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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
FORM
10-Q
 
 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2022
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM __________________ TO __________________
COMMISSION FILE NUMBER
000-26497
 
 
SALEM MEDIA GROUP, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
 

 
 
 
DELAWARE
 
77-0121400
(STATE OR OTHER JURISDICTION
OF INCORPORATION OR ORGANIZATION)
 
(I.R.S. EMPLOYER
IDENTIFICATION NUMBER)
6400 NORTH BELT LINE ROAD
IRVING, TEXAS
 
75063
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
 
(ZIP CODE)
REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE: (469)
586-0080
 
 
 
Title of each Class
  
Trading
Symbol(s)
  
Name of each exchange
on which registered
Class A Common Stock, $0.01 par value per share
  
SALM
  
NASDAQ Global Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒     No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)    Yes  ☒     No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, smaller reporting company or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
 
Large accelerated filer      Accelerated filer  
Non-accelerated filer      Smaller Reporting Company  
     Emerging Growth Company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act).    Yes  ☐    No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
 
Class A
  
Outstanding at August 1, 2022
Common Stock, $0.01 par value per share    21,661,091 shares
 
Class B
  
Outstanding at August 1, 2022
Common Stock, $0.01 par value per share    5,553,696 shares
 
 
 

SALEM MEDIA GROUP, INC.
INDEX
 
     PAGE NO.  
COVER PAGE
  
INDEX
  
     2  
PART I - FINANCIAL INFORMATION
  
     3  
     32  
     56  
     56  
PART II - OTHER INFORMATION
  
     56  
     56  
     56  
     56  
     56  
     57  
     57  
     57  
     58  
 
1

CERTAIN DEFINITIONS
Unless the context requires otherwise, all references in this report to “Salem” or the “company,” including references to Salem by “we” “us” “our” and “its” refer to Salem Media Group, Inc. and our subsidiaries.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Salem makes “forward-looking statements” from time to time in both written reports (including this annual report) and oral statements, within the meaning of federal and state securities laws. Disclosures that use words such as the company “believes,” “anticipates,” “estimates,” “expects,” “intends,” “will,” “may,” “could,” “would,” “should,” “seeks,” “predicts,” or “plans” and similar expressions are intended to identify forward-looking statements, as defined under the Private Securities Litigation Reform Act of 1995.
You should not place undue reliance on these forward-looking statements, which reflect our expectations based upon data available to the company as of the date of this annual report. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from expectations. Except as required by law, the company undertakes no obligation to update or revise any forward-looking statements made in this annual report. Any such forward-looking statements, whether made in this annual report or elsewhere, should be considered in context with the various disclosures made by Salem about its business. These projections and other forward-looking statements fall under the safe harbors of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”).
 
2

PART I – FINANCIAL INFORMATION
SALEM MEDIA GROUP, INC.
 
ITEM 1.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
 
3

SALEM MEDIA GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
 
     December 31, 2021
(Note 1)
   
June 30, 2022

(Unaudited)
 
ASSETS
                
Current assets:
                
Cash and cash equivalents
   $ 1,785    
$
2,540
 
Accounts receivable (net of allowances of $13,022 in 2021 and $7,496 in 2022)
     25,663    
 
29,271
 
Unbilled revenue
     3,406    
 
2,960
 
Other receivables (net of allowances of $455 in 2021 and $586 in 2022)
     1,377    
 
2,721
 
Inventories
     960    
 
1,528
 
Prepaid expenses
     6,772    
 
8,380
 
Assets held for sale
     1,551    
 
267
 
    
 
 
   
 
 
 
Total current assets
     41,514    
 
47,667
 
    
 
 
   
 
 
 
Notes receivable (net of allowance of $938 in 2021 and $427 in 2022)
     274    
 
1,072
 
Property and equipment (net of accumulated depreciation of $186,053 in 2021 and $186,881 in 2022)
     79,339    
 
79,713
 
Operating lease
right-of-use
assets
     43,560    
 
44,020
 
Financing lease
right-of-use
assets
     105    
 
90
 
Broadcast licenses
     320,008    
 
313,500
 
Goodwill
     23,986    
 
23,861
 
Amortizable intangible assets (net of accumulated amortization of $58,110 in 2021 and $58,777 in 2022)
     2,444    
 
