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, 2021

The table below presents financial information for each operating segment as of March 31, 2021 and 2020 based on the composition of our operating segments:


	Broadcast			Digital Media			Publishing			Unallocated Corporate Expenses			Consolidated
	(Dollars in thousands)
Three Months Ended March 31, 2021
Net revenue	$	44,048		$	9,619		$	5,686		$	—		$	59,353
Operating expenses		33,343			8,673			5,205			4,288			51,509

Net operating income (loss) before depreciation, amortization, and net (gain) loss on the disposition of assets	$	10,705		$	946		$	481		$	(4,288	)	$	7,844

Depreciation		1,525			781			47			236			2,589
Amortization		4			432			145			—			581
Net (gain) loss on the disposition of assets		318			—			—			—			318

Net operating income (loss)	$	8,858		$	(267	)	$	289		$	(4,524	)	$	4,356

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	)


	Broadcast		Digital Media		Publishing		Unallocated Corporate		Consolidated
	(Dollars in thousands)
As of March 31, 2021
Inventories, net	$	—	$	—	$	588	$	—	$	588
Property and equipment, net		63,671		5,977		732		8,218		78,598
Broadcast licenses		319,773		—		—		—		319,773
Goodwill		2,746		19,565		1,446		—		23,757
Amortizable intangible assets, net		242		3,129		192		—		3,563
As of December 31, 2020
Inventories, net	$	—	$	—	$	495	$	—	$	495
Property and equipment, net		64,231		6,221		741		7,929		79,122
Broadcast licenses		319,773		—		—		—		319,773
Goodwill		2,746		19,565		1,446		—		23,757
Amortizable intangible assets, net		246		3,434		337		—		4,017