Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 08, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
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 | |
Title of 12(b) Security | Class A Common Stock, par value $0.001 per share | |
Trading Symbol | BBGI | |
Security Exchange Name | NASDAQ | |
Entity File Number | 000-29253 | |
Entity Incorporation, State or Country Code | DE | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 12,880,701 | |
Class B Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 16,662,743 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 45,918,446 | $ 51,378,642 |
Accounts receivable, less allowance for doubtful accounts of $1,720,477 in 2021 and $1,648,342 in 2022 | 45,628,769 | 53,378,437 |
Prepaid expenses | 6,330,503 | 4,044,056 |
Other current assets | 3,983,998 | 3,397,418 |
Total current assets | 101,861,716 | 112,198,553 |
Property and equipment, net | 52,658,061 | 49,843,166 |
Operating lease right-of-use assets | 36,970,653 | 34,155,175 |
Finance lease right-of-use assets | 313,333 | 320,000 |
FCC licenses | 503,003,909 | 508,413,913 |
Goodwill | 22,739,996 | 28,596,547 |
Other intangibles, net | 23,373,197 | 22,697,207 |
Other assets | 7,688,682 | 5,863,501 |
Total assets | 748,609,547 | 762,088,062 |
Current liabilities: | ||
Current installments of long-term debt | 2,000,000 | 0 |
Accounts payable | 9,637,062 | 6,995,081 |
Operating lease liabilities | 7,385,483 | 7,693,831 |
Finance lease liabilities | 0 | 1,945 |
Other current liabilities | 30,842,734 | 29,811,226 |
Total current liabilities | 49,865,279 | 44,502,083 |
Due to related parties | 101,087 | 372,193 |
Long-term debt, net of current installments and unamortized debt issuance costs | 287,641,142 | 293,789,892 |
Operating lease liabilities | 36,635,544 | 28,747,450 |
Deferred tax liabilities | 112,930,112 | 115,689,317 |
Other long-term liabilities | 15,899,359 | 15,904,829 |
Total liabilities | 503,072,523 | 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 | 151,502,437 | 150,896,611 |
Treasury stock, Class A common stock; 3,552,455 shares in 2021; 3,623,278 shares in 2022 | (29,127,067) | (29,021,360) |
Retained earnings | 124,174,847 | 142,220,494 |
Accumulated other comprehensive loss | (1,046,357) | (1,046,357) |
Total stockholders' equity | 245,537,024 | 263,082,298 |
Total liabilities and stockholders' equity | 748,609,547 | 762,088,062 |
Class A Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock | 16,502 | 16,248 |
Class B Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock | $ 16,662 | $ 16,662 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Allowance for doubtful accounts | $ 1,648,342 | $ 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 | 16,503,979 | 16,249,312 |
Common stock, shares outstanding | 12,880,701 | 12,696,857 |
Treasury stock, Class A common stock shares | 3,623,278 | 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 Income (Loss) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Net revenue | $ 64,810,450 | $ 59,574,705 | $ 120,530,718 | $ 107,786,745 |
Operating expenses: | ||||
Operating expenses | 53,626,592 | 48,494,420 | 103,636,141 | 91,462,291 |
Corporate expenses | 4,567,470 | 3,957,854 | 8,800,930 | 7,863,143 |
Depreciation and amortization | 2,451,102 | 2,850,923 | 4,967,002 | 5,802,824 |
Impairment losses | 8,619,097 | 0 | 10,476,323 | 0 |
Gain on disposition | 0 | (191,988) | ||
Other operating income (expense), net | 0 | (1,500,000) | 0 | (400,000) |
Total operating expenses | 69,264,261 | 53,803,197 | 127,880,396 | 104,536,270 |
Operating income (loss) | (4,453,811) | 5,771,508 | (7,349,678) | 3,250,475 |
Non-operating income (expense): | ||||
Interest expense | (6,823,217) | (6,865,369) | (13,672,254) | (12,643,440) |
Loss on extinguishment of long-term debt | 0 | (4,996,731) | ||
Other income, net | 190,210 | 8,080 | 191,082 | 46,493 |
Loss before income taxes | (11,086,818) | (1,085,781) | (20,830,850) | (14,343,203) |
Income tax expense (benefit) | 3,554,469 | (1,299,394) | (2,621,977) | (3,902,280) |
Income (loss) before equity in earnings of unconsolidated affiliates | (14,641,287) | 213,613 | (18,208,873) | (10,440,923) |
Equity in earnings of unconsolidated affiliates, net of tax | 186,570 | (25,919) | 163,226 | (56,024) |
Net income (loss) | (14,454,717) | 187,694 | (18,045,647) | (10,496,947) |
Earnings attributable to noncontrolling interest | 0 | 129,249 | ||
Net income (loss) attributable to BBGI stockholders | $ (14,454,717) | $ 187,694 | $ (18,045,647) | $ (10,367,698) |
Net loss attributable to BBGI stockholders per Class A and Class B common share: | ||||
Basic and diluted | $ (0.49) | $ 0.01 | $ (0.61) | $ (0.35) |
Basic and diluted | $ (0.49) | $ 0.01 | $ (0.61) | $ (0.35) |
Weighted average shares outstanding: | ||||
Basic | 29,418,951 | 29,235,009 | 29,395,003 | 29,268,717 |
Diluted | 29,418,951 | 29,324,614 | 29,395,003 | 29,268,717 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Stock-based compensation | $ 606,080 | $ 923,000 | ||
Station Operating Expenses [Member] | ||||
Stock-based compensation | $ 75,368 | $ 176,349 | 153,591 | 247,280 |
Corporate General and Administrative Expenses [Member] | ||||