1,799
 
Deferred financing costs
     843    
 
774
 
Other assets
     4,039    
 
2,773
 
    
 
 
   
 
 
 
Total assets
   $ 516,112    
$
515,269
 
    
 
 
   
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
                
Current liabilities:
                
Accounts payable
   $ 2,661    
$
2,623
 
Accrued expenses
     12,006    
 
18,679
 
Accrued compensation and related expenses
     13,054    
 
12,278
 
Accrued interest
     1,030    
 
952
 
Contract liabilities
     12,294    
 
12,401
 
Deferred rent income
     157    
 
144
 
Income taxes payable
     1,544    
 
222
 
Current portion of operating lease liabilities
     8,651    
 
8,795
 
Current portion of financing lease liabilities
     58    
 
57
 
Current portion of long-term debt
           
 
10
 
    
 
 
   
 
 
 
Total current liabilities
     51,455    
 
56,161
 
    
 
 
   
 
 
 
Long-term debt, less current portion
     170,581    
 
155,595
 
Operating lease liabilities, less current portion
     42,208    
 
42,599
 
Financing (capital) lease liabilities, less current portion
     65    
 
53
 
Deferred income taxes
     67,012    
 
65,808
 
Contract liabilities, long-term
     2,222    
 
1,948
 
Deferred rent income, less current portion
     3,772    
 
3,705
 
Other long-term liabilities
     586    
 
65
 
    
 
 
   
 
 
 
Total liabilities
     337,901    
 
325,934
 
    
 
 
   
 
 
 
Commitments and contingencies (Note 14)
            
Stockholders’ Equity:
 
Class A common stock, $0.01 par value; authorized 80,000,000 shares; 23,922,974 and 23,978,741 issued and 21,605,324 and 21,661,091 outstanding at December 31, 2021 and June 30, 2022, respectively
     232    
 
232
 
Class B common stock, $0.01 par value; authorized 20,000,000 shares; 5,553,696 issued and outstanding at December 31, 2021 and June 30, 2022, respectively
     56    
 
56
 
Additional
paid-in
capital
     248,438    
 
248,706
 
Accumulated deficit
     (36,509  
 
(25,653
Treasury stock, at cost (2,317,650 shares at December 31, 2021 and June 30, 2022)
     (34,006  
 
(34,006
    
 
 
   
 
 
 
Total stockholders’ equity
     178,211    
 
189,335
 
    
 
 
   
 
 
 
Total liabilities and stockholders’ equity
   $ 516,112    
$
515,269
 
    
 
 
   
 
 
 
See accompanying notes
 
4

SALEM MEDIA GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(Unaudited)
 
    
Three Months Ended

June 30,
   
Six Months Ended

June 30,
 
     2021    
2022
   
2021
   
2022
 
Net broadcast revenue
   $ 46,783    
$
52,452
 
  $ 90,831    
$
100,884
 
Net digital media revenue
     10,339    
 
10,804
 
    19,958    
 
21,104
 
Net publishing revenue
     6,660    
 
5,426
 
    12,346    
 
9,303
 
    
 
 
   
 
 
   
 
 
   
 
 
 
Total net revenue
     63,782    
 
68,682
 
    123,135    
 
131,291
 
    
 
 
   
 
 
   
 
 
   
 
 
 
Operating expenses:
                                
Broadcast operating expenses, exclusive of depreciation and amortization shown below (including $446 and $453 for the three months ended June 30, 2021 and 2022, respectively, and $889 and $901 for the six months ended June 30, 2021 and 2022, respectively, paid to related parties)
     36,162    
 
42,489
 
    69,505    
 
80,610
 
Digital media operating expenses, exclusive of depreciation and amortization shown below
     8,338    
 
8,273
 
    17,011    
 
16,746
 
Publishing operating expenses, exclusive of depreciation and amortization shown below
     6,426    
 
5,432
 
    11,631    
 
9,899
 
Unallocated corporate expenses exclusive of depreciation and amortization shown below (including $2 and $159 for the three months ended June 30, 2021 and 2022, respectively, and $5 and $168 for the six months ended June 30, 2021 and 2022, respectively, paid to related parties)
     4,192    
 
