,000	20,000,000
Promissory Note [Member]
Line of Credit Facility [Line Items]
Long-term debt					10,000,000	10,000,000	10,000,000		$ 13,500,000
Promissory Note [Member] | E Sports Team [Member]
Line of Credit Facility [Line Items]
Debt instrument face value										$ 16,500,000
New Promissory Note [Member]
Line of Credit Facility [Line Items]
Revolving credit outstanding balance					10,000,000	10,000,000	10,000,000
New Promissory Note [Member] | Subsequent Event [Member]
Line of Credit Facility [Line Items]
Credit facility interest rate margins			10.00%
Credit facility interest rate margins, quarterly			5.00%
Debt instrument principal payment, cash			$ 2,250,000
Existing Credit Agreement [Member]
Line of Credit Facility [Line Items]
Long-term debt					$ 258,000,000	$ 258,000,000	$ 258,000,000
New Credit Agreement [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Credit facility interest rate margins							4.25%
New Credit Agreement [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Credit facility interest rate margins							3.25%
Amended Credit Facility Two Thousand and Twenty One [Member]
Line of Credit Facility [Line Items]
Increase in the applicable interest rate					0.25%
Long-term debt covenants aggregate leverage ratio					4.5
Amended Credit Facility Two Thousand and Twenty One [Member] | Subsequent Event [Member]
Line of Credit Facility [Line Items]
Fees in percentage terms on the revolving credit facility		3.00%
Amended Credit Facility Two Thousand and Twenty One [Member] | Subsequent Event [Member] | Credit Agreement not Refinanced [Member]
Line of Credit Facility [Line Items]
Fees in percentage terms on the revolving credit facility	1.50%
Amended Credit Facility Two Thousand and Twenty One [Member] | Leverage Ratio Greater than 3.5 Times [Member]
Line of Credit Facility [Line Items]
Mandatory prepayments of excess cash flow					50.00%	50.00%	50.00%
Amended Credit Facility Two Thousand and Twenty One [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%	25.00%	25.00%
Amended Credit Facility Two Thousand and Twenty One [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%	0.00%	0.00%
Amended Credit Facility Two Thousand and Twenty One [Member] | Leverage Ratio Greater than 4.5 Times [Member]
Line of Credit Facility [Line Items]
Mandatory prepayments of excess cash flow					75.00%	75.00%	75.00%
Amended Credit Facility Two Thousand and Twenty One [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Long-term debt covenants aggregate leverage ratio					5
Amended Credit Facility Two Thousand and Twenty One [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Liquidity amount to be maintained					$ 8,500,000	$ 8,500,000	$ 8,500,000

Long-Term Debt - Scheduled Repa

Long-Term Debt - Scheduled Repayments of Credit Facility (Detail) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2020	$ 4,500,000
2021	750,000
2022	21,250,000
2023	241,500,000
Total	$ 268,000,000	$ 263,500,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Changes in Stockholders Equity (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Beginning balance	$ 274,378,038	$ 275,800,979	$ 284,471,958	$ 275,034,091
Issuance of common stock				1,172,625
Stock-based compensation	199,264	547,616	465,703	1,132,190
Purchase of treasury stock	(16,044)	(11,258)	(31,919)	(31,084)
Net income (loss)	(18,167,797)	4,269,001	(27,113,960)	5,622,264
Cash dividends		(1,388,992)	(1,398,321)	(2,776,824)
Noncontrolling interest created in consolidation	667,654		667,654
Ending balance	$ 257,061,115	$ 279,217,346	$ 257,061,115	279,217,346
Change in accounting principle [Member]
Beginning balance				$ (935,916)

