Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | May 02, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | BBGI | |
Entity Registrant Name | BEASLEY BROADCAST GROUP, INC. | |
Entity Central Index Key | 0001099160 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Interactive Data Current | Yes | |
Entity Address, State or Province | FL | |
Entity Tax Identification Number | 65-0960915 | |
Entity Address, Address Line One | 3033 Riviera Drive | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, City or Town | Naples | |
Entity Address, Postal Zip Code | 34103 | |
City Area Code | 239 | |
Local Phone Number | 263-5000 | |
Security Exchange Name | NASDAQ | |
Title of 12(b) Security | Class A Common Stock, par value $0.001 per share | |
Entity File Number | 000-29253 | |
Entity Incorporation, State or Country Code | DE | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 12,731,019 | |
Class B Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 16,662,743 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 50,706,697 | $ 51,378,642 |
Accounts receivable, less allowance for doubtful accounts of $1,720,477 in 2021 and $1,510,422 in 2022 | 42,112,420 | 53,378,437 |
Prepaid expenses | 3,830,697 | 4,044,056 |
Other current assets | 2,864,958 | 3,397,418 |
Total current assets | 99,514,772 | 112,198,553 |
Property and equipment, net | 49,425,164 | 49,843,166 |
Operating lease right-of-use assets | 34,398,390 | 34,155,175 |
Finance lease right-of-use assets | 316,667 | 320,000 |
FCC licenses | 506,556,687 | 508,413,913 |
Goodwill | 28,596,547 | 28,596,547 |
Other intangibles, net | 22,035,202 | 22,697,207 |
Other assets | 5,789,238 | 5,863,501 |
Total assets | 746,632,667 | 762,088,062 |
Current liabilities: | ||
Accounts payable | 7,356,456 | 6,995,081 |
Operating lease liabilities | 7,666,536 | 7,693,831 |
Finance lease liabilities | 0 | 1,945 |
Other current liabilities | 22,786,966 | 29,811,226 |
Total current liabilities | 37,809,958 | 44,502,083 |
Due to related parties | 348,015 | 372,193 |
Long-term debt, net of unamortized debt issuance costs | 294,170,103 | 293,789,892 |
Operating lease liabilities | 29,029,363 | 28,747,450 |
Deferred tax liabilities | 109,832,130 | 115,689,317 |
Other long-term liabilities | 15,902,094 | 15,904,829 |
Total liabilities | 487,091,663 | 499,005,764 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued | ||
Additional paid-in capital | 151,123,818 | 150,896,611 |
Treasury stock, Class A common stock; 3,552,455 shares in 2021; 3,568,662 shares in 2022 | (29,050,959) | (29,021,360) |
Retained earnings | 138,481,549 | 142,220,494 |
Accumulated other comprehensive loss | (1,046,357) | (1,046,357) |
Total stockholders' equity | 259,541,004 | 263,082,298 |
Total liabilities and stockholders' equity | 746,632,667 | 762,088,062 |
Class A Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock | 16,291 | 16,248 |
Class B Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock | $ 16,662 | $ 16,662 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Allowance for doubtful accounts | $ 1,510,422 | $ 1,720,477 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Class A Common Stock [Member] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 16,292,646 | 16,249,312 |
Common stock, shares outstanding | 12,723,984 | 12,696,857 |
Treasury stock, Class A common stock shares | 3,568,662 | 3,552,455 |
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 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Net revenue | $ 55,720,268 | $ 48,212,040 |
Operating expenses: | ||
Operating expenses (including stock-based compensation of $70,931 in 2021 and $78,223 in 2022 and excluding depreciation and amortization shown separately below) | 49,830,436 | 42,967,871 |
Corporate expenses (including stock-based compensation of $449,870 in 2021 and $149,027 in 2022) | 4,233,460 | 3,905,289 |
Depreciation and amortization | 2,515,900 | 2,951,901 |
Impairment loss | 1,857,226 | 0 |
Gain on disposition | 0 | (191,988) |
Other operating expenses | 0 | 1,100,000 |
Total operating expenses | 58,437,022 | 50,733,073 |
Operating income (loss) | (2,716,754) | (2,521,033) |
Non-operating income (expense): | ||
Interest expense | (6,849,037) | (5,778,071) |