Stock-based compensation | $ 303,462 | $ 225,850 | $ 452,489 | $ 675,720 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (18,045,647) | $ (10,496,947) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Stock-based compensation | 606,080 | 923,000 |
Provision for bad debts | 588,751 | (1,779,188) |
Depreciation and amortization | 4,967,002 | 5,802,824 |
Impairment losses | 10,476,323 | 0 |
Gain on disposition | 0 | (191,988) |
Amortization of loan fees | 754,085 | 791,574 |
Loss on extinguishment of long-term debt | 0 | 4,996,731 |
Deferred income taxes | (2,747,810) | (3,902,280) |
Equity in earnings of unconsolidated affiliates | (163,226) | 56,024 |
Change in operating assets and liabilities: | ||
Accounts receivable | 7,160,917 | 4,835,493 |
Prepaid expenses | (2,286,447) | (2,320,101) |
Other assets | (2,176,152) | (1,684,017) |
Accounts payable | 2,641,981 | (5,837,685) |
Other liabilities | 5,003,953 | 13,446,861 |
Other operating activities | (28,264) | 208,725 |
Net cash provided by operating activities | 6,751,546 | 4,849,026 |
Cash flows from investing activities: | ||
Payment for acquisition | (2,000,000) | 0 |
Capital expenditures | (6,486,902) | (2,553,787) |
Proceeds from dispositions | 1,185,312 | 362,500 |
Net cash used in investing activities | (7,301,590) | (2,191,287) |
Cash flows from financing activities: | ||
Issuance of debt | 0 | 310,000,000 |
Payments on debt | (4,802,500) | (268,500,000) |
Payment of debt issuance costs | 0 | (7,604,215) |
Reduction of finance lease liabilities | (1,945) | (35,086) |
Purchase of treasury stock | (105,707) | (136,779) |
Net cash provided by (used in) financing activities | (4,910,152) | 33,723,920 |
Net increase (decrease) in cash and cash equivalents | (5,460,196) | 36,381,659 |
Cash and cash equivalents at beginning of period | 51,378,642 | 20,759,432 |
Cash and cash equivalents at end of period | 45,918,446 | 57,141,091 |
Cash paid for interest | 12,921,869 | 1,837,493 |
Cash paid for income taxes | 1,546,500 | 1,526,303 |
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 | 6 Months Ended |
Jun. 30, 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. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 6 Months Ended |
Jun. 30, 2022 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | (2) Acquisitions and Dispositions On June 22, 2022, the Company completed the acquisition of Guarantee Digital, LLC, a digital marketing agency, for $2.0 million in cash. The Company is currently determining whether the acquisition should be recorded as a business combination or an asset acquisition and has temporarily recorded the purchase price in other intangibles, net in the accompanying balance sheet as of June 30, 2022. The purchase price allocation is expected to be completed during the third quarter of 2022. On April 1, 2022, the Company completed the sale of substantially all of the assets used in the operations of WWNN-AM |
FCC Licenses
FCC Licenses | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
FCC Licenses | (3) FCC Licenses Changes in the carrying amount of FCC licenses for the six months ended June 30, 2022 are as follows: Balance as of January 1, 2022 $ 508,413,913 Radio station disposition (see Note 2) (790,232 ) Impairment losses (see below and also Note 2) (4,619,772 ) Balance as of June 30, 2022 $ 503,003,909 FCC licenses are tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the FCC licenses might be impaired. The Company assesses qualitative factors to determine whether it is more likely than not that its FCC licenses are impaired. If the Company determines it is more likely than not that its FCC licenses are impaired, then the Company is required to perform the quantitative impairment test. The quantitative impairment test compares the fair value of the FCC licenses with the carrying amounts of such licenses. If the carrying amounts of the FCC licenses exceed the fair value, an impairment loss is recognized in an amount equal to that excess. For the purpose of testing FCC licenses for impairment, the Company combines its licenses into reporting units based on its market clusters. Due to an increase in interest rates in the U.S. economy, the Company tested its FCC licenses for impairment during the second quarter of 2022. As a result of the quantitative impairment test performed as of June 30, 2022, the Company recorded impairment losses of $2.8 million related to the FCC licenses in its Fort Myers-Naples, FL, Las Vegas, NV, and Wilmington, DE market clusters. The impairment losses were primarily due to an increase in the discount rate used in the discounted cash flow analyses to estimate the fair value of the FCC licenses due to certain risks associated with the U.S. economy. The fair values of the FCC licenses in the Fort Myers-Naples, FL, Las Vegas, NV, 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 (1.9) % - Market revenue shares at maturity 0.6% - 44.0% Operating income margins at maturity 19.2 % - Discount rate 9.5% |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | (4) Goodwill Changes in the carrying amount of goodwill for the six months ended June 30, 2022 are as follows: Balance as of January 1, 2022 $ 28,596,547 Impairment losses (5,856,551 ) Balance as of June 30, 2022 $ 22,739,996 Goodwill is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the Company’s goodwill might be impaired. The Company assesses qualitative factors to determine whether it is necessary to perform a quantitative assessment for each reporting unit. If the quantitative assessment is necessary, the Company will determine the fair value of each reporting unit. If the fair value of any reporting unit is less than the carrying amount, the Company will recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The loss recognized will not exceed the total amount of goodwill allocated to the reporting unit. For the purpose of testing goodwill for impairment, the Company has identified its radio market clusters and esports as its reporting units. Due to an increase in interest rates in the U.S. economy, the Company tested its goodwill for impairment during the second quarter of 2022. As a result of the quantitative impairment test performed as of June 30, 2022, the Company recorded impairment losses of $5.9 million related to the goodwill in its Boston, MA, Charlotte, NC, Fayetteville, NC, Fort Myers-Naples, FL and Tampa-Saint Petersburg, FL market clusters. The impairment losses were primarily due to an increase in the discount rate used in the discounted cash flow analyses to estimate the fair value of goodwill due to certain risks associated with the U.S. economy. The fair values of the goodwill in the Boston, MA, Charlotte, NC, Fayetteville, NC, Fort Myers-Naples, FL and Tampa-Saint Petersburg, FL market clusters was 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 (1.9)% - 11.1% Operating income margins 5.4% - 29.8% Discount rate 9.5% |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | (5) Long-Term Debt Long-term debt is comprised of the following: December 31, June 30, 2022 Secured notes $ 300,000,000 $ 295,000,000 Less unamortized debt issuance costs (6,210,108 ) (5,358,858 ) 293,789,892 289,641,142 Less current installments — (2,000,000 ) $ 293,789,892 $ 287,641,142 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 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 $5.0 million aggregate principal amount of the Notes for an aggregate price equal to 96% of the principal amount. As a result of the repurchase, the Company recorded an aggregate gain on repurchase of long-term debt of $0.1 million during the second quarter of 2022. In July 2022, the Company repurchased $2.0 million principal amount of the Notes for a price equal to 75% of the principal amount. As a result of the repurchase, the Company recorded a gain on repurchase of long-term debt of $0.5 million during the third quarter of 2022. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | (6) Stockholders’ Equity The changes in stockholders’ equity for the three and six months ended June 30, 2021 and 2022 are as follows: Three months ended June 30, Six months ended June 30, 2021 2022 2021 2022 Beginning balance $ 252,739,797 $ 259,689,019 $ 267,101,820 $ 263,082,298 Stock-based compensation 402,199 378,830 923,000 606,080 Acquisition of noncontrolling interest — — (4,490,130 ) — Purchase of treasury stock (22,471 ) (76,108 ) (807,373 ) (105,707 ) Net income (loss) 187,694 (14,454,717 ) (10,496,947 ) (18,045,647 ) Elimination of noncontrolling interest — — 1,076,849 — Ending balance $ 253,307,219 $ 245,537,024 $ 253,307,219 $ 245,537,024 |
Net Revenue
Net Revenue | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Net Revenue | (7) Net Revenue Net revenue is comprised of the following: Three months ended June 30, Six months ended June 30, 2021 2022 2021 2022 Audio $ 51,215,234 $ 53,417,896 $ 92,944,836 $ 100,783,041 Digital 7,983,343 10,719,410 13,747,071 18,527,660 Other 376,128 673,144 1,094,838 1,220,017 $ 59,574,705 $ 64,810,450 $ 107,786,745 $ 120,530,718 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 $ 3,085,370 $ 5,112,294 Three months ended June 30, Six months ended June 30, 2021 2022 2021 2022 Losses on receivables $ 602,253 $ 373,333 $ 1,697,566 $ 660,886 Audio revenue includes revenue from the sale or trade of aired commercial spots to advertisers directly or through national, regional or local advertising agencies. Each commercial spot is considered a performance obligation. Revenue is recognized when the commercial spots have aired. Trade sales are recorded at the estimated fair value of the goods or services received. If commercial spots are aired before the goods or services are received, then a trade sales receivable is recorded. If goods or services are received before the commercial spots are aired, then a trade sales payable is recorded. Other revenue includes revenue from concerts, promotional events, talent fees and other miscellaneous items. Such revenue is generally recognized when the concert, promotional event, or talent services are completed. December 31, June 30, Trade sales receivable $ 881,885 $ 1,087,601 Trade sales payable 614,467 723,239 Three months ended June 30, Six months ended June 30, 2021 2022 2021 2022 Trade sales revenue $ 1,075,325 $ 1,504,105 $ 2,004,922 $ 2,876,678 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 | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | (8) Stock-Based Compensation The Beasley Broadcast Group, Inc. 2007 Equity Incentive Award Plan (the “2007 Plan”) permits the Company to issue up to 7.5 million shares of Class A common stock. The 2007 Plan allows for eligible employees, directors and certain consultants of the Company to receive restricted stock units, shares of restricted stock, stock options or other stock-based awards. The restricted stock units that have been granted under the 2007 Plan generally vest over one to five years of service. A summary of restricted stock unit activity is presented below: Units Weighted- Grant-Date Unvested as of April 1, 2022 918,816 $ 2.75 Granted 531,582 1.49 Vested (211,333 ) 3.51 Forfeited (30,000 ) 2.47 Unvested as of June 30, 2022 1,209,065 $ 2.07 As of June 30, 2022, there was $1.9 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 2.0 years. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (9) Income Taxes The Company’s effective tax rate was (120)% and 32% for the three months ended June 30, 2021 and 2022, respectively, and (27)% and (13)% for the six months ended June 30, 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 | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per share | (10) Earnings Per Share Earnings per share calculation information is as follows: Three months ended June 30, Six months ended June 30, 2021 2022 2021 2022 Net income (loss) attributable to BBGI stockholders $ 187,694 $ (14,454,717 ) $ (10,367,698 ) $ (18,045,647 ) Weighted-average shares outstanding: Basic 29,235,009 29,418,951 29,268,717 29,395,003 Effect of dilutive restricted stock units and restricted stock 89,605 — — — Diluted 29,324,614 29,418,951 29,268,717 29,395,003 Net income (loss) attributable to BBGI stockholders per Class A and Class B common share – basic and diluted $ 0.01 $ (0.49 ) $ (0.35 ) $ (0.61 ) The Company excluded the effect of restrictive stock units and restricted stock under the treasury stock method when reporting a net loss as the addition of shares was anti-dilutive. As a result, the Company excluded 136,119 shares for the three months ended June 30, 2022, and 77,908 shares and 171,501 shares for the six months ended June 30, 2021 and 2022, respectively. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
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 estimated fair value of the Notes, based on available market information, was $295.9 million and $228.6 million as of December 31, 2021 and June 30, 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 | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | (12) 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 June 30, 2022 is as follows: Audio Digital Other Corporate Total Net revenue $ 53,417,896 $ 10,719,410 $ 673,144 $ — $ 64,810,450 Operating expenses 43,187,604 9,171,535 1,267,453 — 53,626,592 Corporate expenses — — — 4,567,470 4,567,470 Depreciation and amortization 1,564,338 4,613 700,953 181,198 2,451,102 Impairment losses 8,619,097 — — — 8,619,097 Operating income (loss) $ 46,857 $ 1,543,262 $ (1,295,262 ) $ (4,748,668 ) $ (4,453,811 ) Audio Digital Other Corporate Total Capital expenditures $ 5,039,229 $ 8,982 $ (1,598 ) $ 64,514 $ 5,111,127 Reportable segment information for the three months ended June 30, 2021 is as follows: Audio Digital Other Corporate Total Net revenue $ 51,215,234 $ 7,983,343 $ 376,128 $ — $ 59,574,705 Operating expenses 39,715,005 7,910,418 868,997 — 48,494,420 Corporate expenses — — — 3,957,854 3,957,854 Depreciation and amortization 1,911,236 4,142 796,019 139,526 2,850,923 Other operating income, net — — — (1,500,000 ) (1,500,000 ) Operating income (loss) $ 9,588,993 $ 68,783 $ (1,288,888 ) $ (2,597,380 ) $ 5,771,508 Audio Digital Other Corporate Total Capital expenditures $ 1,276,776 $ 87,432 $ — $ 160,311 $ 1,524,519 Reportable segment information for the six months ended June 30, 2022 is as follows: Audio Digital Other Corporate Total Net revenue $ 100,783,041 $ 18,527,660 $ 1,220,017 $ — $ 120,530,718 Operating expenses 84,050,529 17,573,298 2,012,314 — 103,636,141 Corporate expenses — — — 8,800,930 8,800,930 Depreciation and amortization 3,186,165 9,077 1,396,301 375,459 4,967,002 Impairment losses 10,476,323 — — — 10,476,323 Operating income (loss) $ 3,070,024 $ 945,285 $ (2,188,598 ) $ (9,176,389 ) $ (7,349,678 ) Audio Digital Other Corporate Total Capital expenditures $ 6,221,223 $ 10,826 $ 59,084 $ 206,744 $ 6,497,877 Reportable segment information for the six months ended June 30, 2021 is as follows: Audio Digital Other Corporate Total Net revenue $ 92,944,836 $ 13,747,071 $ 1,094,838 $ — $ 107,786,745 Operating expenses 74,450,474 15,168,333 1,843,484 — 91,462,291 Corporate expenses — — — 7,863,143 7,863,143 Depreciation and amortization 3,915,613 4,142 1,607,922 275,147 5,802,824 Gain on disposition (191,988 ) — — — (191,988 ) Other operating (income) expense, net 500,000 — — (900,000 ) (400,000 ) Operating income (loss) $ 14,270,737 $ (1,425,404 ) $ (2,356,568 ) $ (7,238,290 ) $ 3,250,475 Audio Digital Other Corporate Total Capital expenditures $ 1,989,721 $ 87,432 $ 2,852 $ 473,782 $ 2,553,787 Reportable segment information as of June 30, 2022 is as follows: Audio Digital Other Corporate Total Property and equipment, net $ 48,624,289 $ 76,296 $ 75,224 $ 3,882,252 $ 52,658,061 FCC licenses 503,003,909 — — — 503,003,909 Goodwill 19,520,896 — 3,219,100 — 22,739,996 Other intangibles, net 1,907,547 2,000,000 19,285,987 179,663 23,373,197 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 |
