Form 10-Q

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0001193125-18-155970.txt : 20180508 0001193125-18-155970.hdr.sgml : 20180508 20180508160655 ACCESSION NUMBER: 0001193125-18-155970 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 48 CONFORMED PERIOD OF REPORT: 20180331 FILED AS OF DATE: 20180508 DATE AS OF CHANGE: 20180508 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BEASLEY BROADCAST GROUP INC CENTRAL INDEX KEY: 0001099160 STANDARD INDUSTRIAL CLASSIFICATION: RADIO BROADCASTING STATIONS [4832] IRS NUMBER: 650960915 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-29253 FILM NUMBER: 18814560 BUSINESS ADDRESS: STREET 1: 3033 RIVIERA DRIVE STREET 2: SUITE 200 CITY: NAPLES STATE: FL ZIP: 34103 BUSINESS PHONE: 9412635000 MAIL ADDRESS: STREET 1: 3033 RIVIERA DRIVE STREET 2: SUITE 200 CITY: NAPLES STATE: FL ZIP: 34103 10-Q 1 d553134d10q.htm FORM 10-Q Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2018

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No. 000-29253

BEASLEY BROADCAST GROUP, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

65-0960915

(State of Incorporation)

(I.R.S. Employer

Identification Number)

3033 Riviera Drive, Suite 200

Naples, Florida 34103

(Address of Principal Executive Offices and Zip Code)

(239) 263-5000

(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class A Common Stock, $0.001 par value, 10,839,506 Shares Outstanding as of May 1, 2018

Class B Common Stock, $0.001 par value, 16,662,743 Shares Outstanding as of May 1, 2018

INDEX


		Page No.

	PART I

	FINANCIAL INFORMATION

Item 1.	Condensed Consolidated Financial Statements.		3

	Notes to Condensed Consolidated Financial Statements.		6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.		12

Item 3.	Quantitative and Qualitative Disclosures About Market Risk.		17

Item 4.	Controls and Procedures.		17

	PART II

	OTHER INFORMATION

Item 1.	Legal Proceedings.		18

Item 1A.	Risk Factors.		18

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.		18

Item 3.	Defaults Upon Senior Securities.		18

Item 4.	Mine Safety Disclosures.		18

Item 5.	Other Information.		18

Item 6.	Exhibits.		19

SIGNATURES			20

BEASLEY BROADCAST GROUP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


	December 31, 2017			March 31, 2018
ASSETS
Current assets:
Cash and cash equivalents	$	13,922,390		$	13,169,964
Accounts receivable, less allowance for doubtful accounts of $1,623,408 in 2017 and $1,623,092 in 2018		42,669,351			40,017,862
Prepaid expenses		6,001,996			9,022,158
Merger consideration receivable		17,931,331			—
Other current assets		4,135,905			4,419,721

Total current assets		84,660,973			66,629,705
Property and equipment, net		59,318,933			58,979,747
FCC broadcasting licenses		489,186,679			489,239,179
Goodwill		15,275,264			15,275,264
Other intangibles, net		550,058			493,934
Other assets		5,726,874			5,584,672

Total assets	$	654,718,781		$	636,202,501

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current installments of long-term debt	$	2,314,020		$	64,791
Accounts payable		7,847,829			7,428,742
Other current liabilities		18,799,195			21,435,026

Total current liabilities		28,961,044			28,928,559
Due to related parties		759,041			734,863
Long-term debt, net of current installments and unamortized debt issuance costs		212,465,882			212,169,482
Deferred tax liabilities		115,282,931			115,338,525
Other long-term liabilities		11,083,683			11,046,927

Total liabilities		368,552,581			368,218,356
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued		—			—
Class A common stock, $0.001 par value; 150,000,000 shares authorized; 15,222,738 issued and 12,189,998 outstanding in 2017; 15,214,405 issued and 10,841,181 outstanding in 2018		15,223			15,215
Class B common stock, $0.001 par value; 75,000,000 shares authorized; 16,662,743 issued and outstanding in 2017 and 2018		16,662			16,662
Additional paid-in capital		147,987,332			148,605,112
Treasury stock, Class A common stock; 3,032,740 shares in 2017; 4,373,224 shares in 2018		(16,667,085	)		(30,207,533	)
Retained earnings		154,389,494			149,865,034
Accumulated other comprehensive income (loss)		424,574			(310,345	)

Total stockholders’ equity		286,166,200			267,984,145

Total liabilities and stockholders’ equity	$	654,718,781		$	636,202,501

BEASLEY BROADCAST GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)


	Three Months Ended March 31,
	2017			2018
Net revenue	$	53,740,551		$	55,153,627

Operating expenses:
Station operating expenses (including stock-based compensation of $79,047 in 2017 and $152,418 in 2018 and excluding depreciation and amortization shown separately below)		43,949,594			45,512,847
Corporate general and administrative expenses (including stock-based compensation of $118,692 in 2017 and $465,354 in 2018)		3,230,097			3,282,473
Transaction expenses		450,833			—
Other operating expenses		328,247			—
Depreciation and amortization		1,502,837			1,546,734
Change in fair value of contingent consideration		(7,533,292	)		4,415,925
Loss on disposition		269,456			—

Total operating expenses		42,197,772			54,757,979

Operating income		11,542,779			395,648

Non-operating income (expense):
Interest expense		(4,827,339	)		(3,625,240	)
Other income (expense), net		356,198			448,901

Income (loss) before income taxes		7,071,638			(2,780,691	)
Income tax expense (benefit)		(414,858	)		380,501

Net income (loss)		7,486,496			(3,161,192	)

Other comprehensive income (loss):
Unrealized losses on securities (net of income tax benefit of $9,200)		(14,174	)		—
Reclassification of other comprehensive income due to termination of pension plan (net of income tax benefit of $261,358)		—			(731,265	)

Comprehensive income (loss)	$	7,472,322		$	(3,892,457	)

Net income (loss) per Class A and B common share:
Basic and diluted	$	0.27		$	(0.11	)
Dividends declared per common share	$	0.045		$	0.05
Weighted average shares outstanding:
Basic		27,663,114			27,717,394
Diluted		27,766,662			27,717,394

BEASLEY BROADCAST GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	Three Months Ended March 31,
	2017			2018
Cash flows from operating activities:
Net income (loss)	$	7,486,496		$	(3,161,192	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation		197,739			617,772
Provision for bad debts		364,848			225,415
Depreciation and amortization		1,502,837			1,546,734
Change in fair value of contingent consideration		(7,533,292	)		4,415,925
Loss on disposition		269,456			—
Termination of pension plan		—			(992,623	)
Amortization of loan fees		546,808			470,376
Deferred income taxes		(451,967	)		375,204
Change in operating assets and liabilities:
Accounts receivable		7,465,563			2,426,074
Prepaid expenses		(2,286,930	)		(3,020,162	)
Other assets		388,902			(48,878	)
Accounts payable		(1,193,685	)		(419,087	)
Other liabilities		(744,634	)		2,410,033
Other operating activities		134,557			(44,593	)

Net cash provided by operating activities		6,146,698			4,800,998

Cash flows from investing activities:
Capital expenditures		(999,587	)		(1,173,496	)
Proceeds from disposition of radio stations		24,000,000			—
Payments for translator licenses		(700,000	)		(52,500	)
Loan to related party		(150,000	)		—

Net cash provided by (used in) investing activities		22,150,413			(1,225,996	)

Cash flows from financing activities:
Payments on debt		(28,015,270	)		(3,016,005	)
Dividends paid		(1,280,410	)		(1,286,381	)
Purchase of treasury stock		(456,126	)		(25,042	)

Net cash used in financing activities		(29,751,806	)		(4,327,428	)

Net decrease in cash and cash equivalents		(1,454,695	)		(752,426	)
Cash and cash equivalents at beginning of period		20,325,415			13,922,390

Cash and cash equivalents at end of period	$	18,870,720		$	13,169,964

Cash paid for interest	$	4,384,687		$	3,051,884

Cash paid for income taxes	$	246,800		$	35,950

Supplement disclosure of non-cash investing and financing activities:
Dividends declared but unpaid	$	1,285,412		$	1,366,922

Class A common stock returned to treasury stock	$	—		$	13,515,406

BEASLEY BROADCAST GROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(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 for the year ended December 31, 2017. These financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the financial statements reflect all adjustments necessary for a fair statement of the financial position and results of operations for the interim periods presented and all such adjustments are of a normal and recurring nature. The Company’s results are subject to seasonal fluctuations therefore the results shown on an interim basis are not necessarily indicative of results for the full year.

(2)

Recent Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board (“FASB”) issued guidance to improve the presentation of net periodic pension cost and net periodic postretirement benefit cost. The new guidance is effective for annual periods beginning after December 15, 2017. The Company adopted the new guidance in the first quarter of 2018 with no material impact on its financial statements.

In August 2016, the FASB issued guidance to reduce diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The Company adopted the new guidance in the first quarter of 2018 with no material impact on its financial statements.

In February 2016, the FASB issued guidance to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. There continues to be a differentiation between finance leases and operating leases, however lease assets and lease liabilities arising from operating leases should now be recognized in the statement of financial position. New disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The new guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company continues to review the new guidance and is currently researching lease management software. The Company expects the new guidance to result in a significant impact on the balance sheet, however that impact will not be quantified until closer to the adoption date. The Company’s initial assessment, which is subject to change, is that the new guidance is not expected to have a significant impact on the statement of comprehensive income.

In January 2016, the FASB issued guidance that changes how entities measure equity investments and present changes in the fair value of financial liabilities. The new guidance requires entities to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicality exception. A practicality exception will apply to those equity investments that do not have a readily determinable fair value and do not qualify for the practical expedient to estimate fair value, and as such, these investments may be measured at cost. The new guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted the new guidance in the first quarter of 2018 with no material impact on its financial statements.

In May 2014, the FASB issued guidance to clarify the principles for recognizing revenue. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a comprehensive framework for revenue recognition that supersedes current general revenue guidance and most industry-specific guidance. In addition, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. In 2016, the FASB issued several updates to address implementation issues and to clarify guidance for principal versus agent considerations and identifying performance obligations and licensing. The Company adopted the new guidance on January 1, 2018, using the modified retrospective method, with no impact on its financial statements. The cumulative effect of initially applying the new guidance had no impact on the opening balance of retained earnings as of January 1, 2018. There was no impact on the condensed consolidated balance sheet as of March 31, 2018 or on the condensed consolidated statement of comprehensive income for the three months ended March 31, 2018. The comparative information has not been restated and continues to be reported under the accounting guidance in effect for that period. The Company does not expect the new guidance to have a material impact on its financial statements in future periods.

BEASLEY BROADCAST GROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(3)

Acquisitions and Dispositions

Greater Media Merger

On November 1, 2016, (the “Acquisition Date”), the Company completed the acquisition of Greater Media, Inc. (“Greater Media”), pursuant to the merger agreement, dated as of July 19, 2016 by and among the Company, Greater Media, Beasley Media Group 2, Inc., an indirect wholly-owned subsidiary of the Company (“Merger Sub”), and Peter A. Bordes, Jr., as the Stockholders’ Representative (the “Merger Agreement”). On the Acquisition Date, Merger Sub was merged with and into Greater Media, with Greater Media surviving the merger as an indirect wholly-owned subsidiary of the Company (the “Merger”). As a result of the Merger, the Company added 21 radio stations in the Boston, MA, Detroit, MI, Charlotte, NC, Middlesex, NJ, Monmouth, NJ, Morristown, NJ and Philadelphia, PA markets.

