SEC Info℠ | Home | Search | My Interests | Help | Sign In | Please Sign In | ||||||||||||||||||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/15/22 Beasley Broadcast Group Inc. 10-Q 6/30/22 61:4.8M Donnelley … Solutions/FA |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.00M 2: EX-31.1 Certification -- §302 - SOA'02 HTML 22K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 22K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 18K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 18K 11: R1 Cover Page HTML 75K 12: R2 Consolidated Balance Sheets HTML 138K 13: R3 Consolidated Balance Sheets (Parenthetical) HTML 41K 14: R4 Consolidated Statements of Comprehensive Income HTML 104K (Loss) 15: R5 Consolidated Statements of Comprehensive Income HTML 22K (Loss) (Parenthetical) 16: R6 Consolidated Statements of Cash Flows HTML 117K 17: R7 Interim Financial Statements HTML 22K 18: R8 Acquisitions and Dispositions HTML 22K 19: R9 FCC Licenses HTML 30K 20: R10 Goodwill HTML 30K 21: R11 Long-Term Debt HTML 31K 22: R12 Stockholders' Equity HTML 41K 23: R13 Net Revenue HTML 53K 24: R14 Stock-Based Compensation HTML 31K 25: R15 Income Taxes HTML 23K 26: R16 Earnings Per Share HTML 41K 27: R17 Financial Instruments HTML 21K 28: R18 Segment Information HTML 217K 29: R19 FCC Licenses (Tables) HTML 29K 30: R20 Goodwill (Tables) HTML 31K 31: R21 Long-Term Debt (Tables) HTML 28K 32: R22 Stockholders' Equity (Tables) HTML 36K 33: R23 Net Revenue (Tables) HTML 50K 34: R24 Stock-Based Compensation (Tables) HTML 27K 35: R25 Earnings Per Share (Tables) HTML 40K 36: R26 Segment Information (Tables) HTML 211K 37: R27 Acquisitions and Dispositions - Additional HTML 31K Information (Detail) 38: R28 FCC Licenses - Carrying Amount of Broadcasting HTML 25K Licenses (Detail) 39: R29 FCC Licenses - Discounted Cash Flow Analyses HTML 31K (Detail) 40: R30 FCC Licenses - Additional Information (Detail) HTML 23K 41: R31 Goodwill - Additional Information (Detail) HTML 20K 42: R32 Goodwill - Summary of Carrying Amount of Goodwill HTML 24K (Detail) 43: R33 Goodwill - Summary of Key Assumptions Used in the HTML 36K Discounted Cash Flow Analyses (Detail) 44: R34 Long-Term Debt - Summary of Long-Term Debt HTML 32K (Detail) 45: R35 Long-Term Debt - Additional Information (Detail) HTML 37K 46: R36 Stockholders' Equity - Schedule of Changes in HTML 43K Stockholders Equity (Detail) 47: R37 Net Revenue - Composition of Revenue (Detail) HTML 30K 48: R38 Net Revenue - Deferred Revenue (Detail) HTML 22K 49: R39 Net Revenue - Trade Sale Revenue (Detail) HTML 23K 50: R40 Stock-Based Compensation - Additional Information HTML 27K (Detail) 51: R41 Stock-Based Compensation - Restricted Stock Units HTML 41K and Restricted Stock Activity (Detail) 52: R42 Income Taxes - Additional Information (Detail) HTML 21K 53: R43 Earnings Per Share - Schedule of Net Income Per HTML 43K Share (Detail) 54: R44 Earnings Per Share - Additional information HTML 22K (Detail) 55: R45 Financial Instruments - Additional Information HTML 22K (Detail) 56: R46 Segment Information - Summary of Reportable HTML 78K Segment Information (Detail) 59: XML IDEA XML File -- Filing Summary XML 102K 57: XML XBRL Instance -- d341117d10q_htm XML 1.09M 58: EXCEL IDEA Workbook of Financial Reports XLSX 81K 7: EX-101.CAL XBRL Calculations -- bbgi-20220630_cal XML 109K 8: EX-101.DEF XBRL Definitions -- bbgi-20220630_def XML 514K 9: EX-101.LAB XBRL Labels -- bbgi-20220630_lab XML 712K 10: EX-101.PRE XBRL Presentations -- bbgi-20220630_pre XML 606K 6: EX-101.SCH XBRL Schema -- bbgi-20220630 XSD 106K 60: JSON XBRL Instance as JSON Data -- MetaLinks 299± 421K 61: ZIP XBRL Zipped Folder -- 0001193125-22-220686-xbrl Zip 160K
Form 10-Q |
i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Delaware |
i 65-0960915 | |
(State of Incorporation) |
(I.R.S. Employer Identification Number) |
Title of Each Class |
Trading Symbol |
Name of Each Exchange on which Registered | ||
i Class A Common Stock, par value $0.001 per share |
i BBGI |
i Nasdaq Global Market |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