4,781
 
    8,480    
 
9,591
 
Debt modification costs
           
 
20
 
          
 
248
 
Depreciation
     2,741    
 
2,858
 
    5,330    
 
5,800
 
Amortization
     545    
 
332
 
    1,126    
 
666
 
Change in the estimated fair value of contingent
earn-out
consideration
           
 
  
 
          
 
(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
     (263  
 
(6,893
    55    
 
(8,628
    
 
 
   
 
 
   
 
 
   
 
 
 
Total operating expenses
     58,141    
 
61,354
 
    113,138    
 
118,989
 
    
 
 
   
 
 
   
 
 
   
 
 
 
Operating income (loss)
     5,641    
 
7,328
 
    9,997    
 
12,302
 
Other income (expense):
                                
Interest income
           
 
149
 
    1    
 
149
 
Interest expense
     (3,935  
 
(3,389
    (7,861  
 
(6,783
Gain (loss) on early retirement of long-term debt
           
 
35
 
          
 
(18
Earnings from equity method investment
           
 
3,913
 
          
 
3,913
 
Net miscellaneous income and (expenses)
     63    
 
(1
    85    
 
  
 
    
 
 
   
 
 
   
 
 
   
 
 
 
Net income before income taxes
     1,769    
 
8,035
 
    2,222    
 
9,563
 
Benefit from income taxes
     (488  
 
(1,082
    (358  
 
(1,293
    
 
 
   
 
 
   
 
 
   
 
 
 
Net income
   $ 2,257    
$
9,117
 
  $ 2,580    
$
10,856
 
    
 
 
   
 
 
   
 
 
   
 
 
 
Basic income per share data:
                                
Basic income per share
   $ 0.08    
$
0.33
 
  $ 0.10    
$
0.39
 
Diluted income per share data:
                                
Diluted income per share
   $ 0.08    
$
0.33
 
  $ 0.10    
$
0.39
 
Basic weighted average shares outstanding
     26,869,145    
 
27,214,787
 
    26,802,892    
 
27,196,081
 
    
 
 
   
 
 
   
 
 
   
 
 
 
Diluted weighted average shares outstanding
     27,232,423    
 
27,570,881
 
    27,185,598    
 
27,590,644
 
    
 
 
   
 
 
   
 
 
   
 
 
 
 
See accompanying notes
 
 
5

SALEM MEDIA GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except share and per share data
)
 
    
Class A
    
Class B
                           
    
Common Stock
    
Common Stock
    
Additional
                    
                                
Paid-In
    
Accumulated
   
Treasury
       
    
Shares
    
Amount
    
Shares
    
Amount
    
Capital
    
Deficit
   
Stock
   
Total
 
Stockholders’ equity, December 31, 2020
     23,447,317      $ 227        5,553,696      $ 56      $ 247,025      $ (78,023   $ (34,006   $ 135,279  
Stock-based compensation
     —          —          —          —          78        —         —         78  
Options exercised
     185,782        2        —          —          390        —         —         392  
Net income
     —          —          —          —          —          323       —         323  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
Stockholders’ equity, March 31, 2021
     23,633,099      $  229        5,553,696      $ 56      $  247,493      $  (77,700)     $ (34,006   $  136,072  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
Stock-based compensation
     —          —          —          —          84        —         —         84  
Net income
     —          —          —          —          —          2,257       —         2,257  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
Stockholders’ equity, June 30, 2021
  
 
23,633,099
 
  
$
229
 
  
 
5,553,696
 
  
$
56
 
  
$
247,577
 
  
$
(75,443)
 
 
$
(34,006)
 
 
$
138,413
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
 
    
Class A
    
Class B
                           
    
Common Stock
    
Common Stock
    
Additional
                    
                                
Paid-In
    
Accumulated
   
Treasury
       
    
Shares
    
Amount
    
Shares
    
Amount
    
Capital
    
Deficit
   
Stock
   
Total
 
Stockholders’ equity, December 31, 2021
     23,922,974      $ 232        5,553,696      $ 56      $ 248,438      $ (36,509   $ (34,006   $ 178,211  
Stock-based compensation
     —          —          —          —          106        —         —         106  
Options exercised
     40,913        —          —          —          94        —         —         94  
Lapse of restricted shares
     14,854        —          —          —          —          —         —         —    
Net income
     —          —          —          —          —          1,739       —         1,739  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
Stockholders’ equity, March 31, 2022
  