Loss on extinguishment of long-term debt | 0 | (4,996,731) |
Other income, net | 872 | 38,413 |
Loss before income taxes | (9,564,919) | (13,257,422) |
Income tax benefit | (5,849,318) | (2,602,886) |
Loss before equity in earnings of unconsolidated affiliates | (3,715,601) | (10,654,536) |
Equity in earnings of unconsolidated affiliates, net of tax | (23,344) | (30,105) |
Net loss | (3,738,945) | (10,684,641) |
Earnings attributable to noncontrolling interest | 0 | 129,249 |
Net loss attributable to BBGI stockholders | $ (3,738,945) | $ (10,555,392) |
Net loss attributable to BBGI stockholders per Class A and B common share: | ||
Basic and diluted | $ (0.13) | $ (0.36) |
Weighted average shares outstanding: | ||
Basic and diluted | 29,370,789 | 29,302,799 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Stock-based compensation | $ 227,250 | $ 520,801 |
Station Operating Expenses [Member] | ||
Stock-based compensation | 78,223 | 70,931 |
Corporate General and Administrative Expenses [Member] | ||
Stock-based compensation | $ 149,027 | $ 449,870 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (3,738,945) | $ (10,684,641) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Stock-based compensation | 227,250 | 520,801 |
Provision for bad debts | 77,498 | (1,472,165) |
Depreciation and amortization | 2,515,900 | 2,951,901 |
Impairment loss | 1,857,226 | 0 |
Gain on disposition | 0 | (191,988) |
Amortization of loan fees | 380,211 | 411,363 |
Loss on extinguishment of long-term debt | 0 | 4,996,731 |
Deferred income taxes | (5,849,318) | (2,602,886) |
Equity in earnings of unconsolidated affiliates | 23,344 | 30,105 |
Change in operating assets and liabilities: | ||
Accounts receivable | 11,188,519 | 12,180,235 |
Prepaid expenses | 213,359 | (1,399,765) |
Other assets | 570,082 | 1,286,882 |
Accounts payable | 361,375 | (5,814,875) |
Other liabilities | (7,069,648) | 1,870,041 |
Other operating activities | (21,479) | 272,268 |
Net cash provided by operating activities | 735,374 | 2,354,007 |
Cash flows from investing activities: | ||
Capital expenditures | (1,375,775) | (1,029,268) |
Proceeds from dispositions | 0 | 362,500 |
Net cash used in investing activities | (1,375,775) | (666,768) |
Cash flows from financing activities: | ||
Issuance of debt | 0 | 310,000,000 |
Payments on debt | 0 | (268,500,000) |
Payment of debt issuance costs | 0 | (7,604,215) |
Reduction of finance lease liabilities | (1,945) | (17,543) |
Purchase of treasury stock | (29,599) | (114,308) |
Net cash provided by (used in) financing activities | (31,544) | 33,763,934 |
Net increase in cash and cash equivalents | (671,945) | 35,451,173 |
Cash and cash equivalents at beginning of period | 51,378,642 | 20,759,432 |
Cash and cash equivalents at end of period | 50,706,697 | 56,210,605 |
Cash paid for interest | 12,937,576 | 1,836,787 |
Cash paid for income taxes | 61,000 | 1,374,403 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Acquisition of noncontrolling interest | 0 | 4,490,130 |
Extinguishment of trade sales payable | 0 | 934,500 |
Class A Common Stock [Member] | ||
Supplemental disclosure of non-cash investing and financing activities: | ||
Class A common stock returned to treasury stock | $ 0 | $ 670,594 |
Interim Financial Statements
Interim Financial Statements | 3 Months Ended |
Mar. 31, 2022 | |
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. |
Disposition
Disposition | 3 Months Ended |
Mar. 31, 2022 | |
Disposition [Abstract] | |
Disposition | (2) Disposition On April 1, 2022, the Company completed the sale of substantially all of the assets used in the operations of WWNN-AM million in cash. As a result of the sale, the Company recorded an impairment loss of million related to the FCC license during the first quarter of 2022. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | (3) Long-Term Debt Long-term debt is comprised of the following: December 31, March 31, Secured notes $ 300,000,000 $ 300,000,000 Less unamortized debt issuance costs (6,210,108 ) (5,829,897 ) $ 293,789,892 $ 294,170,103 On February 2, 2021, the Company issued $300.0 million aggregate principal amount of 8.625% senior secured notes due on February 1, 2026 (the “Notes”) under an indenture dated February 2, 2021 (the “Indenture”). Interest on the Notes accrues at the rate of 8.625% per annum and is payable semiannually in arrears on February 1 and August 1 of each year. The Notes are secured on a first-lien priority basis by substantially all assets of the Company and its majority owned subsidiaries and are guaranteed jointly and severally by the Company and its majority owned subsidiaries. The Indenture contains restrictive covenants that limit the ability of the Company and its subsidiaries to, among other things, incur additional indebtedness, guarantee indebtedness or issue disqualified stock or, in the case of such subsidiaries, preferred stock; pay dividends on, repurchase or make distributions in respect of our capital stock or make other restricted payments; make certain investments or acquisitions; sell, transfer or otherwise convey certain assets; create liens; enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany transfers; consolidate, merge, sell or otherwise dispose of all or substantially all of its assets; enter into transactions with affiliates; prepay certain kinds of indebtedness; and issue or sell stock of its subsidiaries. Prior to February 1, 2025, the Company will be subject to certain premiums, as defined in the Indenture, for optional or mandatory (upon certain contingent events) redemption of some or all of the Notes. In April 2022, the Company repurchased % of the principal amount. As a result of the repurchase, the Company recorded an aggregate gain on extinguishment of long-term debt of second |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | (4) Stockholders’ Equity The changes in stockholders’ equity are as follows: Three months ended March 3 1 2021 2022 Beginning balance $ 267,101,820 $ 263,082,298 Stock-based compensation 520,801 227,250 Acquisition of noncontrolling interest (4,490,130 ) — Purchase of treasury stock (784,902 ) (29,599 ) Net loss (10,684,641 ) (3,738,945 ) Elimination of noncontrolling interest 1,076,849 — Ending balance $ 252,739,797 $ 259,541,004 |
Net Revenue
Net Revenue | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Net Revenue | (5) Net Revenue Net revenue is comprised of the following: Three months ended March 31, 2021 2022 Audio $ 41,729,602 $ 47,365,145 Digital 5,763,728 7,808,250 Other 718,710 546,873 $ 48,212,040 $ 55,720,268 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, March 31, Deferred revenue $ 3,085,370 $ 3,092,825 Three months ended March 31, 2021 2022 Losses on receivables $ 1,095,313 $ 287,553 Audio revenue includes revenue from the sale or trade of aired commercial spots to advertisers directly or through national, regional or local advertising agencies. Each commercial spot is considered a performance obligation. Revenue is recognized when the commercial spots have aired. Trade sales are recorded at the estimated fair value of the goods or services received. If commercial spots are aired before the goods or services are received, then a trade sales receivable is recorded. If goods or services are received before the commercial spots are aired, then a trade sales payable is recorded. Other revenue includes revenue from concerts, promotional events, talent fees and other miscellaneous items. Such revenue is generally recognized when the concert, promotional event, or talent services are completed. December 31, March 31, Trade sales receivable $ 881,885 $ 934,421 Trade sales payable 614,467 636,476 Three months ended March 31, 2021 2022 Trade sales revenue $ 929,597 $ 1,372,573 Digital revenue includes revenue from the sale of streamed commercial spots, station-owned assets and third-party products. Each streamed commercial spot, station-owned asset and third-party product is considered a performance obligation. Revenue is recognized when the commercial spots have streamed. Station-owned assets are generally scheduled over a period of time and revenue is recognized over time as the digital items are used for advertising content except for streamed commercial spots. Third-party products are generally scheduled over a period of time with an impression target each month. Revenue from the sale of third-party products is recognized over time as the digital items are used for advertising content and impression targets are met each month. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | (6) Stock-Based Compensation The Beasley Broadcast Group, Inc. 2007 Equity Incentive Award Plan (the “2007 Plan”) permits the Company to issue up to 7.5 million shares of Class A common stock. The 2007 Plan allows for eligible employees, directors and certain consultants of the Company to receive restricted stock units, shares of restricted stock, stock options or other stock-based awards. The restricted stock units that have been granted under the 2007 Plan generally vest over one to five years of service. A summary of restricted stock unit activity is presented below: Units Weighted- Grant-Date Unvested as of January 1, 2022 940,834 $ 2.77 Granted 26,316 1.90 Vested (43,334 ) 2.63 Forfeited (5,000 ) 2.85 Unvested as of March 31, 2022 918,816 $ 2.75 As of March 31, 2022, there was $1.6 million of total unrecognized compensation cost for restricted stock units granted under the 2007 Plan. That cost is expected to be recognized over a weighted-average period of 2.2 years. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (7) Income Taxes The Company’s effective tax rate was 20% and 61% for the three months ended March 31, 2021 and 2022, respectively. These rates differ from the federal statutory rate of 21% due to the effect of state income taxes, certain non-taxable |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per share | (8) Earnings Per Share Earnings per share calculation information is as follows: Three months ended March 31, 2021 2022 Net loss attributable to BBGI stockholders $ (10,555,392 ) $ (3,738,945 ) Weighted-average shares outstanding: Basic 29,302,799 29,370,789 Effect of dilutive restricted stock units and restricted stock — — Diluted 29,302,799 29,370,789 Net loss attributable to BBGI stockholders per Class A and Class B common share – $ (0.36 ) $ (0.13 ) The Company excluded the effect of restrictive stock units and restricted stock under the treasury stock method when reporting a net loss as the addition of shares was anti-dilutive. The number of shares excluded was 32,166 and 178,625 for the three months ended March 31, 2021 and 2022, respectively. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | (9) 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 estimated fair value of the Notes, based on available market information, was million as of December 31, 2021 and March 31, 2022, respectively. The Company used Level 2 measurements under the fair value measurement hierarchy to determine the estimated fair value of the Notes. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | (10) Segment Information The Company currently operates three operating segments (Audio, Digital, esports) and two reportable segments (Audio, Digital). The identification of segments is consistent with how the segments report to and are managed by the Company’s Chief Executive Officer (the Company’s Chief Operating Decision Maker). The Audio segment generates revenue primarily from the sale of commercial advertising to customers of the Company’s radio stations in the following radio markets: Atlanta, GA, Augusta, GA, Boston, MA, Charlotte, NC, Detroit, MI, Fayetteville, NC, Fort Myers-Naples, FL, Las Vegas, NV, Middlesex, NJ, Monmouth, NJ, Morristown, NJ, Philadelphia, PA, Tampa-Saint Petersburg, FL, and Wilmington, DE. The Digital segment generates revenue primarily from the sale of digital advertising to customers of the Company’s radio stations and other advertisers throughout the United States. Corporate includes general and administrative expenses and certain other income and expense items not allocated to the operating segments. Non-operating Reportable segment information for the three months ended March 31, 2022 is as follows: Audio Digital Other Corporate Total Net revenue $ 47,365,145 $ 7,808,250 $ 546,873 $ — $ 55,720,268 Operating expenses 40,683,812 8,401,763 744,861 — 49,830,436 Corporate expenses — — — 4,233,460 4,233,460 Depreciation and amortization 1,621,827 4,464 695,348 194,261 2,515,900 Impairment loss 1,857,226 — — — 1,857,226 Operating income (loss) $ 3,202,280 $ (597,977 ) $ (893,336 ) $ (4,427,721 ) $ (2,716,754 ) Audio Digital Other Corporate Total Capital expenditures $ 1,181,994 $ 1,844 $ 60,682 $ 142,230 $ 1,386,750 