On the Acquisition Date, in accordance with the Merger Agreement, the Company placed 867,679 shares of the Company’s Class A common stock with a fair value of $4.2 million in escrow. These escrow shares were to be distributed either to the Company for cancellation or to Greater Media based upon a working capital adjustment. As of the Acquisition Date based on the estimated working capital adjustment, the Company estimated that 189,915 shares of Class A common stock would be released to Greater Media and the remainder would be forfeited to the Company for cancellation. The estimated number of shares to be released to Greater Media had a fair value of $0.9 million as of the Acquisition Date and were included in the purchase price. The estimated shares to be forfeited were not indexed to the Company’s stock price and therefore were adjusted to fair value based on the Company’s closing stock price on each reporting date with changes in fair value recorded in earnings. The estimated number of shares to be forfeited had a fair value of $3.3 million as of the Acquisition Date.

Also, in accordance with the Merger Agreement, the purchase price was to be adjusted by certain proceeds from the sale of Greater Media’s towers assets. Based on the proceeds from the tower sale, the former stockholders of Greater Media were required to return a certain number of shares of Class A common stock to the Company for cancellation. The Company accounted for this arrangement as contingent consideration subject to the ultimate sale of the tower assets. As of the Acquisition Date, the Company estimated the sales price of the towers to be $28.0 million which resulted in the expected return of 650,759 shares. As of the Acquisition Date, the estimated number of shares to be returned had a fair value of $3.4 million. On February 27, 2017, the former stockholders of Greater Media entered into an asset purchase agreement to sell the towers for $28.0 million.

On December 29, 2017, the Company entered into a settlement agreement with Greater Media regarding the working capital adjustment and proceeds from the tower sale. As a result, all 867,679 shares held in escrow for the working capital adjustment were forfeited to the Company and recorded in treasury stock on March 15, 2018 and the former stockholders of Greater Media returned 470,480 shares to the Company related to the tower sale proceeds, which were recorded in treasury stock on March 15, 2018. The forfeited shares previously held in escrow for the working capital adjustment had a fair value of $11.6 million and $8.8 million as of December 31, 2017 and March 15, 2018, respectively. The shares returned by the former stockholders of Greater Media related to the tower sale proceeds had a fair value of $6.3 million and $4.8 million as of December 31, 2017 and March 15, 2018, respectively.

The Company has engaged a third party to evaluate certain net operating loss carryforwards related to Greater Media, Inc. and several of its subsidiaries to determine the amount of net operating loss carryforwards that may be utilized by the Company in future tax returns. These evaluations have not been finalized, therefore an estimate of $3.6 million for net operating loss carryforwards was included in the purchase price. The accounting for this item was not finalized before the end of the measurement period and any adjustment will now be recognized in current operations during the period in which the accounting is finalized.

Effective on the Acquisition Date, the Company entered into an agreement with the former CEO of Greater Media to provide consulting services for a period of one year. The costs associated with this agreement are reported in other operating expenses in the accompanying statement of comprehensive income for the three months ended March 31, 2017.

Dispositions

On January 6, 2017, the Company completed the sale of substantially all of the assets used or useful in the operations of WBT-AM, WBT-FM, WFNZ-AM and WLNK-FM in Charlotte, NC to Entercom Communications Corp. for $24.0 million in cash. The Company repaid a portion of the outstanding balance under its credit facility with the sales proceeds. The Company recorded a $0.3 million loss on disposition during the first quarter of 2017.

BEASLEY BROADCAST GROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

On May 1, 2017, the Company completed the sale of substantially all of the assets used in the operations of WIKS-FM, WMGV-FM, WNCT-AM, WNCT-FM, WSFL-FM and WXNR-FM in its Greenville-New Bern-Jacksonville, NC market cluster to CMG Coastal Carolina, LLC for $11.0 million in cash and a translator license and equipment with a fair value of $0.3 million. The Company repaid a portion of the outstanding balance under its credit facility with the cash sales proceeds. The Company recorded a $4.0 million gain on disposition during the second quarter of 2017.

Asset Exchange

On December 19, 2017, the Company completed an asset exchange with CBS Radio Stations, Inc., Entercom Boston, LLC, and The Entercom Divestiture Trust under which the Company agreed to exchange all of the assets used or useful in the operations of WMJX-FM in Boston, MA for all of the assets used or useful in the operations of WBZ-FM in Boston, MA. In addition, the Company also paid $12.0 million in cash, which was partially financed with $6.0 million in borrowings from our credit facility and partially funded with $6.0 million in cash from operations. The asset exchange broadened and diversified the Company’s local radio broadcasting platform and revenue base in the Boston radio market. Further information regarding the asset exchange is included in Note 3 to the consolidated financial statements contained in Item 8 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 filed on February 20, 2018.

The following unaudited pro forma information for the three months ended March 31, 2017 assumes that the acquisitions and dispositions had occurred on January 1, 2017. This unaudited pro forma information has been prepared based on estimates and assumptions, which management believes are reasonable, and is not necessarily indicative of what would have occurred had the acquisition been completed on January 1, 2017 or of results that may occur in the future.


Net revenue	$	57,097,999
Operating income		5,553,325
Net income		573,912
Basic and diluted net income per share		0.02

(4)

Long-Term Debt

Long-term debt is comprised of the following:


	December 31, 2017			March 31, 2018
Term loan	$	225,000,000		$	222,000,000
Revolving credit facility		—			—
Capital lease obligations		630,874			614,869

		225,630,874			222,614,869
Less unamortized debt issuance costs		(10,850,972	)		(10,380,596	)

		214,779,902			212,234,273
Less current installments		(2,314,020	)		(64,791	)

	$	212,465,882		$	212,169,482

As of March 31, 2018, the credit facility consisted of a term loan with a remaining balance of $222.0 million and a revolving credit facility with a maximum commitment of $20.0 million. As of March 31, 2018, the Company had $20.0 million in available commitments under its revolving credit facility. At the Company’s option, the credit facility may bear interest at either (i) London Interbank Offered Rate (“LIBOR”) plus a margin of 4.0% or (ii) the base rate plus a margin of 3.0%. The LIBOR interest rate for the term loan is subject to a 1% floor. Interest payments are, for loans based on LIBOR, due at the end of each applicable interest period unless the interest period is longer than three months, in which case they are due at the end of each three month period. Interest payments for loans based on the base rate are due quarterly. The revolving credit facility carried interest, based on LIBOR, at 5.8% as of March 31, 2018 and matures on November 17, 2022. The term loan carried interest, based on LIBOR, at 5.8% as of March 31, 2018 and matures on November 1, 2023.

BEASLEY BROADCAST GROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

As of December 31, 2017, the credit facility consisted of a term loan with a remaining balance of $225.0 million and a revolving credit facility with a maximum commitment of $20.0 million. The revolving credit facility and term loan carried interest, based on LIBOR, at 5.5% as of December 31, 2017.

Commencing with the year ending December 31, 2018, the credit agreement requires mandatory prepayments equal to 50% of Excess Cash Flow (as defined in the credit agreement) when the Company’s Total Leverage Ratio (as defined in the credit agreement) is greater than 3.5x; mandatory prepayments equal to 25% of Excess Cash Flow when the Total Leverage Ratio is less than or equal to 3.5x but greater than 3.0x; and no mandatory prepayments when the Total Leverage Ratio is less than or equal to 3.0x. Mandatory prepayments of consolidated Excess Cash Flow are due 95 days after year end. The credit agreement also requires mandatory prepayments for defined amounts from net proceeds of asset sales, net insurance proceeds, and net proceeds of debt issuances.

The credit agreement requires the Company to comply with certain financial covenants which are defined in the credit agreement. These financial covenants include a First Lien Leverage Ratio that will be tested at the end of each quarter. For the period from December 31, 2017 through March 31, 2018, the maximum First Lien Leverage Ratio was 6.25x. For the period from June 30, 2018 through December 31, 2018, the maximum First Lien Leverage Ratio is 6.0x. For the period from March 31, 2019 through December 31, 2019, the maximum First Lien Leverage Ratio is 5.75x. The maximum First Lien Leverage Ratio is 5.25x for March 31, 2020 and thereafter.

The credit facility is secured by substantially all assets of the Company and its subsidiaries and is guaranteed jointly and severally by the Company and its subsidiaries. If the Company defaults under the terms of the credit agreement, the Company and its subsidiaries may be required to perform under their guarantees. As of March 31, 2018, the maximum amount of undiscounted payments the Company and its applicable subsidiaries would have been required to make in the event of default was $222.0 million. The guarantees for the credit facility expire on November 17, 2022 for the revolving credit facility and on November 1, 2023 for the term loan.

Failure to comply with financial covenants, scheduled interest payments, scheduled principal repayments, or any other terms of the credit agreement could result in the acceleration of the maturity of the Company’s outstanding debt, which could have a material adverse effect on the Company’s business or results of operations. As of March 31, 2018, the Company was in compliance with all applicable financial covenants under the credit agreement.

The aggregate scheduled principal repayments of the credit facility and capital lease obligations for the remainder of 2018, the next four years and thereafter are as follows:


2018	$	48,015
2019		1,567,101
2020		2,320,326
2021		2,323,700
2022		2,253,332
Thereafter		214,102,395

Total	$	222,614,869

(5)

Revenue

Revenue is comprised of the following:


	Three months ended March 31,
	2017		2018
Commercial advertising	$	47,549,822	$	47,702,470
Digital advertising		3,183,127		3,208,539
Other		3,007,602		4,242,618

	$	53,740,551	$	55,153,627

BEASLEY BROADCAST GROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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. Deferred revenue was $1.9 million and $3.0 million as of December 31, 2017 and March 31, 2018, respectively. Losses on receivables from contracts with advertisers were $0.1 million and $0.2 million for the three months ended March 2017 and 2018, respectively.

Commercial advertising includes revenue from the sale or trade of commercial spots to advertisers directly or through national, regional or local advertising agencies. Commercial spots may be aired or streamed. Each commercial spot is considered a performance obligation. Revenue is recognized when the commercial spots have aired or streamed. Trade sales are recorded at the estimated fair value of the goods or services received. If commercial spots are aired or streamed 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 or streamed then a trade sales payable is recorded. Trade sales revenue was $2.6 million and $1.9 million for the three months ended March 31, 2017 and 2018, respectively. Trade sales receivable was $1.6 million and $1.7 million as of December 31, 2017 and March 31, 2018, respectively. Trade sales payable was $1.3 million as of both December 31, 2017 and March 31, 2018.

Digital advertising includes revenue from the sale of streamed commercial spots station-owned assets and third party products. Each station-owned asset and third party product is considered a performance obligation. 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. Third-party products are generally scheduled over a period of time with an impression target each month. Revenue from the sale of third-party products is recognized over time as the digital items are used for advertising content and impression targets are met each month.

Other revenue includes revenue from concerts, promotional events, talent fees and other miscellaneous items. Revenue is generally recognized when the event is completed, as the promotional events are completed, or as the talent services are completed.

(6)

Employee Benefit Plans

Effective May 31, 2017, the Company terminated the Greater Media, Inc. Pension Plan (the “Pension Plan”). In December 2017, lump sum payments were made from the trust to participants who elected to receive a lump sum payment. In January 2018, a payment of $52.0 million was made from the trust to an insurance company to purchase annuities for the remaining participants who elected to receive annuity payments. As a result of the termination, the Company recognized a $1.0 million gain that was recorded in corporate general and administrative expenses for the three months ended March 31, 2018. This completes the recognition in earnings of the amount related to the Pension Plan that remained in accumulated other comprehensive income as of December 31, 2017.

(7)

Stock-Based Compensation

The Beasley Broadcast Group, Inc. 2007 Equity Incentive Award Plan (the “2007 Plan”) permits the Company to issue up to 7.5 million shares of Class A common stock. The 2007 Plan allows for eligible employees, directors and certain consultants of the Company to receive restricted stock units, shares of restricted stock, stock options or other stock-based awards. The restricted stock units and restricted stock awards that have been granted under the 2007 Plan generally vest over one to five years of service.