 
23,978,741
 
  
$
232
 
  
 
5,553,696
 
  
$
56
 
  
$
248,638
 
  
$
(34,770
 
$
(34,006
 
$
180,150
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
Stock-based compensation
     —          —          —          —          68        —         —         68  
Net income
     —          —          —          —          —          9,117       —         9,117  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
Stockholders’ equity, June 30, 2022
  
 
23,978,741
 
  
$
 232
 
  
 
5,553,696
 
  
$
56
 
  
$
 248,706
 
  
$
(25,653
 
$
(34,006
 
$
189,335
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
See accompanying notes
 
6

SALEM MEDIA GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
 
    
Six Months Ended

June 30,
 
    
2021
   
2022
 
OPERATING ACTIVITIES
                
Net income
   $ 2,580    
$
10,856
 
Adjustments to reconcile net income to net cash provided by operating activities:
                
Non-cash
stock-based compensation
     162    
 
174
 
Depreciation and amortization
     6,456    
 
6,466
 
Amortization of deferred financing costs
     426    
 
496
 
Non-cash
lease expense
     4,348    
 
4,414
 
Provision for bad debts
     (325  
 
(102
Deferred income taxes
     (403  
 
(1,204
Change in the estimated fair value of contingent
earn-out
consideration
           
 
(5
Impairment of indefinite-lived long-term assets other than goodwill
           
 
3,935
 
Impairment of goodwill
           
 
127
 
(Gain) loss on early retirement of long-term debt
           
 
18
 
Net (gain) loss on the disposition of assets
     55    
 
(8,628
Changes in operating assets and liabilities:
                
Accounts receivable and unbilled revenue
     421    
 
(5,314
Inventories
     (224  
 
(568
Prepaid expenses and other current assets
     (319  
 
(1,608
Accounts payable and accrued expenses
     453    
 
5,162
 
Operating lease liabilities
     (4,931  
 
(4,324
Contract liabilities
     1,310    
 
(167
Deferred rent income
     111    
 
(88
Other liabilities
     35    
 
(518
Income taxes payable
     42    
 
(1,322
    
 
 
   
 
 
 
Net cash provided by operating activities
     10,197    
 
7,800
 
    
 
 
   
 
 
 
INVESTING ACTIVITIES
                
Cash paid for capital expenditures net of tenant improvement allowances
     (3,994  
 
(6,153
Capital expenditures reimbursable under tenant improvement allowances and trade agreements
     (19  
 
(52
Deposit on broadcast assets and radio station acquisitions
     (100  
 
  
 
Purchases of broadcast assets and radio stations
     (600  
 
(548
Purchases of digital media businesses and assets
     (1,300  
 
(190
Return of equity investment in OneParty America LLC
           
 
4,500
 
Equity investment in OneParty America LLC
     (500  
 
(3,500
Proceeds from sale of assets
     3,627    
 
14,150
 
Other
     (314  
 
106
 
    
 
 
   
 
 
 
Net cash provided by (used in) investing activities
     (3,200  
 
8,313
 
    
 
 
   
 
 
 
FINANCING ACTIVITIES
                
Payments to repurchase 2024 Notes
           
 
(15,394
Proceeds from borrowings under ABL Facility
     16    
 
26,229
 
Payments on ABL Facility
     (5,016  
 
(26,219
Proceeds from borrowings under PPP Loans
     11,195    
 
  
 
Payments of debt issuance costs
     (19  
 
(37
Proceeds from the exercise of stock options
     392    
 
94
 
Payments on financing lease liabilities
     (32  
 
(31
    
 
 
   
 
 
 
Net cash provided by (used in) financing activities
     6,536    
 
(15,358
    
 
 
   
 
 
 
Net increase in cash and cash equivalents
     13,533    
 
755
 
Cash and cash equivalents at beginning of year
     6,325    
 
1,785
 
    
 
 
   
 
 
 
Cash and cash equivalents at end of period
   $ 19,858    
$
2,540
 
    
 
 
   
 
 