i Non-accelerated filer |
☐ | Smaller reporting company | i ☒ | |||
Emerging growth company | i ☐ |
Page No. |
||||||
PART I FINANCIAL INFORMATION |
||||||
Item 1. |
Condensed Consolidated Financial Statements. | 3 | ||||
Notes to Condensed Consolidated Financial Statements. | 7 | |||||
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations. | 14 | ||||
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk. | 22 | ||||
Item 4. |
Controls and Procedures. | 22 | ||||
Item 1. |
Legal Proceedings. | 23 | ||||
Item 1A. |
Risk Factors. | 23 | ||||
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds. | 23 | ||||
Item 3. |
Defaults Upon Senior Securities. | 23 | ||||
Item 4. |
Mine Safety Disclosures. | 23 | ||||
Item 5. |
Other Information. | 23 | ||||
Item 6. |
Exhibits. | 24 | ||||
25 |
December 31, |
||||||||
2022 |
||||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | i 51,378,642 | $ | i 45,918,446 | ||||
Accounts receivable, less allowance for doubtful accounts of $ i 1,720,477 in 2021 and $ i 1,648,342
in 2022 |
i 53,378,437 | i 45,628,769 | ||||||
Prepaid expenses |
i 4,044,056 | i 6,330,503 | ||||||
Other current assets |
i 3,397,418 | i 3,983,998 | ||||||
|
|
|
|
|||||
Total current assets |
i 112,198,553 | i 101,861,716 | ||||||
Property and equipment, net |
i 49,843,166 | i 52,658,061 | ||||||
Operating lease right-of-use |
i 34,155,175 | i 36,970,653 | ||||||
Finance lease right-of-use |
i 320,000 | i 313,333 | ||||||
FCC licenses |
i 508,413,913 | i 503,003,909 | ||||||
Goodwill |
i 28,596,547 | i 22,739,996 | ||||||
Other intangibles, net |
i 22,697,207 | i 23,373,197 | ||||||
Other assets |
i 5,863,501 | i 7,688,682 | ||||||
|
|
|
|
|||||
Total assets |
$ | i 762,088,062 | $ | i 748,609,547 | ||||
|
|
|
|
|||||
LIABILITIES AND EQUITY |
||||||||
Current liabilities: |
||||||||
Current installments of long-term debt |
$ | i — | $ | i 2,000,000 | ||||
Accounts payable |
i 6,995,081 | i 9,637,062 | ||||||
Operating lease liabilities |
i 7,693,831 | i 7,385,483 | ||||||
Finance lease liabilities |
i 1,945 | i — | ||||||
Other current liabilities |
i 29,811,226 | i 30,842,734 | ||||||
|
|
|
|
|||||
Total current liabilities |
i 44,502,083 | i 49,865,279 | ||||||
Due to related parties |
i 372,193 | i 101,087 | ||||||
Long-term debt, net of current installments and unamortized debt issuance costs |
i 293,789,892 | i 287,641,142 | ||||||
Operating lease liabilities |
i 28,747,450 | i 36,635,544 | ||||||
Deferred tax liabilities |
i 115,689,317 | i 112,930,112 | ||||||
Other long-term liabilities |
i 15,904,829 | i 15,899,359 | ||||||
|
|
|
|
|||||
Total liabilities |
i 499,005,764 | i 503,072,523 | ||||||
Commitments and contingencies |
i | |||||||
Stockholders’ equity: |
||||||||
Preferred stock, $ i i 0.001 /
par value; i i 10,000,000 / shares authorized; i i no / ne
issued |
i — | i — | ||||||
Class A common stock, $ i i 0.001 /
par value; i i 150,000,000 /
shares authorized; i 16,249,312 issued and i 12,696,857 outstanding in 2021; i 16,503,979
issued and i 12,880,701 outstanding in 2022 |
i 16,248 | i 16,502 | ||||||
Class B common stock, $ i i 0.001 /
par value; i i 75,000,000 /
shares authorized; i i i i 16,662,743 / / /
issued and outstanding in 2021 and 2022 |
i 16,662 | i 16,662 | ||||||
Additional paid-in capital |
i 150,896,611 | i 151,502,437 | ||||||
Treasury stock, Class A common stock; i 3,552,455 shares in 2021; i 3,623,278 shares in 2022 |
( i 29,021,360 | ) | ( i 29,127,067 | ) | ||||
Retained earnings |
i 142,220,494 | i 124,174,847 | ||||||
Accumulated other comprehensive loss |
( i 1,046,357 | ) | ( i 1,046,357 | ) | ||||
|
|
|
|
|||||
Total stockholders’ equity |
i 263,082,298 | i 245,537,024 | ||||||
|
|
|
|
|||||
Total liabilities and stockholders’ equity |
$ | i 762,088,062 | $ | i 748,609,547 | ||||
|
|
|
|
Three Months Ended June 30, |
||||||||
2022 |
||||||||
Net revenue |
$ | i 59,574,705 | $ | i 64,810,450 | ||||
Operating expenses: |
||||||||
Operating expenses (including stock-based compensation of $ i 176,349 in 2021 and $ i 75,368
in 2022 and excluding depreciation and amortization shown separately below) |
