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, 2022

The table below presents financial information for each operating segment as of March 31, 2022 and 2021 based on the composition of our operating segments:


	Broadcast			Digital Media			Publishing			Unallocated Corporate Expenses			Consolidated
	(Dollars in thousands)
Three Months Ended March 31, 2022
Net revenue	$	48,432		$	10,300		$	3,877		$	—		$	62,609
Operating expenses		38,121			8,473			4,467			4,810			55,871

Net operating income (loss) before debt modification costs, depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and net (gain) loss on the disposition of assets	$	10,311		$	1,827		$	(590	)	$	(4,810	)	$	6,738

Debt modification costs		—			—			—			228			228
Depreciation		1,656			941			80			265			2,942
Amortization		4			330			—			—			334
Change in the estimated fair value of contingent earn-out consideration		—			(5	)		—			—			(5	)
Net (gain) loss on the disposition of assets		(1,738	)		—			—			3			(1,735	)

Net operating income (loss)	$	10,389		$	561		$	(670	)	$	(5,306	)	$	4,974

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


	Broadcast		Digital Media		Publishing		Unallocated Corporate		Consolidated
	(Dollars in thousands)
As of March 31, 2022
Inventories, net	$	—	$	—	$	1,371	$	—	$	1,371
Property and equipment, net		62,916		8,270		706		8,370		80,262
Broadcast licenses		320,198		—		—		—		320,198
Goodwill		2,750		19,790		1,446		—		23,986
Amortizable intangible assets, net		225		1,885		—		—		2,110
As of December 31, 2021
Inventories, net	$	—	$	—	$	960	$	—	$	960
Property and equipment, net		61,694		8,447		746		8,452		79,339
Broadcast licenses		320,008		—		—		—		320,008
Goodwill		2,750		19,790		1,446		—		23,986
Amortizable intangible assets, net		229		2,215		—		—		2,444