 
See accompanying notes
 
7

SALEM MEDIA GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(Dollars in thousands)
(Unaudited)
 
    
Six Months Ended

June 30,
 
    
2021
    
2022
 
Supplemental disclosures of cash flow information:
                 
Cash paid during the period for:
                 
Cash paid for interest, net of capitalized interest
   $   7,391     
$
  6,156
 
Cash paid for interest on finance lease liabilities
   $ 4     
$
4
 
Net cash paid for (received from) income taxes
   $ 3     
$
1,233
 
Other supplemental disclosures of cash flow information:
                 
Barter revenue
   $ 1,065     
$
1,525
 
Barter expense
   $ 1,092     
$
1,632
 
Non-cash
investing and financing activities:
                 
Capital expenditures reimbursable under tenant improvement allowances
   $ 19     
$
52
 
Right-of-use
assets acquired through operating leases
   $ 1,957     
$
5,569
 
Right-of-use
assets acquired through financing leases
   $ 4     
$
17
 
Non-cash
capital expenditures for property & equipment acquired under trade agreements
   $ 27     
$
  
 
Net assets and liabilities assumed in a
non-cash
acquisition
   $ 129     
$
  
 
Estimated present value of contingent-earn out consideration
   $ 11     
$
6
 
 
See accompanying notes
 
 
8

SALEM MEDIA GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1. BUSINESS AND BASIS OF PRESENTATION
Business
Salem Media Group, Inc. (“Salem,” “we,” “us,” “our” or the “company”) is a domestic multimedia company specializing in Christian and conservative content. Our media properties include radio broadcasting, digital media, and publishing entities. We have three operating segments: (1) Broadcast, (2) Digital Media, and (3) Publishing, which are discussed in Note 17 – Segment Data.
Basis of Presentation
The accompanying Condensed Consolidated Financial Statements of Salem include the company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. Investments in entities for which we have a significant influence, but less than a controlling financial interest, are accounted for using the equity method.
Information with respect to the three and six months ended June 30, 2022 and 2021 is unaudited. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Form
10-Q
and Article 10 of Regulation
S-X.
Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the unaudited interim financial statements contain all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the financial position, results of operations and cash flows of the company. The unaudited interim financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Annual Report for Salem filed on Form
10-K
for the year ended December 31, 2021. Our results are subject to seasonal fluctuations and therefore, the results of operations for the interim periods presented are not necessarily indicative of the results of operations for a full year.
The balance sheet at December 31, 2021 included in this report has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP. Certain reclassifications have been made to the prior year financial statements to conform to the presentation in the current year, which had no impact on the previously reported financial statements.
Impact of the
COVID-19
Pandemic
During 2020 we implemented several measures to reduce costs and conserve cash to ensure that we had adequate liquidity to meet our debt servicing requirements. As the economy began to show signs of recovery, we reversed several of these cost reduction initiatives during 2021. We continue to operate with lower staffing levels where appropriate, we have not declared or paid equity distributions on our common stock, and the company 401(k) match was not reinstated until January 2022.
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) provided emergency economic assistance for individuals and businesses impacted by the
COVID-19
pandemic, including opportunities for additional liquidity, loan guarantees, and other government programs. The Consolidated Appropriations Act (“CAA”) included a second relief package, which, among other things, provides for an extension of the Payroll Support Program established by the CARES Act. We utilized certain benefits of the CARES Act and the CAA, including:
 
   
We deferred $3.3 million of employer FICA taxes from April 2020 through December 2020, of which 50% was paid in December 2021 and the remaining 50% is payable in December 2022;
 
   
A relaxation of interest expense deduction limitation for income tax purposes;
 
   
We received Paycheck Protection Program (“PPP”) loans of $11.2 million in total during the first quarter of 2021 through the Small Business Association (“SBA”) based on the eligibility as determined on a
per-location
basis; and
 
   
In July 2021, the SBA forgave all but $20,000 of the PPP loans, with the remaining PPP loan repaid in July 2021.
Equity Method Investment
We invested in OneParty America LLC (“OPA”), an entity formed for the purpose of developing, producing, and distributing a documentary motion picture. We analyzed our investment to determine the degree to which we influenced OPA. The determination of the degree to which we can influence an investee requires extensive analysis depending on the terms and nature of each investment.
We reviewed OPA in accordance with the guidance within Accounting Standards Codification (“ASC”) 810
, Consolidation
. Based on our analysis using the variable interest model, we determined that OPA was a Variable Interest Entity (“VIE”), but because we did not have a controlling financial interest, we were not the primary beneficiary of OPA. Accordingly, we accounted for our investment in OPA in accordance with ASC
323-30
, Investments – Equity Method and Joint Ventures
.
 
