$BBGI
BEASLEY BROADCAST GROUP INC

2018 Q4 Form 10-K Financial Statement

#000119312520044711 Filed on February 21, 2020

View on sec.gov

Income Statement

Concept 2018 Q4 2018 2017 Q4
Revenue $75.57M $257.5M $58.52M
YoY Change 29.14% 10.9% 8.98%
Cost Of Revenue $54.92M $195.8M $43.48M
YoY Change 26.31% 12.01% 16.04%
Gross Profit $20.65M $61.70M $15.05M
YoY Change 37.21% 7.49% -7.27%
Gross Profit Margin 27.33% 23.96% 25.72%
Selling, General & Admin $4.900M $16.30M $4.090M
YoY Change 19.8% 3.16% 38.18%
% of Gross Profit 23.73% 26.42% 27.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.800M $6.600M $1.550M
YoY Change 16.13% 8.2% -58.56%
% of Gross Profit 8.72% 10.7% 10.3%
Operating Expenses $6.700M $223.2M $3.350M
YoY Change 100.0% 30.25% -50.07%
Operating Profit $13.95M $34.32M $11.70M
YoY Change 19.23% -43.58% 22.9%
Interest Expense -$4.500M $16.01M $7.670M
YoY Change -158.67% -13.15% -298.7%
% of Operating Profit -32.26% 46.63% 65.56%
Other Income/Expense, Net $430.0K $140.9K $10.00K
YoY Change 4200.0% -68.74% -50.0%
Pretax Income $9.870M $18.18M $15.20M
YoY Change -35.07% -53.28% -66.43%
Income Tax $7.480M $11.70M $5.230M
% Of Pretax Income 75.79% 64.34% 34.41%
Net Earnings $2.090M $6.481M $69.67M
YoY Change -97.0% -92.56% 67.88%
Net Earnings / Revenue 2.77% 2.52% 119.05%
Basic Earnings Per Share $0.24
Diluted Earnings Per Share $76.36K $0.24 $2.513M
COMMON SHARES
Basic Shares Outstanding 27.44M
Diluted Shares Outstanding 27.53M

Balance Sheet

Concept 2018 Q4 2018 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.40M $13.40M $13.90M
YoY Change -3.6% -3.6% -31.53%
Cash & Equivalents $13.43M $13.40M $13.92M
Short-Term Investments
Other Short-Term Assets $1.960M $5.100M $4.136M
YoY Change -52.61% -49.5% 90.34%
Inventory
Prepaid Expenses $3.135M $6.002M
Receivables $52.42M $52.40M $42.67M
Other Receivables $0.00 $0.00 $17.90M
Total Short-Term Assets $70.95M $70.90M $84.66M
YoY Change -16.2% -16.29% -18.14%
LONG-TERM ASSETS
Property, Plant & Equipment $57.08M $57.80M $59.32M
YoY Change -3.78% -2.53% -0.79%
Goodwill $25.38M $15.28M
YoY Change 66.13% 350.17%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.449M $7.400M $5.727M
YoY Change 30.08% 29.82% -8.57%
Total Long-Term Assets $610.1M $610.2M $570.1M
YoY Change 7.03% 7.05% 2.12%
TOTAL ASSETS
Total Short-Term Assets $70.95M $70.90M $84.66M
Total Long-Term Assets $610.1M $610.2M $570.1M
Total Assets $681.1M $681.1M $654.7M
YoY Change 4.03% 4.03% -1.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.611M $10.90M $7.848M
YoY Change 22.47% 19.78% 28.92%
Accrued Expenses $14.70M
YoY Change 2.8%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $100.0K $2.300M
YoY Change -95.65% -95.65% -65.67%
Total Short-Term Liabilities $28.86M $28.90M $28.96M
YoY Change -0.35% -0.34% -14.69%
LONG-TERM LIABILITIES
Long-Term Debt $242.8M $243.3M $212.5M
YoY Change 14.25% 14.49% -14.21%
Other Long-Term Liabilities $10.34M $11.00M $11.08M
YoY Change -6.71% -6.78% -31.35%
Total Long-Term Liabilities $253.1M $254.3M $11.08M
YoY Change 2183.69% 13.37% -31.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.86M $28.90M $28.96M
Total Long-Term Liabilities $253.1M $254.3M $11.08M
Total Liabilities $406.1M $406.1M $368.6M
YoY Change 10.17% 10.17% -19.74%
SHAREHOLDERS EQUITY
Retained Earnings $155.4M $154.4M
YoY Change 0.65% 113.24%
Common Stock $150.0M $148.0M
YoY Change 1.34% 1.13%
Preferred Stock
YoY Change
Treasury Stock (at cost) $30.45M $16.67M
YoY Change 82.68% 7.11%
Treasury Stock Shares $4.426M $3.033M
Shareholders Equity $275.0M $275.0M $286.2M
YoY Change
Total Liabilities & Shareholders Equity $681.1M $681.1M $654.7M
YoY Change 4.03% 4.03% -1.05%