FCC Licenses (Tables)
FCC Licenses (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Carrying Amount of Broadcasting Licenses | Changes in the carrying amount of FCC licenses for the six months ended June 30, 2022 are as follows: Balance as of January 1, 2022 $ 508,413,913 Radio station disposition (see Note 2) (790,232 ) Impairment losses (see below and also Note 2) (4,619,772 ) Balance as of June 30, 2022 $ 503,003,909 |
Discounted Cash Flow Analyses | The key assumptions used in the discounted cash flow analyses are as follows: Revenue growth rates (1.9) % - Market revenue shares at maturity 0.6% - 44.0% Operating income margins at maturity 19.2 % - Discount rate 9.5% |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Carrying Amount of Goodwill | Changes in the carrying amount of goodwill for the six months ended June 30, 2022 are as follows: Balance as of January 1, 2022 $ 28,596,547 Impairment losses (5,856,551 ) Balance as of June 30, 2022 $ 22,739,996 |
Summary of Key Assumptions Used in the Discounted Cash Flow Analyses | The key assumptions used in the discounted cash flow analyses are as follows: Revenue growth rates (1.9)% - 11.1% Operating income margins 5.4% - 29.8% Discount rate 9.5% |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt is comprised of the following: December 31, June 30, 2022 Secured notes $ 300,000,000 $ 295,000,000 Less unamortized debt issuance costs (6,210,108 ) (5,358,858 ) 293,789,892 289,641,142 Less current installments — (2,000,000 ) $ 293,789,892 $ 287,641,142 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Schedule of Changes in Stockholders Equity | The changes in stockholders’ equity for the three and six months ended June 30, 2021 and 2022 are as follows: Three months ended June 30, Six months ended June 30, 2021 2022 2021 2022 Beginning balance $ 252,739,797 $ 259,689,019 $ 267,101,820 $ 263,082,298 Stock-based compensation 402,199 378,830 923,000 606,080 Acquisition of noncontrolling interest — — (4,490,130 ) — Purchase of treasury stock (22,471 ) (76,108 ) (807,373 ) (105,707 ) Net income (loss) 187,694 (14,454,717 ) (10,496,947 ) (18,045,647 ) Elimination of noncontrolling interest — — 1,076,849 — Ending balance $ 253,307,219 $ 245,537,024 $ 253,307,219 $ 245,537,024 |
Net Revenue (Tables)
Net Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Composition of Revenue | Net revenue is comprised of the following: Three months ended June 30, Six months ended June 30, 2021 2022 2021 2022 Audio $ 51,215,234 $ 53,417,896 $ 92,944,836 $ 100,783,041 Digital 7,983,343 10,719,410 13,747,071 18,527,660 Other 376,128 673,144 1,094,838 1,220,017 $ 59,574,705 $ 64,810,450 $ 107,786,745 $ 120,530,718 |
Deferred Revenue | December 31, June 30, Deferred revenue $ 3,085,370 $ 5,112,294 Three months ended June 30, Six months ended June 30, 2021 2022 2021 2022 Losses on receivables $ 602,253 $ 373,333 $ 1,697,566 $ 660,886 |
Trade Sale Revenue | December 31, June 30, Trade sales receivable $ 881,885 $ 1,087,601 Trade sales payable 614,467 723,239 Three months ended June 30, Six months ended June 30, 2021 2022 2021 2022 Trade sales revenue $ 1,075,325 $ 1,504,105 $ 2,004,922 $ 2,876,678 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 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 April 1, 2022 918,816 $ 2.75 Granted 531,582 1.49 Vested (211,333 ) 3.51 Forfeited (30,000 ) 2.47 Unvested as of June 30, 2022 1,209,065 $ 2.07 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income Per Share | Earnings per share calculation information is as follows: Three months ended June 30, Six months ended June 30, 2021 2022 2021 2022 Net income (loss) attributable to BBGI stockholders $ 187,694 $ (14,454,717 ) $ (10,367,698 ) $ (18,045,647 ) Weighted-average shares outstanding: Basic 29,235,009 29,418,951 29,268,717 29,395,003 Effect of dilutive restricted stock units and restricted stock 89,605 — — — Diluted 29,324,614 29,418,951 29,268,717 29,395,003 Net income (loss) attributable to BBGI stockholders per Class A and Class B common share – basic and diluted $ 0.01 $ (0.49 ) $ (0.35 ) $ (0.61 ) The Company excluded the effect of restrictive stock units and restricted stock under the treasury stock method when reporting a net loss as the addition of shares was anti-dilutive. As a result, the Company excluded 136,119 shares for the three months ended June 30, 2022, and 77,908 shares and 171,501 shares for the six months ended June 30, 2021 and 2022, respectively. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Summary of reportable segment information | Reportable segment information for the three months ended June 30, 2022 is as follows: Audio Digital Other Corporate Total Net revenue $ 53,417,896 $ 10,719,410 $ 673,144 $ — $ 64,810,450 Operating expenses 43,187,604 9,171,535 1,267,453 — 53,626,592 Corporate expenses — — — 4,567,470 4,567,470 Depreciation and amortization 1,564,338 4,613 700,953 181,198 2,451,102 Impairment losses 8,619,097 — — — 8,619,097 Operating income (loss) $ 46,857 $ 1,543,262 $ (1,295,262 ) $ (4,748,668 ) $ (4,453,811 ) Audio Digital Other Corporate Total Capital expenditures $ 5,039,229 $ 8,982 $ (1,598 ) $ 64,514 $ 5,111,127 Reportable segment information for the three months ended June 30, 2021 is as follows: Audio Digital Other Corporate Total Net revenue $ 51,215,234 $ 7,983,343 $ 376,128 $ — $ 59,574,705 Operating expenses 39,715,005 7,910,418 868,997 — 48,494,420 Corporate expenses — — — 3,957,854 3,957,854 Depreciation and amortization 1,911,236 4,142 796,019 139,526 2,850,923 Other operating income, net — — — (1,500,000 ) (1,500,000 ) Operating income (loss) $ 9,588,993 $ 68,783 $ (1,288,888 ) $ (2,597,380 ) $ 5,771,508 Audio Digital Other Corporate Total Capital expenditures $ 1,276,776 $ 87,432 $ — $ 160,311 $ 1,524,519 Reportable segment information for the six months ended June 30, 2022 is as follows: Audio Digital Other Corporate Total Net revenue $ 100,783,041 $ 18,527,660 $ 1,220,017 $ — $ 120,530,718 Operating expenses 84,050,529 17,573,298 2,012,314 — 103,636,141 Corporate expenses — — — 8,800,930 8,800,930 Depreciation and amortization 3,186,165 9,077 1,396,301 375,459 4,967,002 Impairment losses 10,476,323 — — — 10,476,323 Operating income (loss) $ 3,070,024 $ 945,285 $ (2,188,598 ) $ (9,176,389 ) $ (7,349,678 ) Audio Digital Other Corporate Total Capital expenditures $ 6,221,223 $ 10,826 $ 59,084 $ 206,744 $ 6,497,877 Reportable segment information for the six months ended June 30, 2021 is as follows: Audio Digital Other Corporate Total Net revenue $ 92,944,836 $ 13,747,071 $ 1,094,838 $ — $ 107,786,745 Operating expenses 74,450,474 15,168,333 1,843,484 — 91,462,291 Corporate expenses — — — 7,863,143 7,863,143 Depreciation and amortization 3,915,613 4,142 1,607,922 275,147 5,802,824 Gain on disposition (191,988 ) — — — (191,988 ) Other operating (income) expense, net 500,000 — — (900,000 ) (400,000 ) Operating income (loss) $ 14,270,737 $ (1,425,404 ) $ (2,356,568 ) $ (7,238,290 ) $ 3,250,475 Audio Digital Other Corporate Total Capital expenditures $ 1,989,721 $ 87,432 $ 2,852 $ 473,782 $ 2,553,787 Reportable segment information as of June 30, 2022 is as follows: Audio Digital Other Corporate Total Property and equipment, net $ 48,624,289 $ 76,296 $ 75,224 $ 3,882,252 $ 52,658,061 FCC licenses 503,003,909 — — — 503,003,909 Goodwill 19,520,896 — 3,219,100 — 22,739,996 Other intangibles, net 1,907,547 2,000,000 19,285,987 179,663 23,373,197 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 |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jun. 22, 2022 | Apr. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Business Acquisition [Line Items] | |||||
Payment to acquire business gross | $ 2,000,000 | $ 0 | |||
Proceeds from dispositions | 1,185,312 | $ 362,500 | |||
Loss on disposition | $ 1.9 | $ 4,619,772 | |||
West Palm Beach Boca Raton [Member] | WWNNAM [Member] | |||||
Business Acquisition [Line Items] | |||||
Proceeds from dispositions | $ 1.25 | ||||
Guarantee Digital LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Payment to acquire business gross | $ 2 |
FCC Licenses - Carrying Amount
FCC Licenses - Carrying Amount of Broadcasting Licenses (Detail) - USD ($) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2022 | Jun. 30, 2022 | |
FCC Licenses [Line Items] | ||
Beginning Balance | $ 508,413,913 | $ 508,413,913 |
Radio station disposition (see Note 2) | (790,232) | |
Impairment losses | $ (1.9) | (4,619,772) |
Ending Balance | $ 503,003,909 |
FCC Licenses - Discounted Cash
FCC Licenses - Discounted Cash Flow Analyses (Detail) | 6 Months Ended |
Jun. 30, 2022 | |
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 | 19.20% |
Minimum [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | |
Fair Value Inputs Asset Quantitative Information [Line Items] | |
Fair value assumptions inputs rate | (1.90%) |
Maximum [Member] | |
Fair Value Inputs Asset Quantitative Information [Line Items] | |
Market revenue shares at maturity | 44% |
Operating income margins at maturity | 32.60% |
Maximum [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | |
Fair Value Inputs Asset Quantitative Information [Line Items] | |
Fair value assumptions inputs rate | 15.90% |
FCC Licenses - Additional Infor
FCC Licenses - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2022 | Jun. 30, 2022 | |
FCC Licenses [Line Items] | ||
Impairment of intangible assets indefinite lived excluding goodwill | $ 1.9 | $ 4,619,772 |
Fort Mayers Naples FL Lasvegas LV and Wilmington [Member] | Licensing Agreements [Member] | ||
FCC Licenses [Line Items] | ||
Impairment of intangible assets indefinite lived excluding goodwill | $ 2,800,000 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Impairment of goodwill | $ 5,856,551 |
Goodwill - Summary of Carrying
Goodwill - Summary of Carrying Amount of Goodwill (Detail) | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Beginning Balance | $ 28,596,547 |
Impairment losses | (5,856,551) |
Ending Balance | $ 22,739,996 |