A summary of restricted stock unit activity is presented below:


	Shares			Weighted- Average Grant-Date Fair Value
Unvested as of January 1, 2018		416,763		$	10.86
Granted		22,239			10.05
Vested		(5,000	)		10.25
Forfeited		—			—

Unvested as of March 31, 2018		434,002		$	11.30

BEASLEY BROADCAST GROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

A summary of restricted stock activity is presented below:


	Shares			Weighted- Average Grant-Date Fair Value
Unvested as of January 1, 2018		180,319		$	5.47
Granted		—			—
Vested		(1,500	)		3.59
Forfeited		(13,333	)		9.55

Unvested as of March 31, 2018		165,486		$	6.58

As of March 31, 2018, there was $5.4 million of total unrecognized compensation cost for restricted stock units and shares of restricted stock granted under the 2007 Plan. That cost is expected to be recognized over a weighted-average period of 2.3 years.

(8)

Income Taxes

The Company’s effective tax rate was approximately (5.9)% and (13.7)% for the three months ended March 31, 2017 and 2018, respectively. These rates differ from the federal statutory rate of 35% and 21% in 2017 and 2018, respectively, due to the effect of state income taxes and certain expenses that are not deductible for tax purposes. The effective tax rate for the three months ended March 31, 2018 also reflects a $1.2 million increase due to the change in fair value of contingent consideration. The effective tax rate for the three months ended March 31, 2017 also reflects a $3.0 million decrease due to the change in fair value of contingent consideration.

(9)

Financial Instruments

The carrying amount of the Company’s financial instruments including cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short term nature of these financial instruments.

The carrying amount of the Company’s long-term debt, including the term loan, the revolving credit facility, capital lease obligations and current installments, as of March 31, 2018 was $222.6 million which approximated fair value based on current market interest rates. The carrying amount of the Company’s term loan as of December 31, 2017 was $225.6 million which approximated fair value based on current market interest rates.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

General

We are a radio broadcasting company whose primary business is operating radio stations throughout the United States. We own and operate 63 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. We refer to each group of radio stations in each radio market as a market cluster.

Cautionary Note Regarding Forward-Looking Statements

This report contains “forward-looking statements” about the Company within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future, not past, events. All statements other than statements of historical fact included in this document are forward-looking statements. These forward-looking statements are based on the current beliefs and expectations of the Company’s management and are subject to known and unknown risks and uncertainties. Forward-looking statements, which address the Company’s expected business and financial performance and financial condition, among other matters, contain words such as: “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “may,” “will,” “plans,” “projects,” “could,” “should,” “would,” “seek,” “forecast,” or other similar expressions.

Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any forward-looking statements.

Forward-looking statements involve a number of risks and uncertainties, and actual results or events may differ materially from those projected or implied in those statements. Factors that could cause actual results or events to differ materially from these forward-looking statements include, but are not limited to:

•

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 respond to changes in technology, standards and services that affect the radio industry;

•

audience acceptance of the Company’s content, particularly its radio programs;

•

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 Company’s dependence on federally issued licenses subject to extensive federal regulation;

•

the risk that the Company’s FCC broadcasting licenses and/or goodwill could become impaired;

•

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;

•

actions by the FCC or new legislation affecting the radio industry;

•

the loss of key personnel;

•

the fact that the Company is controlled by the Beasley family, which creates difficulties for any attempt to gain control of the Company;

•

the effect of future sales of Class A common stock by the Beasley family or the former stockholders of Greater Media;

•

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.

Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. We do not intend, and undertake no obligation, to update any forward-looking statement.

Financial Statement Presentation

The following discussion provides a brief description of certain key items that appear in our financial statements and general factors that impact these items.

Net Revenue. Our net revenue is primarily derived from the sale of commercial spots to advertisers directly or through national, regional or local advertising agencies. Revenues are reported at the amount we expect to be entitled to receive under the contract. Local revenue generally consists of commercial advertising sales, digital advertising sales and other sales to advertisers in a radio station’s local market either directly to the advertiser or through the advertiser’s agency. National revenue generally consists of commercial advertising sales through advertiser agencies. National advertiser agencies generally purchase advertising for multiple markets. National sales are generally facilitated by our national representation firm, which serves as our agent in these transactions.

Our net revenue is generally determined by the advertising rates that we are able to charge and the number of advertisements that we can broadcast without jeopardizing listener levels. Advertising rates are primarily based on the following factors:

•

a radio station’s audience share in the demographic groups targeted by advertisers as measured principally by periodic reports issued by Nielson 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.

Our net revenue is affected by general economic conditions, competition and our ability to improve operations at our market clusters. Seasonal revenue fluctuations are also common in the radio broadcasting industry and are primarily due to variations in advertising expenditures by local and national advertisers. Our revenues are typically lowest in the first calendar quarter of the year.

We use trade sales agreements to reduce cash paid for operating costs and expenses by exchanging advertising airtime for goods or services; however, we endeavor to minimize trade revenue in order to maximize cash revenue from our available airtime.

We also continue to invest in digital support services to develop and promote our radio station websites. We derive revenue from our websites through the sale of advertiser promotions and advertising on our websites and the sale of advertising airtime during audio streaming of our radio stations over the internet. We also generate revenue from selling other digital products.

Operating Expenses. Our operating expenses consist primarily of (1) programming, engineering, sales, advertising and promotion, and general and administrative expenses incurred at our radio stations, (2) general and administrative expenses, including compensation and other expenses, incurred at our corporate offices, and (3) depreciation and amortization. We strive to control our operating expenses by centralizing certain functions at our corporate offices and consolidating certain functions in each of our market clusters.

Critical Accounting Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect reported amounts and related disclosures. We consider an accounting estimate to be critical if:

•

it requires assumptions to be made that were uncertain at the time the estimate was made; and

•

changes in the estimate or different estimates that could have been selected could have a material impact on our results of operations or financial condition.

Our critical accounting estimates are described in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2017. There have been no material changes to our critical accounting estimates during the first quarter of 2018.

Recent Accounting Pronouncements

Recent accounting pronouncements are described in Note 2 to the accompanying financial statements.

Three Months Ended March 31, 2018 Compared to the Three Months Ended March 31, 2017

The following summary table presents a comparison of our results of operations for the three months ended March 31, 2017 and 2018 with respect to certain of our key financial measures. These changes illustrated in the table are discussed in greater detail below. This section should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of this report.


	Three Months ended March 31,						Change
	2017			2018			$			%
Net revenue	$	53,740,551		$	55,153,627		$	1,413,076			2.6	%
Station operating expenses		43,949,594			45,512,847			1,563,253			3.6
Corporate general and administrative expenses		3,230,097			3,282,473			52,376			1.6
Change in fair value of contingent consideration		7,533,292			(4,415,925	)		(11,949,217	)		(158.6	)
Interest expense		4,827,339			3,625,240			(1,202,099	)		(24.9	)
Income tax expense (benefit)		(414,858	)		380,501			795,359			191.7
Net income (loss)		7,486,496			(3,161,192	)		(10,647,688	)		(142.2	)

Net Revenue. Net revenue increased $1.4 million during the three months ended March 31, 2018 as compared to the three months ended March 31, 2017. Significant factors affecting net revenue included $4.5 million in additional advertising revenue from the asset exchange completed on December 19, 2017 in Boston, partially offset by a $1.5 million decrease due to the disposition of our Greenville-New Bern-Jacksonville market cluster on May 1, 2017. Net revenue for the three months ended March 31, 2018 was comparable to net revenue for the same period in 2017 at our remaining market clusters.

Station Operating Expenses. Station operating expenses increased $1.6 million during the three months ended March 31, 2018 as compared to the three months ended March 31, 2017. Significant factors affecting station operating expenses included $3.9 million in additional expenses from the asset exchange, partially offset by a $1.3 million decrease in station operating expenses due to the disposition of our Greenville-New Bern-Jacksonville market cluster. Station operating expenses for the three months ended March 31, 2018 were comparable to station operating expenses for the same period in 2017 at our remaining market clusters.

Corporate General and Administrative Expenses. Corporate general and administrative expenses increased $0.1 million during the three months ended March 31, 2018 as compared to the three months ended March 31, 2017. Significant factors affecting corporate general and administrative expenses included a $0.5 million increase in cash compensation expense, which was primarily due to an increase in the number of employees at our corporate offices, and a $0.3 million increase in stock-based compensation expense, offset by a $1.0 million gain as a result of the Greater Media pension plan termination.

Change in Fair Value of Contingent Consideration. In connection with the acquisition of Greater Media, a certain number of shares of our Class A common stock placed in escrow on the acquisition date were forfeited based on a working capital adjustment. The fair value of the forfeited shares decreased $2.9 million due to a change in our stock price from January 1, 2018 to March 15, 2018, the date the forfeited shares were recorded in treasury stock. The fair value of the estimated number of shares to be forfeited increased $3.7 million over the three months ended March 31, 2017. In addition, a number of shares of our Class A common stock were returned to us by the former stockholders of Greater Media based on certain proceeds from the sale of Greater Media’s tower

assets. The fair value of the returned shares decreased $1.6 million due to a change in our stock price from January 1, 2018 to March 15, 2018, the date the returned shares were recorded in treasury stock. The fair value of the estimated number of shares to be returned increased $3.8 million over the three months ended March 31, 2017.

Interest Expense. Interest expense decreased $1.2 million during the three months ended March 31, 2018. The primary factor affecting interest expense was the decrease in long-term debt outstanding and the applicable interest rate.

Income Tax Expense (Benefit). Our effective tax rate was approximately (5.9)% and (13.7)% for the three months ended March 31, 2017 and 2018, respectively. These rates differ from the federal statutory rate of 35% and 21% in 2017 and 2018, respectively, due to the effect of state income taxes and certain expenses that are not deductible for tax purposes. The effective tax rate for the three months ended March 31, 2018 also reflects a $1.2 million increase due to the change in fair value of contingent consideration. The effective tax rate for the three months ended March 31, 2017 also reflects a $3.0 million decrease due to the change in fair value of contingent consideration.

Net Income (Loss). Net loss during the three months ended March 31, 2018 was $3.2 million, a change of $10.6 million compared to net income of $7.5 million during the three months ended March 31, 2017 as a result of the factors described above.

Liquidity and Capital Resources

Overview. Our primary sources of liquidity are internally generated cash flow and our revolving credit facility. Our primary liquidity needs have been, and for the next twelve months and thereafter, are expected to continue to be, for working capital, debt service, and other general corporate purposes, including capital expenditures and radio station acquisitions. Historically, our capital expenditures have not been significant. In addition to property and equipment associated with radio station acquisitions, our capital expenditures have generally been, and are expected to continue to be, related to the maintenance of our studio and office space and the technological improvement, including upgrades necessary to broadcast HD Radio, and maintenance of our broadcasting towers and equipment. We have also purchased or constructed office and studio space in some of our markets to facilitate the consolidation of our operations.

Our credit agreement permits us to repurchase sufficient shares of our common stock to fund withholding taxes in connection with the vesting of restricted stock units and shares of restricted stock, subject to compliance with financial covenants, up to an aggregate amount of $2.5 million per year. We paid approximately $25,000 to repurchase 2,325 shares during the three months ended March 31, 2018.

Our credit agreement restricts our ability to pay cash dividends and to repurchase additional shares of our common stock. The credit agreement does permit, however, (i) additional dividends of up to an aggregate amount of $7.5 million each year if our Total Leverage Ratio is greater than 3.5x and up to an aggregate amount of $10.0 million each year if our Total Leverage Ratio is less than or equal to 3.5x, (ii) an amount equal to our excess cash flow each year that is not required to prepay the credit agreement, subject to maintaining a Total Leverage Ratio of no greater than 3.75x and (iii) unlimited dividends each year if our Total Leverage Ratio is less than 3.5x and our First Lien Leverage Ratio (as defined in the credit agreement) is less than 2.5x. We paid cash dividends of $1.3 million during the three months ended March 31, 2018. Also, on March 2, 2018, our board of directors declared a cash dividend of $0.05 per share on our Class A and Class B common stock. The dividend of $1.4 million in the aggregate was paid on April 6, 2018, to stockholders of record on March 30, 2018.

