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, 2021

The table below presents financial information for each operating segment as of June 30, 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 June 30, 2021
Net revenue	$	46,783	$	10,339	$	6,660		$	—		$	63,782
Operating expenses		36,162		8,338		6,426			4,192			55,118

Net operating income (loss) before depreciation, amortization, and net (gain) loss on the disposition of assets	$	10,621	$	2,001	$	234		$	(4,192	)	$	8,664

Depreciation		1,603		860		44			234			2,741
Amortization		4		397		144			—			545
Net (gain) loss on the disposition of assets		—		65		(328	)		—			(263	)

Net operating income (loss)	$	9,014	$	679	$	374		$	(4,426	)	$	5,641

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, impairments, 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	)


	Broadcast			Digital Media			Publishing			Unallocated Corporate Expenses			Consolidated
	(Dollars in thousands)
Six Months Ended June 30, 2021
Net revenue	$	90,831		$	19,958		$	12,346		$	—		$	123,135
Operating expenses		69,505			17,011			11,631			8,480			106,627

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	$	21,326		$	2,947		$	715		$	(8,480	)	$	16,508

Depreciation		3,128			1,641			91			470			5,330
Amortization		8			829			289			—			1,126
Net (gain) loss on the disposition of assets		318			65			(328	)		—			55

Net operating income (loss)	$	17,872		$	412		$	663		$	(8,950	)	$	9,997

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	)


	Broadcast		Digital Media		Publishing		Unallocated Corporate		Consolidated
	(Dollars in thousands)
As of June 30, 2021
Inventories, net	$	—	$	—	$	719	$	—	$	719
Property and equipment, net		63,616		6,746		741		8,312		79,415
Broadcast licenses		320,008		—		—		—		320,008
Goodwill		2,750		19,589		1,446		—		23,785
Amortizable intangible assets, net		237		2,941		48		—		3,226
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