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, 2023

The table below presents financial information for each operating segment as of June 30, 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 June 30, 2023
Net revenue	$	49,680	$	10,860	$	5,234		$	—		$	65,774
Operating expenses		43,518		9,026		6,026			4,655			63,225

Net operating income (loss) before depreciation, amortization, impairments, and net (gain) loss on the disposition of assets	$	6,162	$	1,834	$	(792	)	$	(4,655	)	$	2,549


	Broadcast			Digital Media			Publishing			Unallocated Corporate Expenses			Consolidated

	(Dollars in thousands)
Depreciation		1,630			1,006			60			178			2,874
Amortization		2			620			25			—			647
Impairment of indefinite-lived long-term assets other than goodwill		1,139			—			—			—			1,139
Impairment of goodwill		—			1,847			—			—			1,847
Net (gain) loss on the disposition of assets		142			—			—			1			143

Net operating income (loss)	$	3,249		$	(1,639	)	$	(877	)	$	(4,834	)	$	(4,101	)

Three Months Ended June 30, 2022
Net revenue	$	52,452		$	10,804		$	5,426		$	—		$	68,682
Operating expenses		41,538			8,273			5,432			4,781			60,024

Net operating income (loss) before legal settlement, debt modification costs, depreciation, amortization, impairments, and net (gain) loss on the disposition of assets	$	10,914		$	2,531		$	(6	)	$	(4,781	)	$	8,658

Legal settlement		951			—			—			—			951
Debt modification costs		—			—			—			20			20
Depreciation		1,530			979			89			260			2,858
Amortization		4			328			—			—			332
Impairment of indefinite-lived long-term assets other than goodwill		3,935			—			—			—			3,935
Impairment of goodwill		127			—			—			—			127
Net (gain) loss on the disposition of assets		(6,919	)		(1	)		—			27			(6,893	)

Net operating income (loss)	$	11,286		$	1,225		$	(95	)	$	(5,088	)	$	7,328


	Broadcast			Digital Media			Publishing			Unallocated Corporate Expenses			Consolidated

	(Dollars in thousands)
Six Months Ended June 30, 2023
Net revenue	$	98,020		$	21,370		$	9,873		$	—		$	129,263
Operating expenses		86,327			18,020			11,402			9,651			125,400

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	$	11,693		$	3,350		$	(1,529	)	$	(9,651	)	$	3,863

Depreciation		3,185			2,032			123			384			5,724
Amortization		2			1,138			50			—			1,190
Change in the estimated fair value of contingent earn-out consideration		—			(2	)		—			—			(2	)
Impairment of indefinite-lived long-term assets other than goodwill		3,263			—			—			—			3,263
Impairment of goodwill		—			1,847			—			—			1,847
Net (gain) loss on the disposition of assets		120			—			—			2			122

Net operating income (loss)	$	5,123		$	(1,665	)	$	(1,702	)	$	(10,037	)	$	(8,281	)

Six Months Ended June 30, 2022
Net revenue	$	100,884		$	21,104		$	9,303		$	—		$	131,291
Operating expenses		79,659			16,746			9,899			9,591			115,895

Net operating income (loss) before legal settlement, debt modification costs, depreciation, amortization, impairments, and net (gain) loss on the disposition of assets	$	21,225		$	4,358		$	(596	)	$	(9,591	)	$	15,396

Legal settlement		951			—			—			—			951
Debt modification costs		—			—			—			248			248
Depreciation		3,186			1,920			169			525			5,800
Amortization		8			658			—			—			666
Change in the estimated fair value of contingent earn-out consideration		—			(5	)		—			—			(5	)
Impairment of indefinite-lived long-term assets other than goodwill		3,935			—			—			—			3,935
Impairment of goodwill		127			—			—			—			127
Net (gain) loss on the disposition of assets		(8,657	)		(1	)		—			30			(8,628	)

Net operating income (loss)	$	21,675		$	1,786		$	(765	)	$	(10,394	)	$	12,302


	Broadcast		Digital Media		Publishing		Unallocated Corporate		Consolidated

	(Dollars in thousands)
As of June 30, 2023
Inventories, net	$	—	$	—	$	1,308	$	—	$	1,308
Property and equipment, net		66,336		7,340		471		9,320		83,467
Broadcast licenses		299,724		—		—		—		299,724
Goodwill		2,702		19,351		1,446		—		23,499
Amortizable intangible assets, net		—		4,587		249		—		4,836
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