We expect to provide for future liquidity needs through one or a combination of the following sources of liquidity:

•

internally generated cash flow;

•

our revolving credit facility;

•

additional borrowings, other than under our revolving credit facility, to the extent permitted; and

•

additional equity offerings.

We believe that we will have sufficient liquidity and capital resources to permit us to provide for our liquidity requirements and meet our financial obligations for the next twelve months. However, poor financial results or unanticipated expenses could give rise to defaults under our credit facility, additional debt servicing requirements or other additional financing or liquidity requirements sooner than we expect, and we may not secure financing when needed or on acceptable terms.

Our ability to reduce our total leverage ratio, as defined by our credit agreement, by increasing operating cash flow and/or decreasing long-term debt will determine how much, if any, of the remaining commitments under our revolving credit facility will be available to us in the future. Poor financial results or unanticipated expenses could result in our failure to maintain or lower our total leverage ratio and we may not be permitted to make any additional borrowings under our revolving credit facility.

Cash Flows. The following summary table presents a comparison of our capital resources for the three months ended March 31, 2017 and 2018 with respect to certain of our key measures affecting our liquidity. The changes set forth in the table are discussed in greater detail below. This section should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of this report.


	Three Months ended March 31,
	2017			2018
Net cash provided by operating activities	$	6,146,698		$	4,800,998
Net cash provided by (used in) investing activities		22,150,413			(1,225,996	)
Net cash used in financing activities		(29,751,806	)		(4,327,428	)

Net decrease in cash and cash equivalents	$	(1,454,695	)	$	(752,426	)

Net Cash Provided By Operating Activities. Net cash provided by operating activities decreased $1.3 million during the three months ended March 31, 2018. Significant factors affecting this decrease in net cash provided by operating activities included a $2.9 million decrease in cash receipts from the sale of advertising airtime and a $0.7 million increase in cash paid for corporate general and administrative expenses, partially offset by a $1.3 million decrease in interest payments and a $0.8 million decrease in expenses related to the acquisition of Greater Media.

Net Cash Provided By (Used In) Investing Activities. Net cash used in investing activities during the three months ended March 31, 2018 included payments of $1.2 million for capital expenditures. Net cash provided by investing activities for the same period in 2017 included proceeds of $24.0 million from the disposition of radio stations in Charlotte, partially offset by payments of $1.0 million for capital expenditures, and payments of $0.7 million for translator licenses.

Net Cash Used In Financing Activities. Net cash used in financing activities during the three months ended March 31, 2018 included repayments of $3.0 million under our credit facility and payments of $1.3 million for cash dividends. Net cash used in financing activities for the same period in 2017 included repayments of $28.0 million under our credit facility, payments of $1.3 million for cash dividends and payments of $0.5 million for repurchases of our Class A common stock.

Credit Facility. As of March 31, 2018, the credit facility consisted of a term loan with a remaining balance of $222.0 million and a revolving credit facility with a maximum commitment of $20.0 million. As of March 31, 2018, we had $20.0 million in available commitments under our revolving credit facility. At our option, the credit facility may bear interest at either (i) LIBOR plus a margin of 4.0% or (ii) the base rate plus a margin of 3.0%. The LIBOR interest rate for the term loan is subject to a 1% floor. Interest payments are, for loans based on LIBOR, due at the end of each applicable interest period unless the interest period is longer than three months, in which case they are due at the end of each three month period. Interest payments for loans based on the base rate are due quarterly. The revolving credit facility carried interest, based on LIBOR, at 5.8% as of March 31, 2018 and matures on November 17, 2022. The term loan carried interest, based on LIBOR, at 5.8% as of March 31, 2018 and matures on November 1, 2023.

Commencing with the year ending December 31, 2018, the credit agreement requires mandatory prepayments equal to 50% of Excess Cash Flow (as defined in the credit agreement) when our Total Leverage Ratio (as defined in the credit agreement) is greater than 3.5x; mandatory prepayments equal to 25% of Excess Cash Flow when our Total Leverage Ratio is less than or equal to 3.5x but greater than 3.0x; and no mandatory prepayments when our Total Leverage Ratio is less than or equal to 3.0x. Mandatory prepayments of consolidated Excess Cash Flow are due 95 days after year end. The credit agreement also requires mandatory prepayments for defined amounts from net proceeds of asset sales, net insurance proceeds, and net proceeds of debt issuances.

The credit agreement requires us to comply with certain financial covenants which are defined in the credit agreement. These financial covenants include a First Lien Leverage Ratio that will be tested at the end of each quarter. For the period from December 31, 2017 through March 31, 2018, the maximum First Lien Leverage Ratio was 6.25x. For the period from June 30, 2018 through December 31, 2018, the maximum First Lien Leverage Ratio is 6.0x. For the period from March 31, 2019 through December 31, 2019, the maximum First Lien Leverage Ratio is 5.75x. The maximum First Lien Leverage Ratio is 5.25x for March 31, 2020 and thereafter.

The credit facility is secured by substantially all assets of the Company and its subsidiaries and is guaranteed jointly and severally by the Company and its subsidiaries. If we default under the terms of the credit agreement, the Company and its subsidiaries may be required to perform under their guarantees. As of March 31, 2018, the maximum amount of undiscounted payments the Company and its applicable subsidiaries would have been required to make in the event of default was $222.0 million. The guarantees for the credit facility expire on November 17, 2022 for the revolving credit facility and on November 1, 2023 for the term loan.

Failure to comply with financial covenants, scheduled interest payments, scheduled principal repayments, or any other terms of our credit agreement could result in the acceleration of the maturity of our outstanding debt, which could have a material adverse effect on our business or results of operations. As of March 31, 2018, we were in compliance with all applicable financial covenants under our credit agreement.

The aggregate scheduled principal repayments of the credit facility and capital lease obligations for the remainder of 2018, the next four years and thereafter are as follows:


2018	$	48,015
2019		1,567,101
2020		2,320,326
2021		2,323,700
2022		2,253,332
Thereafter		214,102,395

Total	$	222,614,869

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not required for smaller reporting companies.

ITEM 4.

CONTROLS AND PROCEDURES.

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(b) as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that these disclosure controls and procedures are effective as of the end of the period covered by this report.

There were no changes in our internal control over financial reporting during the quarter ended March 31, 2018 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS.

We currently and from time to time are involved in litigation and are the subject of threats of litigation that are incidental to the conduct of our business. These include indecency claims and related proceedings at the FCC as well as claims and threatened claims by private third parties. However, we are not a party to any lawsuit or other proceedings, or the subject of any threatened lawsuit or other proceedings, which, in the opinion of management, is likely to have a material adverse effect on our financial condition or results of operations.

ITEM 1A.

RISK FACTORS.

The risk factors affecting our Company are described in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2017. There have been no material changes to the risks affecting our Company during the first quarter of 2018.

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

The following table presents information with respect to purchases we made of our Class A common stock during the three months ended March 31, 2018.


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
January 1 – 31, 2018		375	$	13.48		—		—
February 1 – 28, 2018		—		—		—		—
March 1 – 31, 2018		1,950		10.25		—		—

Total		2,325

On March 27, 2007, our board of directors approved the Beasley Broadcast Group, Inc. 2007 Equity Incentive Award Plan (the “2007 Plan”). The original ten year term of the 2007 Plan ended on March 27, 2017. Our stockholders approved an amendment to the 2007 Plan at the Annual Meeting of Stockholders on June 8, 2017 to, among other things, extend the term of the 2007 Plan until March 27, 2027. The 2007 Plan permits us to purchase sufficient shares to fund withholding taxes in connection with the vesting of restricted stock units and shares of restricted stock. Our credit agreement permits us to repurchase sufficient shares of our common stock to fund withholding taxes in connection with the vesting of restricted stock units and shares of restricted stock, subject to compliance with financial covenants, up to an aggregate amount of $2.5 million per year. All shares purchased during the three months ended March 31, 2018, were purchased to fund withholding taxes in connection with the vesting of restricted stock units and shares of restricted stock.

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4.

MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5.

OTHER INFORMATION.

None.

ITEM 6.

EXHIBITS.


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.

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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


						BEASLEY BROADCAST GROUP, INC.

Dated: May 8, 2018						/s/ Caroline Beasley
						Name: Caroline Beasley
						Title: Chief Executive Officer (principal executive officer)

Dated: May 8, 2018						/s/ Marie Tedesco
						Name: Marie Tedesco
						Title: Chief Financial Officer (principal financial and
						accounting officer)

EX-31.1 2 d553134dex311.htm EX-31.1 EX-31.1

Exhibit 31.1

Certification of Chief Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Caroline Beasley, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Beasley Broadcast Group, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.




Dated: May 8, 2018								/s/ Caroline Beasley
								Title: Chief Executive Officer

EX-31.2 3 d553134dex312.htm EX-31.2 EX-31.2

Exhibit 31.2

Certification of Chief Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Marie Tedesco, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Beasley Broadcast Group, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(a)

(b)

(c)

(d)

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.




Dated: May 8, 2018								/s/ Marie Tedesco
								Title: Chief Financial Officer

EX-32.1 4 d553134dex321.htm EX-32.1 EX-32.1

Exhibit 32.1

Certification of Chief Executive Officer

Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Beasley Broadcast Group, Inc. (the “Company”) hereby certifies to such officer’s knowledge that:

(i) the accompanying Quarterly Report on Form 10-Q of the Company for the quarterly period ended March 31, 2018 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.




Dated: May 8, 2018								/s/ Caroline Beasley
								Caroline Beasley Chief Executive Officer

The foregoing certification is being furnished solely to accompany the Report pursuant to 18 U.S.C. § 1350, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

EX-32.2 5 d553134dex322.htm EX-32.2 EX-32.2

Exhibit 32.2

Certification of Chief Financial Officer

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.