9

We recorded our equity method investment at cost with subsequent adjustments to the carrying value for our share of the earnings or losses of OPA. Distributions received from the equity method investment were recorded as reductions in the carrying value of such investment and are classified on the unaudited condensed consolidated interim statements of cash flows pursuant to the cumulative earnings approach. Under the cumulative earnings approach, distributions received are accounted for as a return on investment in cash inflows from operating activities unless the cumulative distributions received exceed the cumulative equity in earnings recognized from the investment. When such an excess occurs, the current period distributions up to this excess are considered returns of investment and are classified as cash inflows from investing activities.
The documentary motion picture,
2,000 Mules
, was released in May 2022. We recorded $3.9 million of earnings from our equity investment in OPA. At June 30, 2022, we recorded a net receivable of $1.3 million from OPA that is included in other receivables in our Condensed Consolidated Balance sheet representing our share of profit from the documentary motion picture.
We monitor equity method investments for impairment and records a reduction in the carrying value if the carrying exceeds the estimated fair value. An impairment charge is recorded when such impairment is deemed to be other than temporary. To determine whether an impairment is other than temporary, we consider our ability and intent to hold the investment until the carrying amount is fully recovered. Circumstances that indicate an impairment may have occurred include factors such as decreases in quoted market prices or declines in the operations of the investee. The evaluation of the investment for potential impairment requires us to exercise significant judgment and to make certain assumptions. The use of different judgments and assumptions could result in different conclusions. There were no indications of impairment at June 30, 2022.
Use of Estimates
Our consolidated financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. These estimates require the use of judgment as future events, and the effect of these events cannot be predicted with certainty. The
COVID-19
pandemic created significant uncertainty and disruption in the global economy and financial markets. It is reasonably possible that these uncertainties could materially impact our estimates related to, but not limited to, revenue recognition, broadcast licenses, goodwill, and income taxes. As a result, many of our estimates and assumptions require increased judgment and carry a higher degree of variability and volatility.
Our estimates may change as new events occur and additional information emerges, and such changes are recognized or disclosed in our consolidated financial statements. We evaluate and update our assumptions and estimates on an ongoing basis and we may consult outside experts to assist as considered necessary.
Significant areas for which management uses estimates include:
 
   
revenue recognition;
 
   
asset impairments, including broadcasting licenses and goodwill;
 
   
contingency reserves;
 
   
allowance for doubtful accounts;
 
   
barter transactions;
 
   
assessment of contract-based factors, asset-based factors, entity-based factors and market-based factors to determine the lease term impacting
Right-Of-Use
(“ROU”) assets and lease liabilities;
 
   
determining the Incremental Borrowing Rate (“IBR”) for calculating ROU assets and lease liabilities,
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Except for our accounting policies for investments, there have been no changes to our significant accounting policies described in Note 2 to our Annual Report on Form
10-K
for the year ended December 31, 2021, filed with the SEC on March 4, 2022, that have had a material impact on our Condensed Consolidated Financial Statements and related notes.
We may make strategic investments in entities that share similar interests in Christian and conservative content. The accounting for these investments depends on the degree to which we influence the investee. The determination of the degree to which we can influence the investee requires extensive analysis depending on the terms and nature of each investment. For material investments that we directly or indirectly hold a controlling financial interest, we apply the guidance within Accounting Standards Codification (“ASC”) 810
, Consolidation
. For material investments that we do not hold a controlling interest, but for which we have significant influence, we apply the equity method of accounting under ASC
323-30,
Investments – Equity Method and Joint Ventures
. For investments in which we do not have significant influence, we apply the accounting guidance in ASC 321
– Investments Equity Securities
.
Recent Accounting Pronouncements
Changes to accounting principles are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Update (“ASUs”) to the FASB’s Codification. We consider the applicability and impact of all ASUs on our financial position, results of operations, cash flows, or presentation thereof. Described below are ASUs that may be applicable to our financial position, results of operations, cash flows, or presentation thereof. ASUs not listed below were assessed and determined to not be applicable to our financial position, results of operations, cash flows, or presentation thereof.
 