Goodwill - Summary of Key Assum
Goodwill - Summary of Key Assumptions Used in the Discounted Cash Flow Analyses (Detail) | 6 Months Ended |
Jun. 30, 2022 | |
Minimum [Member] | |
Disclosure in tabular form of assumptions used in determination of fair value of goodwill [Line Items] | |
Operating income margins | 19.20% |
Maximum [Member] | |
Disclosure in tabular form of assumptions used in determination of fair value of goodwill [Line Items] | |
Operating income margins | 32.60% |
Measurement Input, Long-term Revenue Growth Rate [Member] | Minimum [Member] | |
Disclosure in tabular form of assumptions used in determination of fair value of goodwill [Line Items] | |
Revenue growth rates | (1.90%) |
Measurement Input, Long-term Revenue Growth Rate [Member] | Maximum [Member] | |
Disclosure in tabular form of assumptions used in determination of fair value of goodwill [Line Items] | |
Revenue growth rates | 15.90% |
Measurement Input, Discount Rate [Member] | |
Disclosure in tabular form of assumptions used in determination of fair value of goodwill [Line Items] | |
Revenue growth rates | 9.50% |
Goodwill [Member] | Minimum [Member] | |
Disclosure in tabular form of assumptions used in determination of fair value of goodwill [Line Items] | |
Operating income margins | 5.40% |
Goodwill [Member] | Maximum [Member] | |
Disclosure in tabular form of assumptions used in determination of fair value of goodwill [Line Items] | |
Operating income margins | 29.80% |
Goodwill [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | Minimum [Member] | |
Disclosure in tabular form of assumptions used in determination of fair value of goodwill [Line Items] | |
Revenue growth rates | (1.90%) |
Goodwill [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | Maximum [Member] | |
Disclosure in tabular form of assumptions used in determination of fair value of goodwill [Line Items] | |
Revenue growth rates | 11.10% |
Goodwill [Member] | Measurement Input, Discount Rate [Member] | |
Disclosure in tabular form of assumptions used in determination of fair value of goodwill [Line Items] | |
Revenue growth rates | 9.50% |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Line of Credit Facility [Line Items] | ||
Less unamortized debt issuance costs | $ (5,358,858) | $ (6,210,108) |
Long-term debt | 289,641,142 | 293,789,892 |
Less current installments | (2,000,000) | 0 |
Long-term debt, net of current portion | 287,641,142 | 293,789,892 |
Secured Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Secured notes | $ 295,000,000 | $ 300,000,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | 1 Months Ended | 6 Months Ended | |||
Jul. 31, 2022 | Apr. 30, 2022 | Jun. 30, 2022 | Jun. 30, 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 | $ 2,000,000 | $ 5,000,000 | |||
Debt instrument redeemed Percentage | 75% | 96% | |||
New Promissory Note [Member] | |||||
Long-Term Debt [Line Items] | |||||
Gain (Loss) on Extinguishment of Debt | $ 500,000 | $ 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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Beginning balance | $ 259,689,019 | $ 252,739,797 | $ 263,082,298 | $ 267,101,820 |
Stock-based compensation | 378,830 | 402,199 | 606,080 | 923,000 |
Acquisition of noncontrolling interest | 0 | 0 | 0 | (4,490,130) |
Purchase of treasury stock | (76,108) | (22,471) | (105,707) | (807,373) |
Net income (loss) | (14,454,717) | 187,694 | (18,045,647) | (10,496,947) |
Elimination of noncontrolling interest | 0 | 0 | 0 | 1,076,849 |
Ending balance | $ 245,537,024 | $ 253,307,219 | $ 245,537,024 | $ 253,307,219 |
Net Revenue - Composition of Re
Net Revenue - Composition of Revenue (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 64,810,450 | $ 59,574,705 | $ 120,530,718 | $ 107,786,745 |
Audio [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 53,417,896 | 51,215,234 | 100,783,041 | 92,944,836 |
Digital [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 10,719,410 | 7,983,343 | 18,527,660 | 13,747,071 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 673,144 | $ 376,128 | $ 1,220,017 | $ 1,094,838 |
Net Revenue - Deferred Revenue
Net Revenue - Deferred Revenue (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |||||
Deferred revenue | $ 5,112,294 | $ 5,112,294 | $ 3,085,370 | ||
Losses on receivables | $ 373,333 | $ 602,253 | $ 660,886 | $ 1,697,566 |
Net Revenue - Trade Sale Revenu
Net Revenue - Trade Sale Revenue (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |||||
Trade sales receivable | $ 1,087,601 | $ 1,087,601 | $ 881,885 | ||
Trade sales payable | 723,239 | 723,239 | $ 614,467 | ||
Trade sales revenue | $ 1,504,105 | $ 1,075,325 | $ 2,876,678 | $ 2,004,922 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - 2007 Plan [Member] $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total unrecognized compensation cost for restricted stock granted | $ | $ 1.9 |
Cost expected to be recognized over a weighted-average period | 2 years |
Class A Common Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares authorized | shares | 7.5 |
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 |
Jun. 30, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested Shares, Beginning Balance | shares | 918,816 |