Dated: May 8, 2018								/s/ Marie Tedesco
								Marie Tedesco Chief Financial Officer

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<div> The following unaudited pro forma information for the three months ended March 31, 2017 assumes that the acquisitions and dispositions had occurred on January 1, 2017. This unaudited pro forma information has been prepared based on estimates and assumptions, which management believes are reasonable, and is not necessarily indicative of what would have occurred had the acquisition been completed on January 1, 2017 or of results that may occur in the future.   <table cellspacing="0" cellpadding="0" width="68%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="83%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> Net revenue </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">57,097,999</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> Operating income </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,553,325</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> Net income </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">573,912</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> Basic and diluted net income per share </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.02</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> </table> </div>

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<div> Revenue is comprised of the following:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="72%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"> Three months ended March 31,</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2017</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2018</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Commercial advertising </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">47,549,822</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">47,702,470</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Digital advertising </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,183,127</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,208,539</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Other </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,007,602</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,242,618</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">53,740,551</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">55,153,627</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

-0.11

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Q1 2018 10-Q

0.21

2018-03-31 BEASLEY BROADCAST GROUP INC 0001099160 Smaller Reporting Company

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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top" width="4%" align="left">(4)</td> <td valign="top" align="left">Long-Term Debt</td> </tr> </table> Long-term debt is comprised of the following:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">December 31, 2017</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">March 31, 2018</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Term loan </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">225,000,000</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">222,000,000</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Revolving credit facility </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Capital lease obligations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">630,874</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">614,869</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">225,630,874</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">222,614,869</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Less unamortized debt issuance costs </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(10,850,972</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(10,380,596</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">214,779,902</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">212,234,273</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Less current installments </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,314,020</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(64,791</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">212,465,882</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">212,169,482</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> As of March 31, 2018, the credit facility consisted of a term loan with a remaining balance of $222.0 million and a revolving credit facility with a maximum commitment of $20.0 million. As of March 31, 2018, the Company had $20.0 million in available commitments under its revolving credit facility. At the Company’s option, the credit facility may bear interest at either (i) London Interbank Offered Rate (“LIBOR”) plus a margin of 4.0% or (ii) the base rate plus a margin of 3.0%. The LIBOR interest rate for the term loan is subject to a 1% floor. Interest payments are, for loans based on LIBOR, due at the end of each applicable interest period unless the interest period is longer than three months, in which case they are due at the end of each three month period. Interest payments for loans based on the base rate are due quarterly. The revolving credit facility carried interest, based on LIBOR, at 5.8% as of March 31, 2018 and matures on November 17, 2022. The term loan carried interest, based on LIBOR, at 5.8% as of March 31, 2018 and matures on November 1, 2023.   As of December 31, 2017, the credit facility consisted of a term loan with a remaining balance of $225.0 million and a revolving credit facility with a maximum commitment of $20.0 million. The revolving credit facility and term loan carried interest, based on LIBOR, at 5.5% as of December 31, 2017. Commencing with the year ending December 31, 2018, the credit agreement requires mandatory prepayments equal to 50% of Excess Cash Flow (as defined in the credit agreement) when the Company’s Total Leverage Ratio (as defined in the credit agreement) is greater than 3.5x; mandatory prepayments equal to 25% of Excess Cash Flow when the Total Leverage Ratio is less than or equal to 3.5x but greater than 3.0x; and no mandatory prepayments when the Total Leverage Ratio is less than or equal to 3.0x. Mandatory prepayments of consolidated Excess Cash Flow are due 95 days after year end. The credit agreement also requires mandatory prepayments for defined amounts from net proceeds of asset sales, net insurance proceeds, and net proceeds of debt issuances. The credit agreement requires the Company to comply with certain financial covenants which are defined in the credit agreement. These financial covenants include a First Lien Leverage Ratio that will be tested at the end of each quarter. For the period from December 31, 2017 through March 31, 2018, the maximum First Lien Leverage Ratio was 6.25x. For the period from June 30, 2018 through December 31, 2018, the maximum First Lien Leverage Ratio is 6.0x. For the period from March 31, 2019 through December 31, 2019, the maximum First Lien Leverage Ratio is 5.75x. The maximum First Lien Leverage Ratio is 5.25x for March 31, 2020 and thereafter. The credit facility is secured by substantially all assets of the Company and its subsidiaries and is guaranteed jointly and severally by the Company and its subsidiaries. If the Company defaults under the terms of the credit agreement, the Company and its subsidiaries may be required to perform under their guarantees. As of March 31, 2018, the maximum amount of undiscounted payments the Company and its applicable subsidiaries would have been required to make in the event of default was $222.0 million. The guarantees for the credit facility expire on November 17, 2022 for the revolving credit facility and on November 1, 2023 for the term loan. Failure to comply with financial covenants, scheduled interest payments, scheduled principal repayments, or any other terms of the credit agreement could result in the acceleration of the maturity of the Company’s outstanding debt, which could have a material adverse effect on the Company’s business or results of operations. As of March 31, 2018, the Company was in compliance with all applicable financial covenants under the credit agreement. The aggregate scheduled principal repayments of the credit facility and capital lease obligations for the remainder of 2018, the next four years and thereafter are as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="82%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> 2018 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">48,015</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> 2019 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,567,101</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> 2020 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,320,326</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> 2021 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,323,700</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> 2022 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,253,332</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Thereafter </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">214,102,395</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">222,614,869</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="4%" valign="top" align="left">(3)</td> <td align="left" valign="top">Acquisitions and Dispositions</td> </tr> </table> Greater Media Merger On November 1, 2016, (the “Acquisition Date”), the Company completed the acquisition of Greater Media, Inc. (“Greater Media”), pursuant to the merger agreement, dated as of July 19, 2016 by and among the Company, Greater Media, Beasley Media Group 2, Inc., an indirect wholly-owned subsidiary of the Company (“Merger Sub”), and Peter A. Bordes, Jr., as the Stockholders’ Representative (the “Merger Agreement”). On the Acquisition Date, Merger Sub was merged with and into Greater Media, with Greater Media surviving the merger as an indirect wholly-owned subsidiary of the Company (the “Merger”). As a result of the Merger, the Company added 21 radio stations in the Boston, MA, Detroit, MI, Charlotte, NC, Middlesex, NJ, Monmouth, NJ, Morristown, NJ and Philadelphia, PA markets. On the Acquisition Date, in accordance with the Merger Agreement, the Company placed 867,679 shares of the Company’s Class A common stock with a fair value of $4.2 million in escrow. These escrow shares were to be distributed either to the Company for cancellation or to Greater Media based upon a working capital adjustment. As of the Acquisition Date based on the estimated working capital adjustment, the Company estimated that 189,915 shares of Class A common stock would be released to Greater Media and the remainder would be forfeited to the Company for cancellation. The estimated number of shares to be released to Greater Media had a fair value of $0.9 million as of the Acquisition Date and were included in the purchase price. The estimated shares to be forfeited were not indexed to the Company’s stock price and therefore were adjusted to fair value based on the Company’s closing stock price on each reporting date with changes in fair value recorded in earnings. The estimated number of shares to be forfeited had a fair value of $3.3 million as of the Acquisition Date. Also, in accordance with the Merger Agreement, the purchase price was to be adjusted by certain proceeds from the sale of Greater Media’s towers assets. Based on the proceeds from the tower sale, the former stockholders of Greater Media were required to return a certain number of shares of Class A common stock to the Company for cancellation. The Company accounted for this arrangement as contingent consideration subject to the ultimate sale of the tower assets. As of the Acquisition Date, the Company estimated the sales price of the towers to be $28.0 million which resulted in the expected return of 650,759 shares. As of the Acquisition Date, the estimated number of shares to be returned had a fair value of $3.4 million. On February 27, 2017, the former stockholders of Greater Media entered into an asset purchase agreement to sell the towers for $28.0 million. On December 29, 2017, the Company entered into a settlement agreement with Greater Media regarding the working capital adjustment and proceeds from the tower sale. As a result, all 867,679 shares held in escrow for the working capital adjustment were forfeited to the Company and recorded in treasury stock on March 15, 2018 and the former stockholders of Greater Media returned 470,480 shares to the Company related to the tower sale proceeds, which were recorded in treasury stock on March 15, 2018. The forfeited shares previously held in escrow for the working capital adjustment had a fair value of $11.6 million and $8.8 million as of December 31, 2017 and March 15, 2018, respectively. The shares returned by the former stockholders of Greater Media related to the tower sale proceeds had a fair value of $6.3 million and $4.8 million as of December 31, 2017 and March 15, 2018, respectively. The Company has engaged a third party to evaluate certain net operating loss carryforwards related to Greater Media, Inc. and several of its subsidiaries to determine the amount of net operating loss carryforwards that may be utilized by the Company in future tax returns. These evaluations have not been finalized, therefore an estimate of $3.6 million for net operating loss carryforwards was included in the purchase price. The accounting for this item was not finalized before the end of the measurement period and any adjustment will now be recognized in current operations during the period in which the accounting is finalized. Effective on the Acquisition Date, the Company entered into an agreement with the former CEO of Greater Media to provide consulting services for a period of one year. The costs associated with this agreement are reported in other operating expenses in the accompanying statement of comprehensive income for the three months ended March 31, 2017. Dispositions On January 6, 2017, the Company completed the sale of substantially all of the assets used or useful in the operations of WBT-AM, WBT-FM, WFNZ-AM and WLNK-FM in Charlotte, NC to Entercom Communications Corp. for $24.0 million in cash. The Company repaid a portion of the outstanding balance under its credit facility with the sales proceeds. The Company recorded a $0.3 million loss on disposition during the first quarter of 2017.   On May 1, 2017, the Company completed the sale of substantially all of the assets used in the operations of WIKS-FM, WMGV-FM, WNCT-AM, WNCT-FM, WSFL-FM and WXNR-FM in its Greenville-New Bern-Jacksonville, NC market cluster to CMG Coastal Carolina, LLC for $11.0 million in cash and a translator license and equipment with a fair value of $0.3 million. The Company repaid a portion of the outstanding balance under its credit facility with the cash sales proceeds. The Company recorded a $4.0 million gain on disposition during the second quarter of 2017. Asset Exchange On December 19, 2017, the Company completed an asset exchange with CBS Radio Stations, Inc., Entercom Boston, LLC, and The Entercom Divestiture Trust under which the Company agreed to exchange all of the assets used or useful in the operations of WMJX-FM in Boston, MA for all of the assets used or useful in the operations of WBZ-FM in Boston, MA. In addition, the Company also paid $12.0 million in cash, which was partially financed with $6.0 million in borrowings from our credit facility and partially funded with $6.0 million in cash from operations. The asset exchange broadened and diversified the Company’s local radio broadcasting platform and revenue base in the Boston radio market. Further information regarding the asset exchange is included in Note 3 to the consolidated financial statements contained in Item 8 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 filed on February 20, 2018. The following unaudited pro forma information for the three months ended March 31, 2017 assumes that the acquisitions and dispositions had occurred on January 1, 2017. This unaudited pro forma information has been prepared based on estimates and assumptions, which management believes are reasonable, and is not necessarily indicative of what would have occurred had the acquisition been completed on January 1, 2017 or of results that may occur in the future.   <table cellspacing="0" cellpadding="0" width="68%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="83%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> Net revenue </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">57,097,999</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> Operating income </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,553,325</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> Net income </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">573,912</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> Basic and diluted net income per share </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.02</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> </table> </div>

-1225996

4800998

54757979

-4327428

-3161192

395648

<div> In March 2017, the Financial Accounting Standards Board (“FASB”) issued guidance to improve the presentation of net periodic pension cost and net periodic postretirement benefit cost. The new guidance is effective for annual periods beginning after December 15, 2017. The Company adopted the new guidance in the first quarter of 2018 with no material impact on its financial statements. In August 2016, the FASB issued guidance to reduce diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The Company adopted the new guidance in the first quarter of 2018 with no material impact on its financial statements. In February 2016, the FASB issued guidance to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. There continues to be a differentiation between finance leases and operating leases, however lease assets and lease liabilities arising from operating leases should now be recognized in the statement of financial position. New disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The new guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company continues to review the new guidance and is currently researching lease management software. The Company expects the new guidance to result in a significant impact on the balance sheet, however that impact will not be quantified until closer to the adoption date. The Company’s initial assessment, which is subject to change, is that the new guidance is not expected to have a significant impact on the statement of comprehensive income. In January 2016, the FASB issued guidance that changes how entities measure equity investments and present changes in the fair value of financial liabilities. The new guidance requires entities to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicality exception. A practicality exception will apply to those equity investments that do not have a readily determinable fair value and do not qualify for the practical expedient to estimate fair value, and as such, these investments may be measured at cost. The new guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted the new guidance in the first quarter of 2018 with no material impact on its financial statements. In May 2014, the FASB issued guidance to clarify the principles for recognizing revenue. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a comprehensive framework for revenue recognition that supersedes current general revenue guidance and most industry-specific guidance. In addition, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. In 2016, the FASB issued several updates to address implementation issues and to clarify guidance for principal versus agent considerations and identifying performance obligations and licensing. The Company adopted the new guidance on January 1, 2018, using the modified retrospective method, with no impact on its financial statements. The cumulative effect of initially applying the new guidance had no impact on the opening balance of retained earnings as of January 1, 2018. There was no impact on the condensed consolidated balance sheet as of March 31, 2018 or on the condensed consolidated statement of comprehensive income for the three months ended March 31, 2018. The comparative information has not been restated and continues to be reported under the accounting guidance in effect for that period. The Company does not expect the new guidance to have a material impact on its financial statements in future periods. </div>