i 48,494,420 | i 53,626,592 | ||||||
Corporate expenses (including stock-based compensation of $ i 225,850 in 2021 and $ i 303,462
in 2022) |
i 3,957,854 | i 4,567,470 | ||||||
Depreciation and amortization |
i 2,850,923 | i 2,451,102 | ||||||
Impairment losses |
i — | i 8,619,097 | ||||||
Other operating income, net |
( i 1,500,000 | ) | i — | |||||
Total operating expenses |
i 53,803,197 | i 69,264,261 | ||||||
Operating income (loss) |
i 5,771,508 | ( i 4,453,811 | ) | |||||
Non-operating income (expense): |
||||||||
Interest expense |
( i 6,865,369 | ) | ( i 6,823,217 | ) | ||||
Other income, net |
i 8,080 | i 190,210 | ||||||
Loss before income taxes |
( i 1,085,781 | ) | ( i 11,086,818 | ) | ||||
Income tax expense (benefit) |
( i 1,299,394 | ) | i 3,554,469 | |||||
Income (loss) before equity in earnings of unconsolidated affiliates |
i 213,613 | ( i 14,641,287 | ) | |||||
Equity in earnings of unconsolidated affiliates, net of tax |
( i 25,919 | ) | i 186,570 | |||||
Net income (loss) |
i 187,694 | ( i 14,454,717 | ) | |||||
Net income (loss) per Class A and Class B common share: |
||||||||
Basic and diluted |
$ | i i 0.01 / | $ | ( i i 0.49 / | ) | |||
Weighted average shares outstanding: |
||||||||
Basic |
i 29,235,009 | i 29,418,951 | ||||||
Diluted |
i 29,324,614 | i 29,418,951 |
Six Months Ended June 30, |
||||||||
2022 |
||||||||
Net revenue |
$ | i 107,786,745 | $ | i 120,530,718 | ||||
Operating expenses: |
||||||||
Operating expenses (including stock-based compensation of $ i 247,280 in 2021 and $ i 153,591
in 2022 and excluding depreciation and amortization shown separately below) |
i 91,462,291 | i 103,636,141 | ||||||
Corporate expenses (including stock-based compensation of $ i 675,720 in 2021 and $ i 452,489
in 2022) |
i 7,863,143 | i 8,800,930 | ||||||
Depreciation and amortization |
i 5,802,824 | i 4,967,002 | ||||||
Impairment losses |
i — | i 10,476,323 | ||||||
Gain on disposition |
( i 191,988 | ) | i — | |||||
Other operating income, net |
( i 400,000 | ) | i — | |||||
Total operating expenses |
i 104,536,270 | i 127,880,396 | ||||||
Operating income (loss) |
i 3,250,475 | ( i 7,349,678 | ) | |||||
Non-operating income (expense): |
||||||||
Interest expense |
( i 12,643,440 | ) | ( i 13,672,254 | ) | ||||
Loss on extinguishment of long-term debt |
( i 4,996,731 | ) | i — | |||||
Other income, net |
i 46,493 | i 191,082 | ||||||
Loss before income taxes |
( i 14,343,203 | ) | ( i 20,830,850 | ) | ||||
Income tax benefit |
( i 3,902,280 | ) | ( i 2,621,977 | ) | ||||
Loss before equity in earnings of unconsolidated affiliates |
( i 10,440,923 | ) | ( i 18,208,873 | ) | ||||
Equity in earnings of unconsolidated affiliates, net of tax |
( i 56,024 | ) | i 163,226 | |||||
Net loss |
( i 10,496,947 | ) | ( i 18,045,647 | ) | ||||
Earnings attributable to noncontrolling interest |
i 129,249 | i — | ||||||
Net loss attributable to BBGI stockholders |
( i 10,367,698 | ) | ( i 18,045,647 | ) | ||||
Net loss attributable to BBGI stockholders per Class A and Class B common share: |
||||||||
Basic and diluted |
$ | ( i i 0.35 / | ) | $ | ( i i 0.61 / | ) | ||
Weighted average shares outstanding: |
||||||||
Basic and diluted |
i i 29,268,717 / | i i 29,395,003 / |
Six Months Ended June 30, |
||||||||
2022 |
||||||||
Cash flows from operating activities: |
||||||||
Net loss |
$ | ( i 10,496,947 | ) | $ | ( i 18,045,647 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: |
||||||||
Stock-based compensation |
i 923,000 | i 606,080 | ||||||
Provision for bad debts |
( i 1,779,188 | ) | i 588,751 | |||||
Depreciation and amortization |
i 5,802,824 | i 4,967,002 | ||||||
Impairment losses |
i — | i 10,476,323 | ||||||
Gain on disposition |
( i 191,988 | ) | i — | |||||
Amortization of loan fees |
i 791,574 | i 754,085 | ||||||
Loss on extinguishment of long-term debt |
i 4,996,731 | i — | ||||||
Deferred income taxes |
( i 3,902,280 | ) | ( i 2,747,810 | ) | ||||
Equity in earnings of unconsolidated affiliates |
i 56,024 | ( i 163,226 | ) | |||||
Change in operating assets and liabilities: |
