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, 2019

The table below presents financial information for each operating segment as of June 30, 2019 and 2018 based on the composition of our operating segments:


	Broadcast			Digital Media			Publishing			Unallocated Corporate Expenses			Consolidated

	(Dollars in thousands)
Three Months Ended June 30, 2019
Net revenue	$	49,082		$	9,960		$	5,638		$	—		$	64,680
Operating expenses		37,707			7,648			5,773			4,332			55,460

Net operating income (loss) before depreciation, amortization and net (gain) loss on the disposition of assets	$	11,375		$	2,312		$	(135	)	$	(4,332	)	$	9,220

Depreciation		1,819			764			93			176			2,852
Amortization		9			903			211			1			1,124
Net (gain) loss on the disposition of assets		(371	)		15			1			(2	)		(357	)

Net operating income (loss)	$	9,918		$	630		$	(440	)	$	(4,507	)	$	5,601

Three Months Ended June 30, 2018
Net revenue	$	50,563		$	10,260		$	5,449		$	—		$	66,272
Operating expenses		37,243			8,397			5,522			4,030			55,192

Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and net (gain) loss on the disposition of assets	$	13,320		$	1,863		$	(73	)	$	(4,030	)	$	11,080

Depreciation		1,911			767			129			228			3,035
Amortization		10			1,223			242			1			1,476
Change in the estimated fair value of contingent earn-out consideration		—			72			—			—			72
Net (gain) loss on the disposition of assets		5,154			—			—			—			5,154

Net operating income (loss)	$	6,245		$	(199	)	$	(444	)	$	(4,259	)	$	1,343

Six Months Ended June 30, 2019
Net revenue	$	95,175		$	20,200		$	9,774		$	—		$	125,149
Operating expenses		74,156			15,706			10,595			8,203			108,660

Net operating income (loss) before depreciation, amortization and net (gain) loss on the disposition of assets	$	21,019		$	4,494		$	(821	)	$	(8,203	)	$	16,489

Depreciation		3,679			1,538			209			359			5,785
Amortization		18			1,978			423			1			2,420
Net (gain) loss on the disposition of assets		3,412			254			1			—			3,667

Net operating income (loss)	$	13,910		$	724		$	(1,454	)	$	(8,563	)	$	4,617

Six Months Ended June 30, 2018
Net revenue	$	98,613		$	20,654		$	10,800		$	—		$	130,067
Operating expenses		72,993			16,771			11,109			7,951			108,824

Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and net (gain) loss on the disposition of assets	$	25,620		$	3,883		$	(309	)	$	(7,951	)	$	21,243

Depreciation		3,769			1,569			260			446			6,044
Amortization		20			2,448			485			1			2,954
Change in the estimated fair value of contingent earn-out consideration		—			72			—			—			72
Net (gain) loss on the disposition of assets		5,159			—			—			—			5,159

Net operating income (loss)	$	16,672		$	(206	)	$	(1,054	)	$	(8,398	)	$	7,014


	Broadcast			Digital Media			Publishing			Unallocated Corporate			Consolidated

	(Dollars in thousands)
As of June 30, 2019
Inventories, net	$	—		$	—		$	630		$	—		$	630
Property and equipment, net		79,872			6,083			826			7,810			94,591
Broadcast licenses		372,325			—			—			—			372,325
Goodwill		2,957			21,592			1,888			8			26,445
Other indefinite-lived intangible assets		—			—			277			—			277
Amortizable intangible assets, net		286			7,175			1,598			2			9,061
As of December 31, 2018
Inventories, net	$	—		$	290		$	387		$	—		$	677
Property and equipment, net		81,269			6,184			933			7,958			96,344
Broadcast licenses		376,316			—			—			—			376,316
Goodwill		2,960			21,933			1,888			8			26,789
Other indefinite-lived intangible assets		—			—			277			—			277
Amortizable intangible assets, net		303			8,937			2,021			3			11,264