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, 2023

The table below presents financial information for each operating segment as of March 31, 2023 and 2022 based on the composition of our operating segments:


	Broadcast			Digital Media			Publishing			Unallocated Corporate Expenses			Consolidated

	(Dollars in thousands)
Three Months Ended March 31, 2023
Net revenue	$	48,340		$	10,510		$	4,639		$	—		$	63,489
Operating expenses		42,809			8,994			5,376			4,996			62,175

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	$	5,531		$	1,516		$	(737	)	$	(4,996	)	$	1,314

Depreciation		1,555			1,026			63			206			2,850
Amortization		—			518			25			—			543
Change in the estimated fair value of contingent earn-out consideration		—			(2	)		—			—			(2	)
Impairment of indefinite-lived long-term assets other than goodwill		2,124			—			—			—			2,124
Net (gain) loss on the disposition of assets		(22	)		—			—			1			(21	)

Net operating income (loss)	$	1,874		$	(26	)	$	(825	)	$	(5,203	)	$	(4,180	)

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


	Broadcast		Digital Media		Publishing		Unallocated Corporate		Consolidated

	(Dollars in thousands)
As of March 31, 2023
Inventories, net	$	—	$	—	$	1,708	$	—	$	1,708
Property and equipment, net		66,480		7,539		513		9,157		83,689
Broadcast licenses		305,192		—		—		—		305,192
Goodwill		2,703		21,197		1,446		—		25,346
Amortizable intangible assets, net		212		5,208		274		—		5,694
As of December 31, 2022
Inventories, net	$	—	$	—	$	1,513	$	—	$	1,513
Property and equipment, net		63,634		7,751		546		9,365		81,296
Broadcast licenses		303,774		—		—		—		303,774
Goodwill		2,623		20,016		1,446		—		24,085
Amortizable intangible assets, net		213		1,637		299		—		2,149