||||||||
Accounts receivable |
i 4,835,493 | i 7,160,917 | ||||||
Prepaid expenses |
( i 2,320,101 | ) | ( i 2,286,447 | ) | ||||
Other assets |
( i 1,684,017 | ) | ( i 2,176,152 | ) | ||||
Accounts payable |
( i 5,837,685 | ) | i 2,641,981 | |||||
Other liabilities |
i 13,446,861 | i 5,003,953 | ||||||
Other operating activities |
i 208,725 | ( i 28,264 | ) | |||||
Net cash provided by operating activities |
i 4,849,026 | i 6,751,546 | ||||||
Cash flows from investing activities: |
||||||||
Payment for acquisition |
i — | ( i 2,000,000 | ) | |||||
Capital expenditures |
( i 2,553,787 | ) | ( i 6,486,902 | ) | ||||
Proceeds from dispositions |
i 362,500 | i 1,185,312 | ||||||
Net cash used in investing activities |
( i 2,191,287 | ) | ( i 7,301,590 | ) | ||||
Cash flows from financing activities: |
||||||||
Issuance of debt |
i 310,000,000 | i — | ||||||
Payments on debt |
( i 268,500,000 | ) | ( i 4,802,500 | ) | ||||
Payment of debt issuance costs |
( i 7,604,215 | ) | i — | |||||
Reduction of finance lease liabilities |
( i 35,086 | ) | ( i 1,945 | ) | ||||
Purchase of treasury stock |
( i 136,779 | ) | ( i 105,707 | ) | ||||
Net cash provided by (used in) financing activities |
i 33,723,920 | ( i 4,910,152 | ) | |||||
Net increase (decrease) in cash and cash equivalents |
i 36,381,659 | ( i 5,460,196 | ) | |||||
Cash and cash equivalents at beginning of period |
i 20,759,432 | i 51,378,642 | ||||||
Cash and cash equivalents at end of period |
$ | i 57,141,091 | $ | i 45,918,446 | ||||
Cash paid for interest |
$ | i 1,837,493 | $ | i 12,921,869 | ||||
Cash paid for income taxes |
$ | i 1,526,303 | $ | i 1,546,500 | ||||
Supplemental disclosure of non-cash investing and financing activities: |
||||||||
Acquisition of noncontrolling interest |
$ | i 4,490,130 | $ | i — | ||||
Extinguishment of trade sales payable |
$ | i 934,500 | $ | i — | ||||
Class A common stock returned to treasury stock |
$ | i 670,594 | $ | i — | ||||
(1) |
Interim Financial Statements |
(2) |
Acquisitions and Dispositions |
(3) |
FCC Licenses |
Balance as of January 1, 2022 |
$ | i 508,413,913 | ||
Radio station disposition (see Note 2) |
( i 790,232 | ) | ||
Impairment losses (see below and also Note 2) |
( i 4,619,772 | ) | ||
|
|
|||
Balance as of June 30, 2022 |
$ | i 503,003,909 | ||
|
|
Revenue growth rates |
( i 1.9) % - i 15.9% |
|
Market revenue shares at maturity |
i 0.6% - i 44.0% | |
Operating income margins at maturity |
i 19.2 i 32.6%% - |
|
Discount rate |
i 9.5% |
(4) |
Goodwill |
Balance as of January 1, 2022 |
$ | i 28,596,547 | ||
Impairment losses |
( i 5,856,551 | ) | ||
|
|
|||
Balance as of June 30, 2022 |
$ | i 22,739,996 | ||
|
|
Revenue growth rates |
( i 1.9)% - i 11.1% | |
Operating income margins |
i 5.4% - i 29.8% | |
Discount rate |
i 9.5% |
(5) |
Long-Term Debt |
2022 |
||||||||
Secured notes |
$ | i 300,000,000 | $ | i 295,000,000 | ||||
Less unamortized debt issuance costs |
( i 6,210,108 | ) | ( i 5,358,858 | ) | ||||
|
|
|
|
|||||
i 293,789,892 | i 289,641,142 | |||||||
Less current installments |
i — | ( i 2,000,000 | ) | |||||
|
|
|
|
|||||
$ | i 293,789,892 | $ | i 287,641,142 | |||||
|
|
|
|
(6) |
Stockholders’ Equity |
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
2022 |
2021 |
2022 |
||||||||||||||
Beginning balance |
$ | i 252,739,797 | $ | i 259,689,019 | $ | i 267,101,820 | $ | i 263,082,298 | ||||||||
Stock-based compensation |
i 402,199 | i 378,830 | i 923,000 | i 606,080 | ||||||||||||
Acquisition of noncontrolling interest |
i — | i — | ( i 4,490,130 | ) | i — | |||||||||||
Purchase of treasury stock |
( i 22,471 | ) | ( i 76,108 | ) | ( i 807,373 | ) | ( i 105,707 | ) | ||||||||
Net income (loss) |
i 187,694 | ( i 14,454,717 | ) | ( i 10,496,947 | ) | ( i 18,045,647 | ) | |||||||||
Elimination of noncontrolling interest |
i — | i — | i 1,076,849 | i — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Ending balance |
$ | i 253,307,219 | $ | i 245,537,024 | $ | i 253,307,219 | $ | i 245,537,024 | ||||||||
|
|
|
|
|
|
|
|
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
2022 |
2021 |
2022 |