Reportable segment information for the three months ended March 31, 2021 is as follows: Audio Digital Other Corporate Total Net revenue $ 41,729,602 $ 5,763,728 $ 718,710 $ — $ 48,212,040 Operating expenses 34,735,469 7,257,915 974,487 — 42,967,871 Corporate expenses — — — 3,905,289 3,905,289 Depreciation and amortization 2,004,377 — 811,903 135,621 2,951,901 Gain on disposition (191,988 ) — — — (191,988 ) Other operating expense s 500,000 — — 600,000 1,100,000 Operating income (loss) $ 4,681,744 $ (1,494,187 ) $ (1,067,680 ) $ (4,640,910 ) $ (2,521,033 ) Audio Digital Other Corporate Total Capital expenditures $ 712,945 $ — $ 2,852 $ 313,471 $ 1,029,268 Reportable segment information as of March 31, 2022 is as follows: Audio Digital Other Corporate Total Property and equipment, net $ 45,272,758 $ 71,927 $ 81,543 $ 3,998,936 $ 49,425,164 FCC licenses 506,556,687 — — — 506,556,687 Goodwill 25,377,447 — 3,219,100 — 28,596,547 Other intangibles, net 1,940,820 — 19,914,719 179,663 22,035,202 Reportable segment information as of December 31, 2021 is as follows: Audio Digital Other Corporate Total Property and equipment, net $ 45,696,008 $ 74,547 $ 21,644 $ 4,050,967 $ 49,843,166 FCC licenses 508,413,913 — — — 508,413,913 Goodwill 25,377,447 — 3,219,100 — 28,596,547 Other intangibles, net 1,974,093 — 20,543,451 179,663 22,697,207 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt is comprised of the following: December 31, March 31, Secured notes $ 300,000,000 $ 300,000,000 Less unamortized debt issuance costs (6,210,108 ) (5,829,897 ) $ 293,789,892 $ 294,170,103 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Changes in Stockholders Equity | The changes in stockholders’ equity are as follows: Three months ended March 3 1 2021 2022 Beginning balance $ 267,101,820 $ 263,082,298 Stock-based compensation 520,801 227,250 Acquisition of noncontrolling interest (4,490,130 ) — Purchase of treasury stock (784,902 ) (29,599 ) Net loss (10,684,641 ) (3,738,945 ) Elimination of noncontrolling interest 1,076,849 — Ending balance $ 252,739,797 $ 259,541,004 |
Net Revenue (Tables)
Net Revenue (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Composition of Revenue | Net revenue is comprised of the following: Three months ended March 31, 2021 2022 Audio $ 41,729,602 $ 47,365,145 Digital 5,763,728 7,808,250 Other 718,710 546,873 $ 48,212,040 $ 55,720,268 |
Deferred Revenue | December 31, March 31, Deferred revenue $ 3,085,370 $ 3,092,825 Three months ended March 31, 2021 2022 Losses on receivables $ 1,095,313 $ 287,553 |
Trade Sale Revenue | December 31, March 31, Trade sales receivable $ 881,885 $ 934,421 Trade sales payable 614,467 636,476 Three months ended March 31, 2021 2022 Trade sales revenue $ 929,597 $ 1,372,573 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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: Units Weighted- Grant-Date Unvested as of January 1, 2022 940,834 $ 2.77 Granted 26,316 1.90 Vested (43,334 ) 2.63 Forfeited (5,000 ) 2.85 Unvested as of March 31, 2022 918,816 $ 2.75 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income Per Share | Earnings per share calculation information is as follows: Three months ended March 31, 2021 2022 Net loss attributable to BBGI stockholders $ (10,555,392 ) $ (3,738,945 ) Weighted-average shares outstanding: Basic 29,302,799 29,370,789 Effect of dilutive restricted stock units and restricted stock — — Diluted 29,302,799 29,370,789 Net loss attributable to BBGI stockholders per Class A and Class B common share – $ (0.36 ) $ (0.13 ) |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Summary of reportable segment information | Reportable segment information for the three months ended March 31, 2022 is as follows: Audio Digital Other Corporate Total Net revenue $ 47,365,145 $ 7,808,250 $ 546,873 $ — $ 55,720,268 Operating expenses 40,683,812 8,401,763 744,861 — 49,830,436 Corporate expenses — — — 4,233,460 4,233,460 Depreciation and amortization 1,621,827 4,464 695,348 194,261 2,515,900 Impairment loss 1,857,226 — — — 1,857,226 Operating income (loss) $ 3,202,280 $ (597,977 ) $ (893,336 ) $ (4,427,721 ) $ (2,716,754 ) Audio Digital Other Corporate Total Capital expenditures $ 1,181,994 $ 1,844 $ 60,682 $ 142,230 $ 1,386,750 