Salem Media Group, Inc. Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2019

Significant changes in our contract liabilities balances during the period are as follows:


	Short-Term			Long-Term

	(Dollars in thousands)
Balance, beginning of period January 1, 2019	$	11,537		$	1,379
Revenue recognized during the period that was included in the beginning balance of contract liabilities		(4,254	)		—
Additional amounts recognized during the period		9,710			479
Revenue recognized during the period that was recorded during the period		(7,048	)		—
Transfers		492			(492	)

Balance, end of period June 30, 2019	$	10,437		$	1,366

Amount refundable at beginning of period	$	11,410		$	1,379
Amount refundable at end of period	$	10,347		$	1,366

We expect to satisfy these performance obligations as follows:


	Amount
For the Twelve Months Ended June 30,	(Dollars in thousands)
2020	$	10,437
2021		381
2022		475
2023		230
2024		117
Thereafter		163

	$	11,803

Trade and barter revenues and expenses were as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2018		2019		2018		2019

	(Dollars in thousands)
Net broadcast barter revenue	$	1,841	$	1,415	$	3,531	$	2,714
Net digital media barter revenue		48		—		93		—
Net publishing barter revenue		6		5		7		16
Net broadcast barter expense	$	1,487	$	1,112	$	2,753	$	2,468
Net digital media barter expense		—		—		—		—
Net publishing barter expense		2		1		2		1

The following table presents our revenues disaggregated by revenue source for each of our three operating segments:


	Six Months Ended June 30, 2019
	Broadcast		Digital Media		Publishing		Consolidated

	(dollars in thousands)
By Source of Revenue:
Block Programming - National	$	24,319	$	—	$	—	$	24,319
Block Programming - Local		15,320		—		—		15,320
Spot Advertising - National		7,988		—		—		7,988
Spot Advertising - Local		25,686		—		—		25,686
Infomercials		751		—		—		751
Network		9,261		—		—		9,261
Digital Advertising		5,370		10,316		182		15,868
Digital Streaming		345		1,981		—		2,326
Digital Downloads and eBooks		—		2,964		468		3,432
Subscriptions		549		4,071		393		5,013
Book Sales and e-commerce, net of estimated sales returns and allowances		232		443		5,171		5,846
Self-Publishing Fees		—		—		2,725		2,725
Print Advertising		3		—		280		283
Other Revenues		5,351		425		555		6,331

	$	95,175	$	20,200	$	9,774	$	125,149

Timing of Revenue Recognition
Point in Time	$	94,045	$	20,172	$	9,774	$	123,991
Rental Income (1)		1,130		28		—		1,158

	$	95,175	$	20,200	$	9,774	$	125,149

(1)	Rental income is not applicable to ASC Topic 606, but shown for the purpose of identifying each revenue source presented in total revenue on our Condensed Consolidated Financial Statements within this report on Form 10-Q.