||||||||||||||
Audio |
$ | i 51,215,234 | $ | i 53,417,896 | $ | i 92,944,836 | $ | i 100,783,041 | ||||||||
Digital |
i 7,983,343 | i 10,719,410 | i 13,747,071 | i 18,527,660 | ||||||||||||
Other |
i 376,128 | i 673,144 | i 1,094,838 | i 1,220,017 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | i 59,574,705 | $ | i 64,810,450 | $ | i 107,786,745 | $ | i 120,530,718 | |||||||||
|
|
|
|
|
|
|
|
Deferred revenue |
$ | i 3,085,370 | $ | i 5,112,294 |
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
2022 |
2021 |
2022 |
||||||||||||||
Losses on receivables |
$ | i 602,253 | $ | i 373,333 | $ | i 1,697,566 | $ | i 660,886 |
Trade sales receivable |
$ | i 881,885 | $ | i 1,087,601 | ||||
Trade sales payable |
i 614,467 | i 723,239 |
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
2022 |
2021 |
2022 |
||||||||||||||
Trade sales revenue |
$ | i 1,075,325 | $ | i 1,504,105 | $ | i 2,004,922 | $ | i 2,876,678 |
(8) |
Stock-Based Compensation |
Units |
Weighted- Average Grant-Date Fair Value |
|||||||
Unvested as of April 1, 2022 |
i 918,816 | $ | i 2.75 | |||||
Granted |
i 531,582 | i 1.49 | ||||||
Vested |
( i 211,333 | ) | i 3.51 | |||||
Forfeited |
( i 30,000 | ) | i 2.47 | |||||
|
|
|||||||
Unvested as of June 30, 2022 |
i 1,209,065 | $ | i 2.07 | |||||
|
|
(9) |
Income Taxes |
(10) |
Earnings Per Share |
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
2022 |
2021 |
2022 |
||||||||||||||
Net income (loss) attributable to BBGI stockholders |
$ | i 187,694 | $ | ( i 14,454,717 | ) | $ | ( i 10,367,698 | ) | $ | ( i 18,045,647 | ) | |||||
|
|
|
|
|
|
|
|
|||||||||
Weighted-average shares outstanding: |
||||||||||||||||
Basic |
i 29,235,009 | i 29,418,951 | i 29,268,717 | i 29,395,003 | ||||||||||||
Effect of dilutive restricted stock units and restricted stock |
i 89,605 | i — | i — | i — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Diluted |
i 29,324,614 | i 29,418,951 | i 29,268,717 | i 29,395,003 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income (loss) attributable to BBGI stockholders per Class A and Class B common share – basic and diluted |
$ | i i 0.01 / | $ | ( i i 0.49 / | ) | $ | ( i i 0.35 / | ) | $ | ( i i 0.61 / | ) | |||||
|
|
|
|
|
|
|
|
(11) |
Financial Instruments |
(12) |
Segment Information |
Audio |
Digital |
Other |
Corporate |
Total |
||||||||||||||||
Net revenue |
$ |
i 53,417,896 |
$ |
i 10,719,410 |
$ |
i 673,144 |
$ |
— |
$ |
i 64,810,450 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Operating expenses |
i 43,187,604 |
i 9,171,535 |
i 1,267,453 |
— |
i 53,626,592 |
|||||||||||||||
Corporate expenses |
— |
— |
— |
i 4,567,470 |
i 4,567,470 |
|||||||||||||||
Depreciation and amortization |
i 1,564,338 |
i 4,613 |
i 700,953 |
i 181,198 |
i 2,451,102 |
|||||||||||||||
Impairment losses |
i 8,619,097 |
— |
— |
— |
i 8,619,097 |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Operating income (loss) |
$ |
i 46,857 |
$ |
i 1,543,262 |
$ |
( i 1,295,262 |
) |
$ |
( i 4,748,668 |
) |
$ |
( i 4,453,811 |
) | |||||||
|
|
|
|
|
|
|
|
|
|
Audio |
Digital |
Other |
Corporate |
Total |
||||||||||||||||
Capital expenditures |
$ |
i 5,039,229 |
$ |
i 8,982 |
$ |
( i 1,598 |
) |
$ |
i 64,514 |
$ |
i 5,111,127 |
Audio |
Digital |
Other |
Corporate |
Total |
||||||||||||||||
Net revenue |
$ |
i 51,215,234 |
$ |
i 7,983,343 |
$ |
i 376,128 |
$ |
— |
$ |
i 59,574,705 |
||||||||||
Operating expenses |
i 39,715,005 |
i 7,910,418 |
i 868,997 |
— |
i 48,494,420 |
|||||||||||||||
Corporate expenses |
— |
— |
— |
i 3,957,854 |
i 3,957,854 |
|||||||||||||||
Depreciation and amortization |
i 1,911,236 |
i 4,142 |
i 796,019 |
i 139,526 |
i 2,850,923 |
|||||||||||||||
Other operating income, net |
— |
— |
— |
( i 1,500,000 |
) |
( i 1,500,000 |
) | |||||||||||||
Operating income (loss) |
$ |
i 9,588,993 |
$ |
i 68,783 |
$ |
( i 1,288,888 |
) |
$ |
( i 2,597,380 |
) |
$ |
i 5,771,508 |
||||||||
Audio |
Digital |
Other |
Corporate |
Total |
||||||||||||||||
Capital expenditures |
$ |
i 1,276,776 |
$ |
i 87,432 |
$ |
— |
$ |
i 160,311 |
$ |
i 1,524,519 |
Audio |
Digital |
Other |
Corporate |