Revenue - Composition of Revenu

Revenue - Composition of Revenue (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Net revenue	$ 30,383,132	$ 65,658,748	$ 88,033,558	$ 123,346,302
Commercial Advertising [Member]
Disaggregation of Revenue [Line Items]
Net revenue	24,202,267	57,375,821	71,630,987	106,957,086
Digital Advertising [Member]
Disaggregation of Revenue [Line Items]
Net revenue	4,208,340	4,948,181	9,565,013	8,455,130
Other [Member]
Disaggregation of Revenue [Line Items]
Net revenue	$ 1,972,525	$ 3,334,746	$ 6,837,558	$ 7,934,086

Revenue - Deferred Revenue (Det

Revenue - Deferred Revenue (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 2,714,359		$ 2,714,359		$ 3,639,077
Losses on receivables	$ 253,553	$ 45,646	$ 1,088,478	$ 358,396

Revenue - Trade Sale Revenue (D

Revenue - Trade Sale Revenue (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Trade sales receivable	$ 1,028,251		$ 1,028,251		$ 1,691,295
Trade sales payable	979,822		979,822		$ 2,180,783
Trade sales revenue	$ 575,636	$ 2,259,366	$ 2,543,896	$ 4,508,242

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - 2007 Plan [Member] $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost for restricted stock units granted | $	$ 1.9
Cost expected to be recognized over a weighted-average period	2 years 10 months 24 days
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units and restricted stock awards, vest, period	1 year
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units and restricted stock awards, vest, period	5 years
Class A Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized | shares	7,500,000

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units and Restricted Stock Activity (Detail) - 2007 Plan [Member]	3 Months Ended
	Jun. 30, 2020$ / sharesshares
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Shares, Beginning Balance | shares	636,834
Vested, Shares | shares	(25,500)
Forfeited, Shares | shares	(22,000)
Unvested Shares, Ending Balance | shares	589,334
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 4.39
Vested, Weighted-Average Grant-Date Fair Value | $ / shares	7.83
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares	3.72
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares	$ 4.27
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Shares, Beginning Balance | shares	32,000
Vested, Shares | shares	(2,000)
Forfeited, Shares | shares	(3,000)
Unvested Shares, Ending Balance | shares	27,000
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 5.01
Vested, Weighted-Average Grant-Date Fair Value | $ / shares	7
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares	3.09
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares	$ 5

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Federal statutory rate			21.00%
Effective tax rate	(25.00%)	31.00%	(24.00%)	31.00%

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Net Income Per Share (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Basic income (loss) per share
Net income (loss)	$ (18,167,797)	$ 4,269,001	$ (27,113,960)	$ 5,622,264
Basic weighted shares outstanding	27,977,113	27,776,682	27,962,345	27,668,814
Net income (loss) per share - basic	$ (0.63)	$ 0.15	$ (0.95)	$ 0.20
Diluted income (loss) per share
Net income (loss)	$ (18,167,797)	$ 4,269,001	$ (27,113,960)	$ 5,622,264
Basic weighted shares outstanding	27,977,113	27,776,682	27,962,345	27,668,814
Effect of restricted stock and RSUs under the treasury stock method		62,257		71,677
Diluted weighted shares outstanding	27,977,113	27,838,939	27,962,345	27,740,491
Net income (loss) per share - diluted	$ (0.63)	$ 0.15	$ (0.95)	$ 0.20

Earnings Per Share - Additional

Earnings Per Share - Additional information (Detail) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
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	34,374	42,441
Common Class A [Member] | Promissory Note [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share	1,276,596	1,276,596

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2020USD ($)
Payment in Kind (PIK) Note [Member] | Board of Directors Chairman [Member]
Related Party Transaction [Line Items]
Debt instrument face value	$ 5,000,000
Long term debt stated interest rate	6.00%
Long term debt maturity	December 2023
Mr Beasley and GGB Family Limited [Member]
Related Party Transaction [Line Items]
Debt instrument face value	$ 5,000,000

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Fair Value Of Financial Instruments [Line Items]
Long-term debt	$ 268,000,000	$ 263,500,000
Term Loan [Member]
Fair Value Of Financial Instruments [Line Items]
Long-term debt	$ 238,000,000	$ 239,000,000