Reportable segment information for the three months ended March 31, 2021 is as follows: Audio Digital Other Corporate Total Net revenue $ 41,729,602 $ 5,763,728 $ 718,710 $ — $ 48,212,040 Operating expenses 34,735,469 7,257,915 974,487 — 42,967,871 Corporate expenses — — — 3,905,289 3,905,289 Depreciation and amortization 2,004,377 — 811,903 135,621 2,951,901 Gain on disposition (191,988 ) — — — (191,988 ) Other operating expense s 500,000 — — 600,000 1,100,000 Operating income (loss) $ 4,681,744 $ (1,494,187 ) $ (1,067,680 ) $ (4,640,910 ) $ (2,521,033 ) Audio Digital Other Corporate Total Capital expenditures $ 712,945 $ — $ 2,852 $ 313,471 $ 1,029,268 Reportable segment information as of March 31, 2022 is as follows: Audio Digital Other Corporate Total Property and equipment, net $ 45,272,758 $ 71,927 $ 81,543 $ 3,998,936 $ 49,425,164 FCC licenses 506,556,687 — — — 506,556,687 Goodwill 25,377,447 — 3,219,100 — 28,596,547 Other intangibles, net 1,940,820 — 19,914,719 179,663 22,035,202 Reportable segment information as of December 31, 2021 is as follows: Audio Digital Other Corporate Total Property and equipment, net $ 45,696,008 $ 74,547 $ 21,644 $ 4,050,967 $ 49,843,166 FCC licenses 508,413,913 — — — 508,413,913 Goodwill 25,377,447 — 3,219,100 — 28,596,547 Other intangibles, net 1,974,093 — 20,543,451 179,663 22,697,207 |
Disposition - Additional Inform
Disposition - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Business Acquisition [Line Items] | ||
Proceeds from dispositions | $ 0 | $ 362,500 |
Licensing Agreements [Member] | ||
Business Acquisition [Line Items] | ||
Loss on disposition | 1.9 | |
WWNNAM [Member] | West Palm Beach Boca Raton [Member] | ||
Business Acquisition [Line Items] | ||
Proceeds from dispositions | $ 1.25 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Line of Credit Facility [Line Items] | ||
Less unamortized debt issuance costs | $ (5,829,897) | $ (6,210,108) |
Long-term debt, net of current portion | 294,170,103 | 293,789,892 |
Secured Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Total debt | $ 300,000,000 | $ 300,000,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Feb. 02, 2021 | |
Long-Term Debt [Line Items] | ||||
Gain (Loss) on Extinguishment of Debt | $ 0 | $ (4,996,731) | ||
Promissory Note [Member] | ||||
Long-Term Debt [Line Items] | ||||
Debt Instrument Redemption Amount | $ 5,000,000 | |||
Debt instrument redeemed Percentage | 96.00% | |||
New Promissory Note [Member] | ||||
Long-Term Debt [Line Items] | ||||
Gain (Loss) on Extinguishment of Debt | $ 100,000 | |||
8.625% senior secured notes due on February 1, 2026 | ||||
Long-Term Debt [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.625% | |||
Debt instrument face value | $ 300,000,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Changes in Stockholders Equity (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Beginning balance | $ 263,082,298 | $ 267,101,820 |
Stock-based compensation | 227,250 | 520,801 |
Acquisition of noncontrolling interest | 0 | (4,490,130) |
Purchase of treasury stock | (29,599) | (784,902) |
Net loss | (3,738,945) | (10,684,641) |
Elimination of noncontrolling interest | 1,076,849 | |
Ending balance | $ 259,541,004 | $ 252,739,797 |
Net Revenue - Composition of Re
Net Revenue - Composition of Revenue (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Net revenue | $ 55,720,268 | $ 48,212,040 |
Audio [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 47,365,145 | 41,729,602 |
Digital [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 7,808,250 | 5,763,728 |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | $ 546,873 | $ 718,710 |
Net Revenue - Deferred Revenue
Net Revenue - Deferred Revenue (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |||
Deferred revenue | $ 3,092,825 | $ 3,085,370 | |
Losses on receivables | $ 287,553 | $ 1,095,313 |
Net Revenue - Trade Sale Revenu
Net Revenue - Trade Sale Revenue (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |||
Trade sales receivable | $ 934,421 | $ 881,885 | |
Trade sales payable | 636,476 | $ 614,467 | |
Trade sales revenue | $ 1,372,573 | $ 929,597 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - 2007 Plan [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total unrecognized compensation cost for restricted stock granted | $ | $ 1.6 |