Cashflow Statement

Concept 2018 Q4 2018 2017 Q4
OPERATING ACTIVITIES
Net Income $2.090M $6.481M $69.67M
YoY Change -97.0% -92.56% 67.88%
Depreciation, Depletion And Amortization $1.800M $6.600M $1.550M
YoY Change 16.13% 8.2% -58.56%
Cash From Operating Activities $8.560M $24.39M $10.27M
YoY Change -16.65% -12.94% 156.11%
INVESTING ACTIVITIES
Capital Expenditures -$1.010M $4.210M -$1.260M
YoY Change -19.84% 0.41% -8.03%
Acquisitions $39.52M
YoY Change
Other Investing Activities -$1.530M -$41.20M -$12.00M
YoY Change -87.25% -280.31% -86.17%
Cash From Investing Activities -$2.540M -$45.61M -$13.26M
YoY Change -80.84% -360.3% -84.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $265.1K
YoY Change -76.05%
Debt Paid & Issued, Net $8.064M
YoY Change -84.51%
Cash From Financing Activities -2.560M 20.73M 1.450M
YoY Change -276.55% -139.9% -98.35%
NET CHANGE
Cash From Operating Activities 8.560M 24.39M 10.27M
Cash From Investing Activities -2.540M -45.61M -13.26M
Cash From Financing Activities -2.560M 20.73M 1.450M
Net Change In Cash 3.460M -488.6K -1.540M
YoY Change -324.68% -92.37% -141.85%
FREE CASH FLOW
Cash From Operating Activities $8.560M $24.39M $10.27M
Capital Expenditures -$1.010M $4.210M -$1.260M
Free Cash Flow $9.570M $20.18M $11.53M
YoY Change -17.0% -15.29% 114.31%

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BEASLEY BROADCAST GROUP INC
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<table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="padding-left: 0px;;text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(1)</div></td><td style="padding-left: 0px;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Nature of Business </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Beasley Broadcast Group, Inc. (the &#8220;Company&#8221; or &#8220;BBGI&#8221;) is a multi-platform media company operating one reportable business segment whose primary business is operating radio stations throughout the United States. The Company offers local and national advertisers integrated marketing solutions across audio, digital and event platforms. The Company owns and operates 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, West Palm Beach-Boca Raton, FL, and Wilmington, DE. The Company also now operates an esports segment, however, it does not exceed the thresholds for separate disclosure. </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2019 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Use of Estimates </div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Such estimates include (i)&#160;the amount of allowance for doubtful accounts; (ii)&#160;future cash flows used for testing recoverability of property and equipment; (iii)&#160;fair values used for testing FCC licenses and goodwill for impairment; (iv)&#160;estimates used to determine the incremental borrowing rate to record lease liabilities and related right-of-use assets (v)&#160;the realization of deferred tax assets, and (vi)&#160;actuarial assumptions related to the SERP. Actual results and outcomes may differ from management&#8217;s estimates and assumptions. </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2019 bbgi Fccbroadcastinglicensespolicy
Fccbroadcastinglicensespolicy
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">FCC Licenses </div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">FCC licenses, including translator licenses, are generally granted for renewable terms of eight years. Renewal costs are generally minor and expensed as incurred. Licenses are tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the Company&#8217;s licenses might be impaired. The Company assesses qualitative factors to determine whether it is more likely than not that its licenses are impaired. If the Company determines it is more likely than not that its licenses are impaired then the Company is required to perform the quantitative impairment test. The quantitative impairment test compares the fair value of the Company&#8217;s licenses with their carrying amounts. If the carrying amounts of the licenses exceed their fair value, an impairment loss is recognized in an amount equal to that excess. For the purpose of testing its licenses for impairment, the Company combines its licenses into reporting units based on its market clusters. See Note 5 for changes in the carrying amount of FCC licenses for the years ended December&#160;31, 2018 and 2019. The weighted-average period before the next renewal of the Company&#8217;s FCC licenses is 2.8 years. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
6305127
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
9800202
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
62570419
CY2019 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Concentrations of Risk </div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Certain cash deposits with financial institutions may at times exceed FDIC insurance limits. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The radio stations located in Boston, MA, Philadelphia, PA and Tampa-Saint Petersburg, FL <div style="letter-spacing: 0px; top: 0px;;display:inline;">collectivel<div style="letter-spacing: 0px; top: 0px;;display:inline;">y</div> </div>contributed 58.8% and 60.7% of the Company&#8217;s net revenue in 2018 and 2019, respectively. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2019 bbgi Broadcasting Licenses Renewable Terms
BroadcastingLicensesRenewableTerms
P8Y
CY2019Q4 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
400000
CY2018 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.24
CY2019 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.49
CY2019Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
29577474
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1855731
CY2019Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
27721743
CY2019Q4 bbgi Other Intangible Assets Gross
OtherIntangibleAssetsGross
31188961
CY2019Q4 bbgi Other Intangible Assets Accumulated Amortization
OtherIntangibleAssetsAccumulatedAmortization
-1855731
CY2018Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
3103530
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1395064
CY2018Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1708466
CY2018Q4 bbgi Other Intangible Assets Gross
OtherIntangibleAssetsGross
4218242
CY2018Q4 bbgi Other Intangible Assets Accumulated Amortization
OtherIntangibleAssetsAccumulatedAmortization
-1395064
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
9946823
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
8881584
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
7662679
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
19974004
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2018Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2019Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies

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