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

Operating and Finance Lease Right-of-Use Assets (Tables)

3 Months Ended

Mar. 31, 2021

Supplemental balance sheet information related to leases is as follows:


	March 31, 2021
	(Dollars in thousands)
	Related Party		Other		Total
Operating Leases

Operating leases ROU assets	$	6,642	$	39,866	$	46,508
Operating lease liabilities (current)	$	938	$	7,677	$	8,615
Operating lease liabilities (non-current)		5,860		40,198		46,058

Total operating lease liabilities	$	6,798	$	47,875	$	54,673


Weighted Average Remaining Lease Term
Operating leases	8.2 years
Finance leases	3.0 years
Weighted Average Discount Rate
Operating leases	7.95	%
Finance leases	5.39	%

Lease Expense

The components of lease expense were as follows:


	Three Months Ended March 31, 2021
	(Dollars in thousands)
Amortization of finance lease ROU Assets	$	16
Interest on finance lease liabilities		2

Finance lease expense		18
Operating lease expense		3,214
Variable lease expense		190
Short-term lease expense		157

Total lease expense	$	3,579

Supplemental cash flow information related to leases was as follows:


	Three Months Ended March 31, 2021
	(Dollars in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,569
Operating cash flows from finance leases		1
Financing cash flows from finance leases		16
Leased assets obtained in exchange for new operating lease liabilities	$	553
Leased assets obtained in exchange for new finance lease liabilities		2

Future minimum lease payments under leases that had initial or remaining

non-cancelable

lease terms in excess of one year as of March 31, 2021, are as follows:


Future minimum lease	Operating Leases
	Related Party			Other			Total			Finance Leases			Total
	(Dollars in thousands)
2021 (Apr-Dec)	$	1,466		$	11,042		$	12,508		$	65		$	12,573
2022		1,620			10,744			12,364			57			12,421
2023		1,018			9,209			10,227			31			10,258
2024		1,014			7,030			8,044			12			8,056
2025		1,043			5,928			6,971			4			6,975
Thereafter		3,797			24,763			28,560			—			28,560

Undiscounted Cash Flows	$	9,958		$	68,716		$	78,674		$	169		$	78,843

Less: imputed interest		(3,160	)		(20,841	)		(24,001	)		(15	)		(24,016	)

Total	$	6,798		$	47,875		$	54,673		$	154		$	54,827

Reconciliation to lease liabilities:
Lease liabilities—current	$	938		$	7,677		$	8,615		$	60		$	8,675
Lease liabilities—long-term		5,860			40,198			46,058			94			46,152

Total Lease Liabilities	$	6,798		$	47,875		$	54,673		$	154		$	54,827