Cost expected to be recognized over a weighted-average period | 2 years 2 months 12 days |
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] - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested Shares, Beginning Balance | shares | 940,834 |
Granted, Shares | shares | 26,316 |
Vested, Shares | shares | (43,334) |
Forfeited, Shares | shares | (5,000) |
Unvested Shares, Ending Balance | shares | 918,816 |
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares | $ 2.77 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | 1.90 |
Vested, Weighted-Average Grant-Date Fair Value | $ / shares | 2.63 |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | 2.85 |
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares | $ 2.75 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Federal statutory rate | 21.00% | |
Effective tax rate | 61.00% | 20.00% |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Net Income Per Share (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net loss attributable to BBGI stockholders | $ (3,738,945) | $ (10,555,392) |
Weighted-average shares outstanding: | ||
Basic | 29,370,789 | 29,302,799 |
Effect of dilutive restricted stock units and restricted stock | 0 | 0 |
Diluted | 29,370,789 | 29,302,799 |
Net loss attributable to BBGI stockholders per Class A and Class B common share – basic and diluted | $ (0.13) | $ (0.36) |
Earnings Per Share - Additional
Earnings Per Share - Additional information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
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 | 178,625 | 32,166 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Of Financial Instruments [Line Items] | ||
Long-term debt | $ 284.3 | $ 295.9 |
Segment Information - Summary o
Segment Information - Summary of Reportable Segment Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net revenue | $ 55,720,268 | $ 48,212,040 | |
Operating expenses | 49,830,436 | 42,967,871 | |
Corporate expenses | 4,233,460 | 3,905,289 | |
Depreciation and amortization | 2,515,900 | 2,951,901 | |
Gain on disposition | 0 | (191,988) | |
Other operating expenses | 0 | 1,100,000 | |
Operating income (loss) | (2,716,754) | (2,521,033) | |
Capital expenditures | 1,386,750 | 1,029,268 | |
Property and equipment, net | 49,425,164 | $ 49,843,166 | |
FCC licenses | 506,556,687 | 508,413,913 | |
Goodwill | 28,596,547 | 28,596,547 | |
Other intangibles, net | 22,035,202 | 22,697,207 | |
Impairment loss | 1,857,226 | 0 | |
Audio [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 47,365,145 | 41,729,602 | |
Operating expenses | 40,683,812 | 34,735,469 | |
Depreciation and amortization | 1,621,827 | 2,004,377 | |
Gain on disposition | (191,988) | ||
Other operating expenses | 500,000 | ||
Operating income (loss) | 3,202,280 | 4,681,744 | |
Capital expenditures | 1,181,994 | 712,945 | |
Property and equipment, net | 45,272,758 | 45,696,008 | |
FCC licenses | 506,556,687 | 508,413,913 | |
Goodwill | 25,377,447 | 25,377,447 | |
Other intangibles, net | 1,940,820 | 1,974,093 | |
Impairment loss | 1,857,226 | ||
Digital [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 7,808,250 | 5,763,728 | |
Operating expenses | 8,401,763 | 7,257,915 | |
Depreciation and amortization | 4,464 | 0 | |
Operating income (loss) | (597,977) | (1,494,187) | |
Capital expenditures | 1,844 | ||
Property and equipment, net | 71,927 | 74,547 | |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 546,873 | 718,710 | |
Operating expenses | 744,861 | 974,487 | |
Depreciation and amortization | 695,348 | 811,903 | |
Operating income (loss) | (893,336) | (1,067,680) | |
Capital expenditures | 60,682 | 2,852 | |
Property and equipment, net | 81,543 | 21,644 | |
Goodwill | 3,219,100 | 3,219,100 | |
Other intangibles, net | 19,914,719 | 20,543,451 | |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Corporate expenses | 4,233,460 | 3,905,289 | |
Depreciation and amortization | 194,261 | 135,621 | |
Other operating expenses | 600,000 | ||
Operating income (loss) | (4,427,721) | (4,640,910) | |
Capital expenditures | 142,230 | $ 313,471 | |
Property and equipment, net | 3,998,936 | 4,050,967 | |
Other intangibles, net | $ 179,663 | $ 179,663 |