-731265

261358

448901

1286381

52500

25042

1173496

-3016005

225415

<div> Long-term debt is comprised of the following:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">December 31, 2017</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">March 31, 2018</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Term loan </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">225,000,000</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">222,000,000</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Revolving credit facility </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Capital lease obligations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">630,874</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">614,869</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">225,630,874</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">222,614,869</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Less unamortized debt issuance costs </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(10,850,972</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(10,380,596</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">214,779,902</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">212,234,273</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Less current installments </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,314,020</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(64,791</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">212,465,882</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">212,169,482</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> The aggregate scheduled principal repayments of the credit facility and capital lease obligations for the remainder of 2018, the next four years and thereafter are as follows:   <table cellspacing="0" cellpadding="0" width="68%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="82%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> 2018 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">48,015</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> 2019 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,567,101</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> 2020 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,320,326</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> 2021 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,323,700</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> 2022 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,253,332</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> Thereafter </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">214,102,395</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> Total </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">222,614,869</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

55153627

<div> A summary of restricted stock unit activity is presented below:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="78%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Shares</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Weighted- Average Grant-Date Fair Value</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Unvested as of January 1, 2018 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">416,763</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">10.86</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Granted </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">22,239</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10.05</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Vested </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(5,000</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10.25</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Forfeited </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Unvested as of March 31, 2018 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">434,002</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11.30</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> </table>   A summary of restricted stock activity is presented below:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="78%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Shares</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Weighted- Average Grant-Date Fair Value</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Unvested as of January 1, 2018 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">180,319</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5.47</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Granted </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Vested </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1,500</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.59</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Forfeited </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(13,333</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9.55</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Unvested as of March 31, 2018 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">165,486</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6.58</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> </table> </div>

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0.01 6.25 6.0 5.75 5.25 Commencing with the year ending December 31, 2018, the credit agreement requires mandatory prepayments equal to 50% of Excess Cash Flow (as defined in the credit agreement) when the Company's Total Leverage Ratio (as defined in the credit agreement) is greater than 3.5x; mandatory prepayments equal to 25% of Excess Cash Flow when the Total Leverage Ratio is less than or equal to 3.5x but greater than 3.0x; and no mandatory prepayments when the Total Leverage Ratio is less than or equal to 3.0x. P95D

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Document And Entity Information [Abstract] Document And Entity Information [Abstract] Document Fiscal Period Focus Document Fiscal Period Focus Document Fiscal Year Focus Document Fiscal Year Focus Document Information [Line Items] Document Information [Line Items] Document Information [Table] Document Information [Table] Document Period End Date Document Period End Date Document Type Document Type Due to Related Parties, Noncurrent Due to related parties Earnings Per Share, Basic and Diluted Basic and diluted Earnings Per Share, Basic and Diluted [Abstract] Net income (loss) per Class A and B common share: Effective Income Tax Rate Reconciliation, Percent Effective tax rate Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent Federal statutory rate Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized Total unrecognized compensation cost for restricted stock granted Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition Cost expected to be recognized over a weighted-average period Entity Central Index Key Entity Central Index Key Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Entity Filer Category Entity Filer Category Entity Registrant Name Entity Registrant Name Equity Component [Domain] Equity Component [Domain] Estimated net operating loss carry forwards. Estimated Net Operating Loss Carry Forwards Estimate of net operating loss carry forwards Fair Value Of Financial Instruments [Line Items] Fair Value Of Financial Instruments [Line Items] Fair Value Of Financial Instruments [Line Items] Financial Instruments Disclosure [Text Block] Financial Instruments Finite-Lived Intangible Assets, Net Other intangibles, net First Mortgage [Member] First Mortgage [Member] Floor rate. Floor Rate [Member] Floor Rate [Member] Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property Loss on dispositions, net Loss on disposition General and Administrative Expense Corporate general and administrative expenses (including stock-based compensation of $118,692 in 2017 and $465,354 in 2018) General and Administrative Expense [Member] Corporate General and Administrative Expenses [Member] Goodwill Goodwill Greater Media Inc. Greater Media Inc [Member] Greater Media Inc. [Member] Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Income (loss) before income taxes Income Statement [Abstract] Income Statement [Abstract] Income Statement Location [Axis] Income Statement Location [Axis] Income Statement Location [Domain] Income Statement Location [Domain] Income Tax Disclosure [Abstract] Income Tax Disclosure [Abstract] Income Tax Disclosure [Text Block] Income Taxes Income Taxes Paid, Net Cash paid for income taxes Income Tax Expense (Benefit) Income tax expense (benefit) Income tax reconciliation change in fair value of contingent consideration from business combination. Income Tax Reconciliation Change In Fair Value Of Contingent Consideration Decrease in income tax due to change in fair value of contingent consideration Increase (Decrease) in Accounts Payable Accounts payable Increase (Decrease) in Accounts Receivable Accounts receivable Increase (Decrease) in Operating Capital [Abstract] Change in operating assets and liabilities: Increase (Decrease) in Other Accrued Liabilities Other liabilities Increase (Decrease) in Other Operating Assets Other assets Increase (Decrease) in Other Operating Assets and Liabilities, Net Other operating activities Increase (Decrease) in Prepaid Expense Prepaid expenses Indefinite-Lived License Agreements FCC broadcasting licenses Interest Expense Interest expense Interest Paid, Net Cash paid for interest Investments, All Other Investments [Abstract] Investments, All Other Investments [Abstract] June thirty two thousand eighteen through december thirty first two thousand eighteen. June Thirty Two Thousand Eighteen through December Thirty First Two Thousand Eighteen [Member] June 30, 2018 through December 31, 2018 [Member] Leverage ratio between three point zero to three point five. Leverage Ratio Between Three Point Zero To Three Point Five [Member] Leverage Ratio Less than or Equal To 3.5 Times and Greater than 3.0 Times [Member] Leverage Ratio Greater Than Three Point Five. Leverage Ratio Greater Than Three Point Five [Member] Leverage Ratio Greater than 3.5 Times [Member] Leverage ratio less than or equal to three point zero. Leverage Ratio Less Than Or Equal To Three Point Zero [Member] Leverage Ratio Less than or Equal to 3.0 Times [Member] Liabilities Total liabilities Liabilities and Equity Total liabilities and stockholders' equity Liabilities and Equity [Abstract] LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities, Current Total current liabilities Liabilities, Current [Abstract] Current liabilities: Line of Credit Facility [Line Items] Line of Credit Facility [Line Items] Line of Credit Facility, Maximum Borrowing Capacity Revolving credit facility maximum commitment Line of Credit Facility, Remaining Borrowing Capacity Remaining commitments under the revolving credit loan facility Line of Credit Facility [Table] Line of Credit Facility [Table] London Interbank Offered Rate (LIBOR) [Member] LIBOR [Member] Long-term Debt Long-term debt Long-term Debt and Capital Lease Obligations Long-term debt Long-term debt Long-term Debt and Capital Lease Obligations, Current Current installments of long-term debt Less current installments Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five Thereafter Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five 2022 Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four 2021 Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three 2020 Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two 2019 Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal Remainder of Fiscal Year 2018 Carrying amount of long-term debt, net of unamortized discount or premium, excluding amounts to be repaid within one year or the normal operating cycle, if longer (current maturities), and excluding unamortized debt issuance costs. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans, commercial paper and capital lease obligations. Long Term Debt And Capital Lease Obligations Net Of Unamortized Debt Issuance Costs Long-term debt, net of current installments and unamortized debt issuance costs Long-term debt, net of current portion Long-term Debt [Text Block] Long-Term Debt Long-term Debt, Weighted Average Interest Rate, at Point in Time Revolving credit loan and term loan carried interest Long-term Line of Credit, Noncurrent Revolving credit facility Number of days after year end that mandatory prepayments of consolidated excess cash flow are due. Mandatory Prepayments Of Consolidated Excess Cash Flow Due Period Mandatory prepayments of consolidated excess cash flow due period Mandatory prepayments of consolidated excess cash flow required by the first lien credit agreement when consolidated total debt is equal to or greater than three times consolidated operating cash flow. Mandatory Prepayments Of Excess Cash Flow Mandatory prepayments of excess cash flow March thirty first two thousand nineteen through december thirty first two thousand nineteen. March Thirty First Two Thousand Nineteen through December Thirty First Two Thousand Nineteen [Member] March 31, 2019 through December 31, 2019 [Member] March thirty first two thousand twenty and thereafter. March Thirty First Two Thousand Twenty and Thereafter [Member] March 31, 2020 and thereafter [Member] Maximum [Member] Maximum [Member] Expenses related to the Greater Media merger, New Bern disposition and Boston exchange. Merger and Disposition Expense Transaction expenses Merger consideration receivable. Merger consideration receivable Merger consideration receivable Mergers, Acquisitions and Dispositions Disclosures [Text Block] Acquisitions and Dispositions Minimum [Member] Minimum [Member] Mortgage Loans on Real Estate, Description, Loan Category [Axis] Mortgage Loans on Real Estate, Description, Loan Category [Axis] Mortgage Loans on Real Estate, Loan Category [Domain] Mortgage Loans on Real Estate, Loan Category [Domain] Net Cash Provided by (Used in) Financing Activities, Continuing Operations Net cash used in financing activities Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract] Cash flows from financing activities: Net Cash Provided by (Used in) Investing Activities, Continuing Operations Net cash provided by (used in) investing activities Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract] Cash flows from investing activities: Net Cash Provided by (Used in) Operating Activities, Continuing Operations Net cash provided by operating activities Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] Cash flows from operating activities: Net Income (Loss) Attributable to Parent Net income (loss) Net income (loss) New Accounting Pronouncements and Changes in Accounting Principles [Text Block] Recent Accounting Pronouncements New Accounting Pronouncements, Policy [Policy Text Block] Recent Accounting Pronouncements EX-101.PRE 11 bbgi-20180331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	May 01, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Trading Symbol	BBGI
Entity Registrant Name	BEASLEY BROADCAST GROUP INC
Entity Central Index Key	0001099160
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,839,506
Class B Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		16,662,743

XML 13 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 13,169,964	$ 13,922,390
Accounts receivable, less allowance for doubtful accounts of $1,623,408 in 2017 and $1,623,092 in 2018	40,017,862	42,669,351
Prepaid expenses	9,022,158	6,001,996
Merger consideration receivable		17,931,331
Other current assets	4,419,721	4,135,905
Total current assets	66,629,705	84,660,973
Property and equipment, net	58,979,747	59,318,933
FCC broadcasting licenses	489,239,179	489,186,679
Goodwill	15,275,264	15,275,264
Other intangibles, net	493,934	550,058
Other assets	5,584,672	5,726,874
Total assets	636,202,501	654,718,781
Current liabilities:
Current installments of long-term debt	64,791	2,314,020
Accounts payable	7,428,742	7,847,829
Other current liabilities	21,435,026	18,799,195
Total current liabilities	28,928,559	28,961,044
Due to related parties	734,863	759,041
Long-term debt, net of current installments and unamortized debt issuance costs	212,169,482	212,465,882
Deferred tax liabilities	115,338,525	115,282,931
Other long-term liabilities	11,046,927	11,083,683
Total liabilities	368,218,356	368,552,581
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued
Additional paid-in capital	148,605,112	147,987,332
Treasury stock, Class A common stock; 3,032,740 shares in 2017; 4,373,224 shares in 2018	(30,207,533)	(16,667,085)
Retained earnings	149,865,034	154,389,494
Accumulated other comprehensive income (loss)	(310,345)	424,574
Total stockholders' equity	267,984,145	286,166,200
Total liabilities and stockholders' equity	636,202,501	654,718,781
Class A Common Stock [Member]
Stockholders' equity:
Common stock	15,215	15,223
Class B Common Stock [Member]
Stockholders' equity:
Common stock	$ 16,662	$ 16,662