Total |
||||||||||||||||
Net revenue |
$ |
i 100,783,041 |
$ |
i 18,527,660 |
$ |
i 1,220,017 |
$ |
— |
$ |
i 120,530,718 |
||||||||||
Operating expenses |
i 84,050,529 |
i 17,573,298 |
i 2,012,314 |
— |
i 103,636,141 |
|||||||||||||||
Corporate expenses |
— |
— |
— |
i 8,800,930 |
i 8,800,930 |
|||||||||||||||
Depreciation and amortization |
i 3,186,165 |
i 9,077 |
i 1,396,301 |
i 375,459 |
i 4,967,002 |
|||||||||||||||
Impairment losses |
i 10,476,323 |
— |
— |
— |
i 10,476,323 |
|||||||||||||||
Operating income (loss) |
$ |
i 3,070,024 |
$ |
i 945,285 |
$ |
( i 2,188,598 |
) |
$ |
( i 9,176,389 |
) |
$ |
( i 7,349,678 |
) | |||||||
Audio |
Digital |
Other |
Corporate |
Total |
||||||||||||||||
Capital expenditures |
$ |
i 6,221,223 |
$ |
i 10,826 |
$ |
i 59,084 |
$ |
i 206,744 |
$ |
i 6,497,877 |
Audio |
Digital |
Other |
Corporate |
Total |
||||||||||||||||
Net revenue |
$ |
i 92,944,836 |
$ |
i 13,747,071 |
$ |
i 1,094,838 |
$ |
— |
$ |
i 107,786,745 |
||||||||||
Operating expenses |
i 74,450,474 |
i 15,168,333 |
i 1,843,484 |
— |
i 91,462,291 |
|||||||||||||||
Corporate expenses |
— |
— |
— |
i 7,863,143 |
i 7,863,143 |
|||||||||||||||
Depreciation and amortization |
i 3,915,613 |
i 4,142 |
i 1,607,922 |
i 275,147 |
i 5,802,824 |
|||||||||||||||
Gain on disposition |
( i 191,988 |
) |
— |
— |
— |
( i 191,988 |
) | |||||||||||||
Other operating (income) expense, net |
i 500,000 |
— |
— |
( i 900,000 |
) |
( i 400,000 |
) | |||||||||||||
Operating income (loss) |
$ |
i 14,270,737 |
$ |
( i 1,425,404 |
) |
$ |
( i 2,356,568 |
) |
$ |
( i 7,238,290 |
) |
$ |
i 3,250,475 |
|||||||
Audio |
Digital |
Other |
Corporate |
Total |
||||||||||||||||
Capital expenditures |
$ |
i 1,989,721 |
$ |
i 87,432 |
$ |
i 2,852 |
$ |
i 473,782 |
$ |
i 2,553,787 |
Audio |
Digital |
Other |
Corporate |
Total |
||||||||||||||||
Property and equipment, net |
$ | i 48,624,289 | $ | i 76,296 | $ | i 75,224 | $ | i 3,882,252 | $ | i 52,658,061 | ||||||||||
FCC licenses |
i 503,003,909 | — | — | — | i 503,003,909 | |||||||||||||||
Goodwill |
i 19,520,896 | — | i 3,219,100 | — | i 22,739,996 | |||||||||||||||
Other intangibles, net |
i 1,907,547 | i 2,000,000 | i 19,285,987 | i 179,663 | i 23,373,197 |
Audio |
Digital |
Other |
Corporate |
Total |
||||||||||||||||
Property and equipment, net |
$ |
i 45,696,008 |
$ |
i 74,547 |
$ |
i 21,644 |
$ |
i 4,050,967 |
$ |
i 49,843,166 |
||||||||||
FCC licenses |
i 508,413,913 |
— |
— |
— |
i 508,413,913 |
|||||||||||||||
Goodwill |
i 25,377,447 |
— |
i 3,219,100 |
— |
i 28,596,547 |
|||||||||||||||
Other intangibles, net |
i 1,974,093 |
— |
i 20,543,451 |
i 179,663 |
i 22,697,207 |
• | the effects of the COVID-19 pandemic, including its potential effects on the economic environment and the Company’s results of operations, liquidity and financial condition, and the increased risk of impairments of the Company’s Federal Communications Commission (“FCC”) licenses and/or goodwill; |
• | external economic forces that could have a material adverse impact on the Company’s advertising revenues and results of operations; |
• | the ability of the Company’s radio stations to compete effectively in their respective markets for advertising revenues; |
• | the ability of the Company to develop compelling and differentiated digital content, products and services; |
• | audience acceptance of the Company’s content, particularly its radio programs; |
• | the ability of the Company to respond to changes in technology, standards and services that affect the radio industry; |
• | the Company’s dependence on federally issued licenses subject to extensive federal regulation; |
• | actions by the FCC or new legislation affecting the radio industry; |
• | increases to royalties the Company pays to copyright owners or the adoption of legislation requiring royalties to be paid to record labels and recording artists; |
• | the Company’s dependence on selected market clusters of radio stations for a material portion of its net revenue; |
• | credit risk on the Company’s accounts receivable; |
• | the risk that the Company’s FCC licenses and/or goodwill could become impaired; |
