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

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2020

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, 2020	$	9,493		$	1,744
Revenue recognized during the period that was included in the beginning balance of contract liabilities		(3,042	)		—
Additional amounts recognized during the period		5,196			287
Revenue recognized during the period that was recorded during the period		(2,308	)		—
Transfers		291			(291	)

Balance, end of period March 31, 2020	$	9,630		$	1,740

Amount refundable at beginning of period	$	9,403		$	1,744
Amount refundable at end of period	$	9,541		$	1,740

We expect to satisfy these performance obligations as follows:


	Amount
For the Twelve Months Ended March 31,	(Dollars in thousands)
2021	$	9,630
2022		998
2023		378
2024		173
2025		75
Thereafter		116

	$	11,370

Trade and barter revenues and expenses were as follows:


	Three Months Ended March 31,
	2019		2020
Net broadcast barter revenue	$	1,299	$	1,166
Net digital media barter revenue		—		—
Net publishing barter revenue		11		26
Net broadcast barter expense	$	1,356	$	1,034
Net digital media barter expense		—		—
Net publishing barter expense		—		—

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


	Three Months Ended March 31, 2020
	Broadcast		Digital Media		Publishing		Consolidated
	(dollars in thousands)
By Source of Revenue:
Block Programming - National	$	12,034	$	—	$	—	$	12,034
Block Programming - Local		6,808		—		—		6,808
Spot Advertising - National		3,957		—		—		3,957
Spot Advertising - Local		11,357		—		—		11,357
Infomercials		308		—		—		308
Network		4,388		—		—		4,388
Digital Advertising		3,326		4,713		99		8,138
Digital Streaming		608		915		—		1,523
Digital Downloads and eBooks		—		1,245		254		1,499
Subscriptions		282		2,135		177		2,594
Book Sales and e-commerce, net of estimated sales returns and allowances		76		28		1,723		1,827
Self-Publishing Fees		—		—		1,402		1,402
Print Advertising		1		—		102		103
Other Revenues		2,035		68		209		2,312

	$	45,180	$	9,104	$	3,966	$	58,250


Timing of Revenue Recognition
Point in Time	$	44,563	$	9,104	$	3,966	$	57,633
Rental Income (1)		617		—		—		617

	$	45,180	$	9,104	$	3,966	$	58,250


	Three Months Ended March 31, 2019
	Broadcast		Digital Media		Publishing		Consolidated
	(dollars in thousands)
By Source of Revenue:
Block Programming - National	$	12,233	$	—	$	—	$	12,233
Block Programming - Local		7,910		—		—		7,910
Spot Advertising - National		3,900		—		—		3,900
Spot Advertising - Local		12,062		—		—		12,062
Infomercials		390		—		—		390
Network		4,306		—		—		4,306
Digital Advertising		2,352		5,317		85		7,754
Digital Streaming		161		1,011		—		1,172
Digital Downloads and eBooks		—		1,275		162		1,437
Subscriptions		274		2,084		201		2,559
Book Sales and e-commerce, net of estimated sales returns and allowances		37		410		1,841		2,288
Self-Publishing Fees		—		—		1,477		1,477
Print Advertising		2		—		135		137
Other Revenues		2,466		143		235		2,844

	$	46,093	$	10,240	$	4,136	$	60,469

Timing of Revenue Recognition
Point in Time	$	45,472	$	10,225	$	4,136	$	59,833
Rental Income (1)		621		15		—		636

	$	46,093	$	10,240	$	4,136	$	60,469

(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.