XML 14 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Allowance for doubtful accounts	$ 1,623,092	$ 1,623,408
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Treasury stock, Class A common stock shares	4,373,224	3,032,740
Class A Common Stock [Member]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	15,214,405	15,222,738
Common stock, shares outstanding	10,841,181	12,189,998
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

XML 15 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Net revenue	$ 55,153,627	$ 53,740,551
Operating expenses:
Station operating expenses (including stock-based compensation of $79,047 in 2017 and $152,418 in 2018 and excluding depreciation and amortization shown separately below)	45,512,847	43,949,594
Corporate general and administrative expenses (including stock-based compensation of $118,692 in 2017 and $465,354 in 2018)	3,282,473	3,230,097
Transaction expenses		450,833
Other operating expenses		328,247
Depreciation and amortization	1,546,734	1,502,837
Change in fair value of contingent consideration	4,415,925	(7,533,292)
Loss on disposition		269,456
Total operating expenses	54,757,979	42,197,772
Operating income	395,648	11,542,779
Non-operating income (expense):
Interest expense	(3,625,240)	(4,827,339)
Other income (expense), net	448,901	356,198
Income (loss) before income taxes	(2,780,691)	7,071,638
Income tax expense (benefit)	380,501	(414,858)
Net income (loss)	(3,161,192)	7,486,496
Other comprehensive income (loss):
Unrealized losses on securities (net of income tax benefit of $9,200)		(14,174)
Reclassification of other comprehensive income due to termination of pension plan (net of income tax benefit of $261,358)	(731,265)
Comprehensive income (loss)	$ (3,892,457)	$ 7,472,322
Net income (loss) per Class A and B common share:
Basic and diluted	$ (0.11)	$ 0.27
Dividends declared per common share	$ 0.050	$ 0.045
Weighted average shares outstanding:
Basic	27,717,394	27,663,114
Diluted	27,717,394	27,766,662

XML 16 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Stock-based compensation	$ 617,772	$ 197,739
Unrealized losses on securities, income tax benefit		9,200
Reclassification of other comprehensive income due to termination of pension plan, income tax benefit	261,358
Station Operating Expenses [Member]
Stock-based compensation	152,418	79,047
Corporate General and Administrative Expenses [Member]
Stock-based compensation	$ 465,354	$ 118,692

XML 17 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income (loss)	$ (3,161,192)	$ 7,486,496
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation	617,772	197,739
Provision for bad debts	225,415	364,848
Depreciation and amortization	1,546,734	1,502,837
Change in fair value of contingent consideration	4,415,925	(7,533,292)
Loss on disposition		269,456
Termination of pension plan	(992,623)
Amortization of loan fees	470,376	546,808
Deferred income taxes	375,204	(451,967)
Change in operating assets and liabilities:
Accounts receivable	2,426,074	7,465,563
Prepaid expenses	(3,020,162)	(2,286,930)
Other assets	(48,878)	388,902
Accounts payable	(419,087)	(1,193,685)
Other liabilities	2,410,033	(744,634)
Other operating activities	(44,593)	134,557
Net cash provided by operating activities	4,800,998	6,146,698
Cash flows from investing activities:
Capital expenditures	(1,173,496)	(999,587)
Proceeds from disposition of radio stations		24,000,000
Payments for translator licenses	(52,500)	(700,000)
Loan to related party		(150,000)
Net cash provided by (used in) investing activities	(1,225,996)	22,150,413
Cash flows from financing activities:
Payments on debt	(3,016,005)	(28,015,270)
Dividends paid	(1,286,381)	(1,280,410)
Purchase of treasury stock	(25,042)	(456,126)
Net cash used in financing activities	(4,327,428)	(29,751,806)
Net decrease in cash and cash equivalents	(752,426)	(1,454,695)
Cash and cash equivalents at beginning of period	13,922,390	20,325,415
Cash and cash equivalents at end of period	13,169,964	18,870,720
Cash paid for interest	3,051,884	4,384,687
Cash paid for income taxes	35,950	246,800
Supplement disclosure of non-cash investing and financing activities:
Dividends declared but unpaid	1,366,922	$ 1,285,412
Class A Common Stock [Member]
Supplement disclosure of non-cash investing and financing activities:
Class A common stock returned to treasury stock	$ 13,515,406

XML 18 R7.htm IDEA: XBRL DOCUMENT

Interim Financial Statements

3 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Interim Financial Statements

(1)

Interim Financial Statements

XML 19 R8.htm IDEA: XBRL DOCUMENT

Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2018

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Pronouncements

(2)

Recent Accounting Pronouncements

XML 20 R9.htm IDEA: XBRL DOCUMENT

Acquisitions and Dispositions

3 Months Ended

Mar. 31, 2018

Business Combinations [Abstract]

Acquisitions and Dispositions

(3)

Acquisitions and Dispositions

Greater Media Merger

Dispositions

Asset Exchange


Net revenue	$	57,097,999
Operating income		5,553,325
Net income		573,912
Basic and diluted net income per share		0.02

XML 21 R10.htm IDEA: XBRL DOCUMENT

Long-Term Debt

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Long-Term Debt

(4)

Long-Term Debt

Long-term debt is comprised of the following:


	December 31, 2017			March 31, 2018
Term loan	$	225,000,000		$	222,000,000
Revolving credit facility		—			—
Capital lease obligations		630,874			614,869

		225,630,874			222,614,869
Less unamortized debt issuance costs		(10,850,972	)		(10,380,596	)

		214,779,902			212,234,273
Less current installments		(2,314,020	)		(64,791	)

	$	212,465,882		$	212,169,482

The aggregate scheduled principal repayments of the credit facility and capital lease obligations for the remainder of 2018, the next four years and thereafter are as follows:


2018	$	48,015
2019		1,567,101
2020		2,320,326
2021		2,323,700
2022		2,253,332
Thereafter		214,102,395

Total	$	222,614,869

XML 22 R11.htm IDEA: XBRL DOCUMENT

Revenue

3 Months Ended

Mar. 31, 2018

Revenue from Contract with Customer [Abstract]

Revenue

(5)

Revenue

Revenue is comprised of the following:


	Three months ended March 31,
	2017		2018
Commercial advertising	$	47,549,822	$	47,702,470
Digital advertising		3,183,127		3,208,539
Other		3,007,602		4,242,618

	$	53,740,551	$	55,153,627

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. Deferred revenue was $1.9 million and $3.0 million as of December 31, 2017 and March 31, 2018, respectively. Losses on receivables from contracts with advertisers were $0.1 million and $0.2 million for the three months ended March 2017 and 2018, respectively.

XML 23 R12.htm IDEA: XBRL DOCUMENT

Employee Benefit Plans

3 Months Ended

Mar. 31, 2018

Postemployment Benefits [Abstract]

Employee Benefit Plans

(6)

Employee Benefit Plans

XML 24 R13.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation

3 Months Ended

Mar. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

(7)

Stock-Based Compensation

A summary of restricted stock unit activity is presented below:


	Shares			Weighted- Average Grant-Date Fair Value
Unvested as of January 1, 2018		416,763		$	10.86
Granted		22,239			10.05
Vested		(5,000	)		10.25
Forfeited		—			—

Unvested as of March 31, 2018		434,002		$	11.30

A summary of restricted stock activity is presented below:


	Shares			Weighted- Average Grant-Date Fair Value
Unvested as of January 1, 2018		180,319		$	5.47
Granted		—			—
Vested		(1,500	)		3.59
Forfeited		(13,333	)		9.55

Unvested as of March 31, 2018		165,486		$	6.58

XML 25 R14.htm IDEA: XBRL DOCUMENT

Income Taxes

3 Months Ended

Mar. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

(8)

Income Taxes

XML 26 R15.htm IDEA: XBRL DOCUMENT

Financial Instruments

3 Months Ended

Mar. 31, 2018

Investments, All Other Investments [Abstract]

Financial Instruments

(9)

Financial Instruments

XML 27 R16.htm IDEA: XBRL DOCUMENT

Recent Accounting Pronouncements (Policies)	3 Months Ended
Recent Accounting Pronouncements (Policies)	Mar. 31, 2018
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	In March 2017, the Financial Accounting Standards Board (“FASB”) issued guidance to improve the presentation of net periodic pension cost and net periodic postretirement benefit cost. The new guidance is effective for annual periods beginning after December 15, 2017. The Company adopted the new guidance in the first quarter of 2018 with no material impact on its financial statements. In August 2016, the FASB issued guidance to reduce diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The Company adopted the new guidance in the first quarter of 2018 with no material impact on its financial statements. In February 2016, the FASB issued guidance to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. There continues to be a differentiation between finance leases and operating leases, however lease assets and lease liabilities arising from operating leases should now be recognized in the statement of financial position. New disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The new guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company continues to review the new guidance and is currently researching lease management software. The Company expects the new guidance to result in a significant impact on the balance sheet, however that impact will not be quantified until closer to the adoption date. The Company’s initial assessment, which is subject to change, is that the new guidance is not expected to have a significant impact on the statement of comprehensive income. In January 2016, the FASB issued guidance that changes how entities measure equity investments and present changes in the fair value of financial liabilities. The new guidance requires entities to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicality exception. A practicality exception will apply to those equity investments that do not have a readily determinable fair value and do not qualify for the practical expedient to estimate fair value, and as such, these investments may be measured at cost. The new guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted the new guidance in the first quarter of 2018 with no material impact on its financial statements. In May 2014, the FASB issued guidance to clarify the principles for recognizing revenue. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a comprehensive framework for revenue recognition that supersedes current general revenue guidance and most industry-specific guidance. In addition, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. In 2016, the FASB issued several updates to address implementation issues and to clarify guidance for principal versus agent considerations and identifying performance obligations and licensing. The Company adopted the new guidance on January 1, 2018, using the modified retrospective method, with no impact on its financial statements. The cumulative effect of initially applying the new guidance had no impact on the opening balance of retained earnings as of January 1, 2018. There was no impact on the condensed consolidated balance sheet as of March 31, 2018 or on the condensed consolidated statement of comprehensive income for the three months ended March 31, 2018. The comparative information has not been restated and continues to be reported under the accounting guidance in effect for that period. The Company does not expect the new guidance to have a material impact on its financial statements in future periods.