• | the Company’s substantial debt levels and the potential effect of restrictive debt covenants on the Company’s operational flexibility and ability to pay dividends; |
• | the potential effects of hurricanes on the Company’s corporate offices and radio stations; |
• | the failure or destruction of the internet, satellite systems and transmitter facilities that the Company depends upon to distribute its programming; |
• | disruptions or security breaches of the Company’s information technology infrastructure; |
• | the loss of key personnel; |
• | the Company’s ability to integrate acquired businesses and achieve fully the strategic and financial objectives related thereto and their impact on the Company’s financial condition and results of operations; |
• | the fact that the Company is controlled by the Beasley family, which creates difficulties for any attempt to gain control of the Company; and |
• | other economic, business, competitive, and regulatory factors affecting the businesses of the Company, including those set forth in the Company’s filings with the SEC. |
• | a radio station’s audience share in the demographic groups targeted by advertisers as measured principally by periodic reports issued by Nielsen Audio; |
• | the number of radio stations, as well as other forms of media, in the market competing for the attention of the same demographic groups; |
• | the supply of, and demand for, radio advertising time; and |
• | the size of the market. |
• | it involves a significant level of estimation uncertainty; and |
• | changes in the estimate or different estimates that could have been selected have had or are reasonably likely to have a material impact on our results of operations or financial condition. |
Revenue growth rates |
(1.9)% - 15.9% | |
Market revenue shares at maturity |
0.6% - 44.0% | |
Operating income margins at maturity |
19.2% - 32.6% | |
Discount rate |
9.5% |
Market cluster |
FCC broadcasting licenses |
Excess |
||||||
Atlanta, GA |
$ | 832,300 | 13.1 | % | ||||
Augusta, GA |
6,113,075 | 57.1 | ||||||
Boston, MA |
137,856,160 | 0.2 | ||||||
Charlotte, NC |
56,418,151 | 9.4 | ||||||
Detroit, MI |
29,978,201 | 8.2 | ||||||
Fayetteville, NC |
8,974,679 | 9.3 | ||||||
Fort Myers-Naples, FL |
9,131,300 | — | ||||||
Las Vegas, NV |
33,655,100 | — | ||||||
Middlesex, Monmouth, Morristown, NJ |
21,896,900 | 1.6 | ||||||
Philadelphia, PA |
119,674,192 | 11.2 | ||||||
Tampa-Saint Petersburg, FL |
61,787,351 | 16.7 | ||||||
Wilmington, DE |
16,686,500 | — |
Revenue growth rates |
(1.9)% - 11.1% | |
Operating income margins |
5.4% - 29.8% | |
Discount rate |
9.5% |
Three Months ended June 30, |
Change |
|||||||||||||||
2021 |
2022 |
$ |
% |
|||||||||||||
Net revenue |
$ | 59,574,705 | $ | 64,810,450 | $ | 5,235,745 | 8.8 | % | ||||||||
Operating expenses |
48,494,420 | 53,626,592 | 5,132,172 | 10.6 | ||||||||||||
Corporate expenses |
3,957,854 | 4,567,470 | 609,616 | 15.4 | ||||||||||||
Impairment losses |
— | 8,619,097 | 8,619,097 | — | ||||||||||||
Other operating income, net |
1,500,000 | — | (1,500,000 | ) | (100.0 | ) | ||||||||||
Income tax expense (benefit) |
(1,299,394 | ) | 3,554,469 | 4,853,863 | 373.5 | |||||||||||
Net income (loss) |
187,694 | (14,454,717 | ) | (14,642,411 | ) | (7801.2 | ) |
Three Months ended June 30, |
Change |
|||||||||||||||
2021 |
2022 |
$ |
% |
|||||||||||||
Net revenue |
||||||||||||||||
Audio |
$ | 51,215,234 | $ | 53,417,896 | $ | 2,202,662 | 4.3 | % | ||||||||
Digital |
7,983,343 | 10,719,410 | 2,736,067 | 34.3 | ||||||||||||
Other |
376,128 | 673,144 | 297,016 | 79.0 | ||||||||||||
|
|
|
|
|
|
|||||||||||
$ | 59,574,705 | $ | 64,810,450 | $ | 5,235,745 | 8.8 | ||||||||||
|
|
|
|
|
|
|||||||||||
Operating expenses |
||||||||||||||||
Audio |
$ | 39,715,005 | $ | 43,187,604 | $ | 3,472,599 | 8.7 | % | ||||||||
Digital |
7,910,418 | 9,171,535 | 1,261,117 | 15.9 | ||||||||||||
Other |
868,997 | 1,267,453 | 398,456 | 45.9 | ||||||||||||
|
|
|
|
|
|
|||||||||||
$ | 48,494,420 | $ | 53,626,592 | $ | 5,132,172 | 10.6 | ||||||||||
|
|
|
|
|
