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

Quarterly report pursuant to Section 13 or 15(d)

Segment Data (Tables)

Segment Data (Tables)

3 Months Ended

Mar. 31, 2020

The table below presents financial information for each operating segment as of March 31, 2020 and 2019 based on the composition of our operating segments:


	Broadcast			Digital Media			Publishing			Unallocated Corporate Expenses			Consolidated
	(Dollars in thousands)
Three Months Ended March 31, 2020
Net revenue	$	45,180		$	9,104		$	3,966		$	—		$	58,250
Operating expenses		37,327			8,326			5,062			4,210			54,925

Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairments and net (gain) loss on the disposition of assets	$	7,853		$	778		$	(1,096	)	$	(4,210	)	$	3,325

Depreciation		1,645			771			69			228			2,713
Amortization		9			768			210			—			987
Change in the estimated fair value of contingent earn-out consideration		—			(5	)		—			—			(5	)
Impairment of indefinite-lived long-term assets other than goodwill		16,994			—			260			—			17,254
Impairment of goodwill		184			10			105			8			307
Net (gain) loss on the disposition of assets		79			—			—			—			79

Net operating income (loss)	$	(11,058	)	$	(766	)	$	(1,740	)	$	(4,446	)	$	(18,010	)

Three Months Ended March 31, 2019
Net revenue	$	46,093		$	10,240		$	4,136		$	—		$	60,469
Operating expenses		36,449			8,058			4,822			3,871			53,200

Net operating income (loss) before depreciation, amortization and net (gain) loss on the disposition of assets	$	9,644		$	2,182		$	(686	)	$	(3,871	)	$	7,269

Depreciation		1,860			774			116			183			2,933
Amortization		9			1,075			212			—			1,296
Net (gain) loss on the disposition of assets		3,783			239			—			2			4,024

Net operating income (loss)	$	3,992		$	94		$	(1,014	)	$	(4,056	)	$	(984	)


	Broadcast		Digital Media		Publishing		Unallocated Corporate		Consolidated
	(Dollars in thousands)
As of March 31, 2020
Inventories, net	$	—	$	—	$	647	$	—	$	647
Property and equipment, net		71,685		6,040		807		8,098		86,630
Broadcast licenses		320,864		—		—		—		320,864
Goodwill		2,746		19,499		1,446		—		23,691
Other indefinite-lived intangible assets		—		—		—		—		—
Amortizable intangible assets, net		260		4,885		967		1		6,113
As of December 31, 2019
Inventories, net	$	—	$	—	$	717	$	—	$	717
Property and equipment, net		72,816		6,127		801		7,929		87,673
Broadcast licenses		337,858		—		—		—		337,858
Goodwill		2,930		19,509		1,551		8		23,998
Other indefinite-lived intangible assets		—		—		260		—		260
Amortizable intangible assets, net		268		5,653		1,178		1		7,100