XML 28 R17.htm IDEA: XBRL DOCUMENT

Acquisitions and Dispositions (Tables)

3 Months Ended

Mar. 31, 2018

Business Combinations [Abstract]

Summary of Pro forma Information


Net revenue	$	57,097,999
Operating income		5,553,325
Net income		573,912
Basic and diluted net income per share		0.02

XML 29 R18.htm IDEA: XBRL DOCUMENT

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Summary of Long-Term Debt

Long-term debt is comprised of the following:


	December 31, 2017			March 31, 2018
Term loan	$	225,000,000		$	222,000,000
Revolving credit facility		—			—
Capital lease obligations		630,874			614,869

		225,630,874			222,614,869
Less unamortized debt issuance costs		(10,850,972	)		(10,380,596	)

		214,779,902			212,234,273
Less current installments		(2,314,020	)		(64,791	)

	$	212,465,882		$	212,169,482

Scheduled Repayments of Credit Facility and Capital Lease Obligations

The aggregate scheduled principal repayments of the credit facility and capital lease obligations for the remainder of 2018, the next four years and thereafter are as follows:


2018	$	48,015
2019		1,567,101
2020		2,320,326
2021		2,323,700
2022		2,253,332
Thereafter		214,102,395

Total	$	222,614,869

XML 30 R19.htm IDEA: XBRL DOCUMENT

Revenue (Tables)

3 Months Ended

Mar. 31, 2018

Revenue from Contract with Customer [Abstract]

Composition of Revenue

Revenue is comprised of the following:


	Three months ended March 31,
	2017		2018
Commercial advertising	$	47,549,822	$	47,702,470
Digital advertising		3,183,127		3,208,539
Other		3,007,602		4,242,618

	$	53,740,551	$	55,153,627

XML 31 R20.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2018

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:


	Shares			Weighted- Average Grant-Date Fair Value
Unvested as of January 1, 2018		416,763		$	10.86
Granted		22,239			10.05
Vested		(5,000	)		10.25
Forfeited		—			—

Unvested as of March 31, 2018		434,002		$	11.30

A summary of restricted stock activity is presented below:


	Shares			Weighted- Average Grant-Date Fair Value
Unvested as of January 1, 2018		180,319		$	5.47
Granted		—			—
Vested		(1,500	)		3.59
Forfeited		(13,333	)		9.55

Unvested as of March 31, 2018		165,486		$	6.58

XML 32 R21.htm IDEA: XBRL DOCUMENT

Acquisitions and Dispositions - Additional Information (Detail) - USD ($)						3 Months Ended
	Mar. 15, 2018	Dec. 19, 2017	May 01, 2017	Jan. 06, 2017	Nov. 01, 2016	Mar. 31, 2018	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2017	Feb. 27, 2017
Business Acquisition [Line Items]
Proceeds from sale assets held for sale			$ 11,000,000	$ 24,000,000
Loss on dispositions, net								$ (269,456)
Translator license and equipment received as consideration			$ 300,000
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Business Acquisition [Line Items]
Gain on disposition							$ 4,000,000
Greater Media Inc. [Member]
Business Acquisition [Line Items]
Merger agreement date					Nov. 01, 2016
Business acquisition, sales price					$ 28,000,000					$ 28,000,000
Business acquisition, number of shares expected to be returned					650,759
Business acquisition fair value of shares returned	$ 4,800,000				$ 3,400,000				$ 6,300,000
Estimate of net operating loss carry forwards						$ 3,600,000
Greater Media Inc. [Member] \| Treasury Stock [Member]
Business Acquisition [Line Items]
Business acquisition, number of shares expected to be returned	470,480
Greater Media Inc. [Member] \| Shares Released from Escrow [Member]
Business Acquisition [Line Items]
Fair value of shares forfeited in escrow	$ 8,800,000								$ 11,600,000
Greater Media Inc. [Member] \| Shares Released from Escrow [Member] \| Treasury Stock [Member]
Business Acquisition [Line Items]
Business acquisition, number of shares expected to be forfeited and recorded in treasury stock	867,679
Greater Media Inc. [Member] \| Class A Common Stock [Member] \| Common Stock to be Held in Escrow [Member]
Business Acquisition [Line Items]
Number of shares issuable upon acquisition					867,679
Value of shares issuable upon acquisition					$ 4,200,000
Greater Media Inc. [Member] \| Class A Common Stock [Member] \| Shares Released from Escrow [Member]
Business Acquisition [Line Items]
Number of shares issuable upon acquisition					189,915
Value of shares issuable upon acquisition					$ 900,000
Fair value of shares forfeited in escrow					$ 3,300,000
CBS Radio Stations Inc., Entercom Boston LLC and The Entercom Divestiture Trust [Member]
Business Acquisition [Line Items]
Payment for exchange of radio station		$ 12,000,000
Business acquisition partially financed by borrowings		6,000,000
Business acquisition partially funded in cash		$ 6,000,000

XML 33 R22.htm IDEA: XBRL DOCUMENT

Acquisitions and Dispositions - Summary of Pro forma Information (Detail)	3 Months Ended
	Mar. 31, 2017 USD ($) $ / shares
Business Combination Increase Decrease To Reflect Liabilities Acquired At Fair Value [Abstract]
Net revenue	$ 57,097,999
Operating income	5,553,325
Net income	$ 573,912
Basic and diluted net income per share \| $ / shares	$ 0.02

XML 34 R23.htm IDEA: XBRL DOCUMENT

Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Line of Credit Facility [Line Items]
Capital lease obligations	$ 614,869	$ 630,874
Long-term debt, including capital lease obligations	222,614,869	225,630,874
Less unamortized debt issuance costs	(10,380,596)	(10,850,972)
Long-term debt	212,234,273	214,779,902
Long-term debt	212,234,273	214,779,902
Less current installments	(64,791)	(2,314,020)
Long-term debt, net of current portion	212,169,482	212,465,882
Term Loan [Member]
Line of Credit Facility [Line Items]
Long-term debt	222,000,000	225,000,000
Revolving Credit Loan [Member]
Line of Credit Facility [Line Items]
Revolving credit facility	$ 0	$ 0

XML 35 R24.htm IDEA: XBRL DOCUMENT

Long-Term Debt - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Term Loan [Member]
Line of Credit Facility [Line Items]
Long-term debt	$ 222,000,000	$ 225,000,000
Revolving credit loan and term loan carried interest	5.80%	5.50%
Revolving credit facility and term loan maturity date	Nov. 01, 2023
Term Loan [Member] \| Floor Rate [Member]
Line of Credit Facility [Line Items]
Term loan facility interest rate	1.00%
Revolving Credit Loan [Member]
Line of Credit Facility [Line Items]
Revolving credit facility maximum commitment	$ 20,000,000	$ 20,000,000
Remaining commitments under the revolving credit loan facility	$ 20,000,000
Revolving credit loan and term loan carried interest	5.80%	5.50%
Revolving credit facility and term loan maturity date	Nov. 17, 2022
December 31, 2017 through March 31, 2018 [Member] \| First Mortgage [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Long-term debt covenants aggregate leverage ratio	6.25
June 30, 2018 through December 31, 2018 [Member] \| First Mortgage [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Long-term debt covenants aggregate leverage ratio	6.0
March 31, 2019 through December 31, 2019 [Member] \| First Mortgage [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Long-term debt covenants aggregate leverage ratio	5.75
March 31, 2020 and thereafter [Member] \| First Mortgage [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Long-term debt covenants aggregate leverage ratio	5.25
Existing Credit Agreement [Member]
Line of Credit Facility [Line Items]
Long-term debt	$ 222,000,000
Mandatory prepayments of consolidated excess cash flow due period	95 days
Mandatory prepayments of consolidated excess cash flow required by existing credit agreement	Commencing with the year ending December 31, 2018, the credit agreement requires mandatory prepayments equal to 50% of Excess Cash Flow (as defined in the credit agreement) when the Company's Total Leverage Ratio (as defined in the credit agreement) is greater than 3.5x; mandatory prepayments equal to 25% of Excess Cash Flow when the Total Leverage Ratio is less than or equal to 3.5x but greater than 3.0x; and no mandatory prepayments when the Total Leverage Ratio is less than or equal to 3.0x.
Existing Credit Agreement [Member] \| Leverage Ratio Greater than 3.5 Times [Member]
Line of Credit Facility [Line Items]
Mandatory prepayments of excess cash flow	50.00%
Existing Credit Agreement [Member] \| Leverage Ratio Less than or Equal To 3.5 Times and Greater than 3.0 Times [Member]
Line of Credit Facility [Line Items]
Mandatory prepayments of excess cash flow	25.00%
Existing Credit Agreement [Member] \| Leverage Ratio Less than or Equal to 3.0 Times [Member]
Line of Credit Facility [Line Items]
Mandatory prepayments of excess cash flow	0.00%
New Credit Agreement [Member] \| LIBOR [Member]
Line of Credit Facility [Line Items]
Credit facility interest rate margins	4.00%
New Credit Agreement [Member] \| Base Rate [Member]
Line of Credit Facility [Line Items]
Credit facility interest rate margins	3.00%

XML 36 R25.htm IDEA: XBRL DOCUMENT

Long-Term Debt - Scheduled Repayments of Credit Facility and Capital Lease Obligations (Detail) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
2018	$ 48,015
2019	1,567,101
2020	2,320,326
2021	2,323,700
2022	2,253,332
Thereafter	214,102,395
Total	$ 222,614,869	$ 225,630,874

XML 37 R26.htm IDEA: XBRL DOCUMENT

Revenue - Composition of Revenue (Detail) - USD ($)	3 Months Ended
Revenue - Composition of Revenue (Detail) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Revenue	$ 55,153,627	$ 53,740,551
Commercial Advertising [Member]
Disaggregation of Revenue [Line Items]
Revenue	47,702,470	47,549,822
Digital Advertising [Member]
Disaggregation of Revenue [Line Items]
Revenue	3,208,539	3,183,127
Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 4,242,618	$ 3,007,602

XML 38 R27.htm IDEA: XBRL DOCUMENT

Revenue - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Deferred revenue	$ 3.0		$ 1.9
Barter sales revenue from Broadcasting Service	1.9	$ 2.6
Trade sales receivable	1.7		1.6
Trade sales payable	1.3		$ 1.3
Advertising Contracts [Member]
Losses on receivable from contracts	$ 0.2	$ 0.1

- Definition

The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.

+ References + Details

XML 39 R28.htm IDEA: XBRL DOCUMENT

Employee Benefit Plans - Additional Information (Detail) - Pension Plan [Member] - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2018	Mar. 31, 2018
Defined Contribution Plan Disclosure [Line Items]
Pension plan termination date		May 31, 2017
Payments to acquire annuities	$ 52.0
Corporate General and Administrative Expenses [Member]
Defined Contribution Plan Disclosure [Line Items]
Recognized gain due to termination		$ 1.0

XML 40 R29.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation - Additional Information (Detail) - 2007 Plan [Member] $ in Millions	3 Months Ended
	Mar. 31, 2018 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost for restricted stock granted \| $	$ 5.4
Cost expected to be recognized over a weighted-average period	2 years 3 months 19 days
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units and restricted stock awards, vest, period	1 year
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units and restricted stock awards, vest, period	5 years
Class A Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized \| shares	7,500,000

XML 41 R30.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation - Restricted Stock Units and Restricted Stock Activity (Detail) - 2007 Plan [Member]	3 Months Ended
	Mar. 31, 2018 $ / shares shares
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Shares, Beginning Balance \| shares	416,763
Granted, Shares \| shares	22,239
Vested, Shares \| shares	(5,000)
Forfeited, Shares \| shares	0
Unvested Shares, Ending Balance \| shares	434,002
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance \| $ / shares	$ 10.86
Granted, Weighted-Average Grant-Date Fair Value \| $ / shares	10.05
Vested, Weighted-Average Grant-Date Fair Value \| $ / shares	10.25
Forfeited, Weighted-Average Grant-Date Fair Value \| $ / shares	0.00
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance \| $ / shares	$ 11.30
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Shares, Beginning Balance \| shares	180,319
Granted, Shares \| shares	0
Vested, Shares \| shares	(1,500)
Forfeited, Shares \| shares	13,333
Unvested Shares, Ending Balance \| shares	165,486
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance \| $ / shares	$ 5.47
Granted, Weighted-Average Grant-Date Fair Value \| $ / shares	0.00
Vested, Weighted-Average Grant-Date Fair Value \| $ / shares	3.59
Forfeited, Weighted-Average Grant-Date Fair Value \| $ / shares	9.55
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance \| $ / shares	$ 6.58

XML 42 R31.htm IDEA: XBRL DOCUMENT

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Effective tax rate	(13.70%)	(5.90%)
Federal statutory rate	21.00%		35.00%
Decrease in income tax due to change in fair value of contingent consideration	$ 1.2	$ (3.0)

XML 43 R32.htm IDEA: XBRL DOCUMENT

Financial Instruments - Additional Information (Detail) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Fair Value Of Financial Instruments [Line Items]
Long term debt, including capital lease obligations and current installments	$ 222,614,869	$ 225,630,874
Term Loan [Member]
Fair Value Of Financial Instruments [Line Items]
Long-term debt	$ 222,000,000	$ 225,000,000

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