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)

6 Months Ended

Jun. 30, 2020

The table below presents financial information for each operating segment as of June 30, 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 June 30, 2020
Net revenue	$	39,470		$	9,443	$	3,958		$	—		$	52,871
Operating expenses		33,094			7,653		5,567			3,850			50,164

Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and net (gain) loss on the disposition of assets	$	6,376		$	1,790	$	(1,609	)	$	(3,850	)	$	2,707

Depreciation		1,641			767		73			237			2,718
Amortization		5			623		211			1			840
Change in the estimated fair value of contingent earn-out consideration		—			3		—			—			3
Net (gain) loss on the disposition of assets		30			—		—			4			34

Net operating income (loss)	$	4,700		$	397	$	(1,893	)	$	(4,092	)	$	(888	)

Three Months Ended June 30, 2019
Net revenue	$	49,082		$	9,960	$	5,638		$	—		$	64,680
Operating expenses		37,707			7,648		5,773			4,332			55,460

Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and net (gain) loss on the disposition of assets	$	11,375		$	2,312	$	(135	)	$	(4,332	)	$	9,220

Depreciation		1,819			764		93			176			2,852
Amortization		9			903		211			1			1,124
Net (gain) loss on the disposition of assets		(371	)		15		1			(2	)		(357	)

Net operating income (loss)	$	9,918		$	630	$	(440	)	$	(4,507	)	$	5,601


	Broadcast			Digital Media			Publishing			Unallocated Corporate Expenses			Consolidated
	(Dollars in thousands)
Six Months Ended June 30, 2020
Net revenue	$	84,650		$	18,547		$	7,924		$	—		$	111,121
Operating expenses		70,421			15,979			10,629			8,060			105,089

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	$	14,229		$	2,568		$	(2,705	)	$	(8,060	)	$	6,032

Depreciation		3,286			1,538			142			465			5,431
Amortization		14			1,391			421			1			1,827
Change in the estimated fair value of contingent earn-out consideration		—			(2	)		—			—			(2	)
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		109			—			—			4			113

Net operating income (loss)	$	(6,358	)	$	(369	)	$	(3,633	)	$	(8,538	)	$	(18,898	)

Six Months Ended June 30, 2019
Net revenue	$	95,175		$	20,200		$	9,774		$	—		$	125,149
Operating expenses		74,156			15,706			10,595			8,203			108,660

Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and net (gain) loss on the disposition of assets	$	21,019		$	4,494		$	(821	)	$	(8,203	)	$	16,489

Depreciation		3,679			1,538			209			359			5,785
Amortization		18			1,978			423			1			2,420
Net (gain) loss on the disposition of assets		3,412			254			1			—			3,667

Net operating income (loss)	$	13,910		$	724		$	(1,454	)	$	(8,563	)	$	4,617


	Broadcast			Digital Media			Publishing			Unallocated Corporate			Consolidated
	(Dollars in thousands)
As of June 30, 2020
Inventories, net	$	—		$	—		$	707		$	—		$	707
Property and equipment, net		69,754			5,847			789			7,990			84,380
Broadcast licenses		320,864			—			—			—			320,864
Goodwill		2,746			19,499			1,446			—			23,691
Other indefinite-lived intangible assets		—			—			—			—			—
Amortizable intangible assets, net		254			4,262			757			1			5,274
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