10

Accounting Standards Adopted in 2022
In November 2021, the FASB issued ASU
No. 2021-10,
Disclosures by Business Entities about Government Assistance
. The ASU codifies new requirements to disclose information about the nature of certain government assistance received, the accounting policy used to account for the transactions, the location in the financial statements where such transactions were recorded, and significant terms and conditions associated with such transactions. The guidance was effective for annual periods beginning on January 1, 2022. The adoption of ASU
No. 2021-10
did not have a material impact on our consolidated financial position, results of operations, cash flows, or presentation thereof.
Recent Accounting Standards or Updates Not Yet Effective
In June 2022, the FASB issued ASU
2022-03,
Fair Value Measurement (Topic 820) Fair Value Measurement of Equity Securities Subject to Contractual Sales Restrictions
. This amended guidance clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The ASU is effective January 1, 2024 and is to be applied prospectively with early adoption permitted. We do not expect the adoption of this ASU to have a material impact on our consolidated financial position, results of operations, cash flows, or presentation thereof.
In March 2022, the FASB issued ASU
2022-02,
 Troubled Debt Restructurings (“TDRs”) and Vintage Disclosures
 (Topic 326):
 Financial Instruments – Credit Losses
. This amended guidance will eliminate the accounting designation of a loan modification as a TDR, including eliminating the measurement guidance for TDRs. The amendments also enhance existing disclosure requirements and introduce new requirements related to modifications of receivables made to borrowers experiencing financial difficulty. Additionally, this guidance requires entities to disclose gross write-offs by year of origination for financing receivables, such as loans and interest receivable. The ASU is effective January 1, 2023, and is required to be applied prospectively, except for the recognition and measurement of TDRs which can be applied on a modified retrospective basis. We do not expect the adoption of this ASU to have a material impact on our consolidated financial position, results of operations, cash flows, or presentation thereof.
In
 October 2021,
 the FASB issued ASU
 2021
-
08,
 Business Combinations (Topic
 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers
, which requires an acquirer to recognize and measure contract assets and liabilities acquired in a business combination in accordance with Revenue from Contracts with Customers (Topic
 606
) rather than adjust them to fair value at the acquisition date. The ASU is effective January 1, 2023, with early adoption permitted. The impact that this pronouncement will have will depend on the nature of business acquisitions that may take place in the future.
NOTE 3. RECENT TRANSACTIONS
During the
six-month
period ended June 30, 2022, we completed or entered into the following transactions:
Debt Transactions
We completed repurchases of our 2024 Notes as follows:
 
Date
  
Principal
Repurchased
    
Cash
Paid
    
% of Face
Value
   
Bond Issue
Costs
    
Net Gain
(Loss)
 
                                   
    
(Dollars in thousands)
 
June 13, 2022
   $ 5,000      $ 4,947        98.95   $ 35      $ 18  
June 10, 2022
     3,000        2,970        99.00     21        9  
June 7, 2022
     2,464        2,446        99.25     17        1  
May 17, 2022
     2,525        2,500        99.00     18        7  
January 12, 2022
     2,500        2,531        101.26     22        (53
Acquisitions
On May 2, 2022, we acquired websites and the related assets of Retirement Media for $0.2 million in cash. We recorded goodwill of approximately $2,400 associated with the expected synergies to be realized upon combining the operations into our digital media platform within Eagle Financial Publications. The accompanying Condensed Consolidated Statement of Operations reflects the operating results of this entity as of the closing date within our digital media segment.
On February 15, 2022, we closed on the acquisition of radio station
WLCC-AM
and an FM translator in the Tampa, Florida market for $0.6 million of cash. The WLCC transmitter site will be used to broadcast radio station
WTBN-AM
due to the sale of land housing the
WTBN-AM
transmitter.
The total purchase price consideration for our business acquisitions and asset purchases during the
six-month
period ending June 30, 2022, is as follows:
 
Description
  
Total Consideration
 
    
(Dollars in thousands)
 
Cash payments made upon closing
  
$
738
 
Escrow deposits paid in prior years
  
 
60
 
    
 
 
 
Total purchase price consideration
  
$
798
 
    
 
 
 
 
11

The allocations presented in the table below are based upon estimates of the fair values using valuation techniques including income, cost, and market approaches. The following preliminary purchase price allocations are based upon the valuation of assets and these estimates and assumptions are subject to change as we obtain additional information during the measurement period, which may be up to one year from the acquisition date. Differences between the preliminary and final valuation could be substantially different from the initial estimate.
 