|
Six Months ended June 30, |
Change |
|||||||||||||||
2021 |
2022 |
$ |
% |
|||||||||||||
Net revenue |
$ | 107,786,745 | $ | 120,530,718 | $ | 12,743,973 | 11.8 | % | ||||||||
Operating expenses |
91,462,291 | 103,636,141 | 12,173,850 | 13.3 | ||||||||||||
Corporate expenses |
7,863,143 | 8,800,930 | 937,787 | 11.9 | ||||||||||||
Impairment losses |
— | 10,476,323 | 10,476,323 | — | ||||||||||||
Other operating income, net |
400,000 | — | (400,000 | ) | (100.0 | ) | ||||||||||
Interest expense |
12,643,440 | 13,672,254 | 1,028,814 | 8.1 | ||||||||||||
Loss on extinguishment of long-term debt |
4,996,731 | — | (4,996,731 | ) | (100.0 | ) | ||||||||||
Income tax benefit |
3,902,280 | 2,621,977 | (1,280,303 | ) | (32.8 | ) | ||||||||||
Net loss |
10,496,947 | 18,045,647 | 7,548,700 | 71.9 |
Six Months ended June 30, |
Change |
|||||||||||||||
2021 |
2022 |
$ |
% |
|||||||||||||
Net revenue |
||||||||||||||||
Audio |
$ | 92,944,836 | $ | 100,783,041 | $ | 7,838,205 | 8.4 | % | ||||||||
Digital |
13,747,071 | 18,527,660 | 4,780,589 | 34.8 | ||||||||||||
Other |
1,094,838 | 1,220,017 | 125,179 | 11.4 | ||||||||||||
|
|
|
|
|
|
|||||||||||
$ | 107,786,745 | $ | 120,530,718 | $ | 12,743,973 | 11.8 | ||||||||||
|
|
|
|
|
|
|||||||||||
Operating expenses |
||||||||||||||||
Audio |
$ | 74,450,474 | $ | 84,050,529 | $ | 9,600,055 | 12.9 | % | ||||||||
Digital |
15,168,333 | 17,573,298 | 2,404,965 | 15.9 | ||||||||||||
Other |
1,843,484 | 2,012,314 | 168,830 | 9.2 | ||||||||||||
|
|
|
|
|
|
|||||||||||
$ | 91,462,291 | $ | 103,636,141 | $ | 12,173,850 | 13.3 | ||||||||||
|
|
|
|
|
|
• | internally generated cash flow; |
• | additional borrowings or notes offerings, to the extent permitted under the Indenture governing our Notes; and |
• | additional equity offerings. |
Six Months ended June 30, |
||||||||
2022 |
||||||||
Net cash provided by operating activities |
$ | 4,849,026 | $ | 6,751,546 | ||||
Net cash used in investing activities |
(2,191,287 | ) | (7,301,590 | ) | ||||
Net cash provided by (used in) financing activities |
33,723,920 | (4,910,152 | ) | |||||
|
|
|
|
|||||
Net increase (decrease) in cash and cash equivalents |
$ | 36,381,659 | $ | (5,460,196 | ) | |||
|
|
|
|
Period |
Total Number of Shares Purchased |
Average Price Paid per Share |
Total Number of Shares Purchased as Part of Publicly Announced Program |
Approximate Dollar Value of Shares That May Yet Be Purchased Under the Program |
||||||||||||
April 1 – 30, 2022 |
2,965 | $ | 1.70 | — | — | |||||||||||
May 1 – 31, 2022 |
22,430 | 1.50 | — | — | ||||||||||||
June 1 – 30, 2022 |
29,221 | 1.28 | — | — | ||||||||||||
|
|
|||||||||||||||
Total |
54,616 | |||||||||||||||
|
|
Exhibit Number |
Description | |
31.1 | Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) (17 CFR 240.15d-14(a)). | |
31.2 | Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) (17 CFR 240.15d-14(a)). | |
32.1 | Certification of Chief Executive Officer pursuant to Rule 13a-14(b)/15d-14(b) (17 CFR 240.15d-14(b)) and 18 U.S.C. Section 1350. | |
32.2 | Certification of Chief Financial Officer pursuant to Rule 13a-14(b)/15d-14(b) (17 CFR 240.15d-14(b)) and 18 U.S.C. Section 1350. | |
101.INS | XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
101.SCH | XBRL Taxonomy Extension Schema Document. | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | |
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
BEASLEY BROADCAST GROUP, INC. | ||||||
Dated: August 15, 2022 | /s/ Caroline Beasley | |||||
Name: Caroline Beasley | ||||||
Title: Chief Executive Officer (principal executive officer) | ||||||
Dated: August 15, 2022 | /s/ Marie Tedesco | |||||
Name: Marie Tedesco | ||||||
Title: Chief Financial Officer (principal financial and accounting officer) |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
3/27/27 | ||||
2/1/26 | ||||
2/1/25 | ||||
Filed on: | 8/15/22 | |||
For Period end: | 6/30/22 | 4 | ||
6/22/22 | ||||
4/1/22 | ||||
1/1/22 | ||||
12/31/21 | 10-K, 4 | |||
6/30/21 | 10-Q | |||
2/2/21 | 8-K | |||
6/8/17 | 4, 4/A, 8-K, DEF 14A | |||
3/27/17 | ||||
3/27/07 | ||||
List all Filings |