Granted, Shares | shares | 531,582 |
Vested, Shares | shares | (211,333) |
Forfeited, Shares | shares | (30,000) |
Unvested Shares, Ending Balance | shares | 1,209,065 |
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares | $ 2.75 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | 1.49 |
Vested, Weighted-Average Grant-Date Fair Value | $ / shares | 3.51 |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | 2.47 |
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares | $ 2.07 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Federal statutory rate | 21% | |||
Effective tax rate | 32% | (120.00%) | (13.00%) | (27.00%) |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Net Income Per Share (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) attributable to BBGI stockholders | $ (14,454,717) | $ 187,694 | $ (18,045,647) | $ (10,367,698) |
Weighted-average shares outstanding: | ||||
Basic | 29,418,951 | 29,235,009 | 29,395,003 | 29,268,717 |
Effect of dilutive restricted stock units and restricted stock | 0 | 89,605 | 0 | 0 |
Diluted | 29,418,951 | 29,324,614 | 29,395,003 | 29,268,717 |
Net income (loss) per Class A and Class B common share – basic | $ (0.49) | $ 0.01 | $ (0.61) | $ (0.35) |
Net income (loss) per Class A and Class B common share – diluted | $ (0.49) | $ 0.01 | $ (0.61) | $ (0.35) |
Earnings Per Share - Additional
Earnings Per Share - Additional information (Detail) - shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 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 | 136,119 | 171,501 | 77,908 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Of Financial Instruments [Line Items] | ||
Long-term debt | $ 228.6 | $ 295.9 |
Segment Information - Summary o
Segment Information - Summary of Reportable Segment Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||
Net revenue | $ 64,810,450 | $ 59,574,705 | $ 120,530,718 | $ 107,786,745 | |
Operating expenses | 53,626,592 | 48,494,420 | 103,636,141 | 91,462,291 | |
Corporate expenses | 4,567,470 | 3,957,854 | 8,800,930 | 7,863,143 | |
Depreciation and amortization | 2,451,102 | 2,850,923 | 4,967,002 | 5,802,824 | |
Gain on disposition | 0 | (191,988) | |||
Other operating (income) expense, net | 0 | (1,500,000) | 0 | (400,000) | |
Operating income (loss) | (4,453,811) | 5,771,508 | (7,349,678) | 3,250,475 | |
Capital expenditures | 5,111,127 | 1,524,519 | 6,497,877 | 2,553,787 | |
Property and equipment, net | 52,658,061 | 52,658,061 | $ 49,843,166 | ||
FCC licenses | 503,003,909 | 503,003,909 | 508,413,913 | ||
Goodwill | 22,739,996 | 22,739,996 | 28,596,547 | ||
Other intangibles, net | 23,373,197 | 23,373,197 | 22,697,207 | ||
Impairment losses | 8,619,097 | 0 | 10,476,323 | 0 | |
Audio [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenue | 53,417,896 | 51,215,234 | 100,783,041 | 92,944,836 | |
Operating expenses | 43,187,604 | 39,715,005 | 84,050,529 | 74,450,474 | |
Depreciation and amortization | 1,564,338 | 1,911,236 | 3,186,165 | 3,915,613 | |
Gain on disposition | (191,988) | ||||
Other operating (income) expense, net | 500,000 | ||||
Operating income (loss) | 46,857 | 9,588,993 | 3,070,024 | 14,270,737 | |
Capital expenditures | 5,039,229 | 1,276,776 | 6,221,223 | 1,989,721 | |
Property and equipment, net | 48,624,289 | 48,624,289 | 45,696,008 | ||
FCC licenses | 503,003,909 | 503,003,909 | 508,413,913 | ||
Goodwill | 19,520,896 | 19,520,896 | 25,377,447 | ||
Other intangibles, net | 1,907,547 | 1,907,547 | 1,974,093 | ||
Impairment losses | 8,619,097 | 10,476,323 | |||
Digital [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenue | 10,719,410 | 7,983,343 | 18,527,660 | 13,747,071 | |
Operating expenses | 9,171,535 | 7,910,418 | 17,573,298 | 15,168,333 | |
Depreciation and amortization | 4,613 | 4,142 | 9,077 | 4,142 | |
Operating income (loss) | 1,543,262 | 68,783 | 945,285 | (1,425,404) | |
Capital expenditures | 8,982 | 87,432 | 10,826 | 87,432 | |
Property and equipment, net | 76,296 | 76,296 | 74,547 | ||
Other intangibles, net | 2,000,000 | 2,000,000 | |||
Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenue | 673,144 | 376,128 | 1,220,017 | 1,094,838 | |
Operating expenses | 1,267,453 | 868,997 | 2,012,314 | 1,843,484 | |
Depreciation and amortization | 700,953 | 796,019 | 1,396,301 | 1,607,922 | |
Operating income (loss) | (1,295,262) | (1,288,888) | (2,188,598) | (2,356,568) | |
Capital expenditures | (1,598) | 59,084 | 2,852 | ||
Property and equipment, net | 75,224 | 75,224 | 21,644 | ||
Goodwill | 3,219,100 | 3,219,100 | 3,219,100 | ||
Other intangibles, net | 19,285,987 | 19,285,987 | 20,543,451 | ||
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Corporate expenses | 4,567,470 | 3,957,854 | 8,800,930 | 7,863,143 | |
Depreciation and amortization | 181,198 | 139,526 | 375,459 | 275,147 | |
Other operating (income) expense, net | (1,500,000) | (900,000) | |||
Operating income (loss) | (4,748,668) | (2,597,380) | (9,176,389) | (7,238,290) | |
Capital expenditures | 64,514 | $ 160,311 | 206,744 | $ 473,782 | |
Property and equipment, net | 3,882,252 | 3,882,252 | 4,050,967 | ||
Other intangibles, net | $ 179,663 | $ 179,663 | $ 179,663 |