         
Net Broadcast
Assets 
    
Net Digital
Media Assets
    
Total
Net Assets
 
Assets
                               
     Property and equipment    $ 418        166        584  
     Broadcast licenses      190        —          190  
     Goodwill      —          2        2  
     Domain and brand names      —          11        11  
    
Non-Compete
agreement
     —          11        11  
         
 
 
    
 
 
    
 
 
 
         
$
608
 
  
$
190
 
  
$
798
 
         
 
 
    
 
 
    
 
 
 
Divestitures
On June 27, 2022, we sold 9.3 acres of land in the Denver area for $8.2 million resulting in a
pre-tax
gain of $6.5 million. The land was being used as the transmitter site for radio stations
KRKS-AM
and
KBJD-AM
and was an integral part of our broadcast operations for these stations. We will continue broadcasting both
KRKS-AM
and
KBJD-AM
from this site.
On May 25, 2022, we sold radio stations
WFIA-AM,
WFIA-FM
and
WGTK-AM
in Louisville, Kentucky for $4.0 million with credits applied from amounts previously paid, including a portion of the monthly fees paid under a Time Brokerage Agreement (“TBA”). We recorded a
pre-tax
gain of $0.5 million.
On January 10, 2022, we closed on the sale of 4.5 acres of land in Phoenix, Arizona for $2.0 million in cash. The land was being used as the transmitter site for radio station
KXXT-AM
and was an integral part of our broadcast operations for that station. We recorded a
pre-tax
gain of $1.8 million on the sale and had access to the land for 90-days
 
to relocate our transmitter equipment for KXXT-AM.
 
We continue to operate radio station KXXT-AM with a similar broadcast signal.
Pending Transactions
On June 2, 2021, we entered into an Asset Purchase Agreement (“APA”) to acquire radio station
KKOL-AM
in Seattle, Washington for $0.5 million. We paid $0.1 million in cash into an escrow account, and we began operating the station under an Local Marketing Agreement (“LMA”) on June 7, 2021. We expect this transaction to close in the latter half of 2022.
NOTE 4. REVENUE RECOGNITION
The following table presents our revenues disaggregated by revenue source for each of our operating segments:
 
    
Six Months Ended June 30, 2022
 
    
Broadcast
    
Digital Media
    
Publishing
    
Consolidated
 
                             
    
(Dollars in thousands)
 
By Source of Revenue:
                                   
Block Programming – National
   $ 26,399      $ —        $ —        $ 26,399  
Block Programming – Local
     12,049        —          —          12,049  
    
 
 
    
 
 
    
 
 
    
 
 
 
Broadcast Programming Revenue
  
 
38,448
 
     —          —       
 
38,448
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Spot Advertising – National
     7,700        —          —          7,700  
Spot Advertising – Local
     21,552        —          —          21,552  
Network Advertising
     10,240        —          —          10,240  
    
 
 
    
 
 
    
 
 
    
 
 
 
Broadcast Advertising Revenue
  
 
39,492
 
     —          —       
 
39,492
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Infomercials
     373        —          —          373  
Other Revenue
     4,484        —          —          4,484  
    
 
 
    
 
 
    
 
 
    
 
 
 
Other Broadcast Revenue
  
 
4,857
 
     —          —       
 
4,857
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Digital Advertising
     14,112        9,088                  23,200  
Digital Streaming
     2,492        1,798                  4,290  
Digital Downloads
     387        3,797                  4,184  
Digital Subscriptions
     503        6,343                  6,846  
Other Digital Revenue
     593        78                  671  
    
 
 
    
 
 
    
 
 
    
 
 
 
Digital Revenue