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)

9 Months Ended

Sep. 30, 2018

The table below presents financial information for each operating segment as of September 30, 2018 and 2017:


	Broadcast			Digital Media			Publishing			Unallocated Corporate Expenses			Consolidated
	(Dollars in thousands)
Three Months Ended September 30, 2018
Net revenue	$	48,812		$	10,397		$	6,319		$	—		$	65,528
Operating expenses		37,158			8,021			6,210			3,987			55,376

Net operating income (loss) before depreciation, amortization and net loss on the disposition of assets	$	11,654		$	2,376		$	109		$	(3,987	)	$	10,152

Depreciation		1,923			777			128			204			3,032
Amortization		9			1,370			225			—			1,604
Net loss on the disposition of assets		(759	)		—			—			—			(759	)

Net operating income (loss)	$	10,481		$	229		$	(244	)	$	(4,191	)	$	6,275


Three Months Ended September 30, 2017
Net revenue	$	48,424		$	10,446		$	6,563		$	—		$	65,433
Operating expenses		37,040			8,169			6,686			4,233			56,128

Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairment and net gain on the disposition of assets	$	11,384		$	2,277		$	(123	)	$	(4,233	)	$	9,305

Depreciation		1,920			792			159			211			3,082
Amortization		11			860			264			—			1,135
Change in the estimated fair value of contingent earn-out consideration		—			(12	)		—			—			(12	)
Net gain on the disposition of assets		97			—			—			(2	)		95

Net operating income (loss)	$	9,356		$	637		$	(546	)	$	(4,442	)	$	5,005


	Broadcast			Digital Media			Publishing			Unallocated Corporate Expenses			Consolidated
	(Dollars in thousands)
Nine Months Ended September 30, 2018
Net revenue	$	147,425		$	31,051		$	17,119		$	—		$	195,595
Operating expenses		110,151			24,792			17,319			11,938			164,200

Net operating income (loss) before depreciation, amortization and net loss on the disposition of assets	$	37,274		$	6,259		$	(200	)	$	(11,938	)	$	31,395

Depreciation		5,692			2,346			388			650			9,076
Amortization		29			3,818			710			1			4,558
Change in the estimated fair value of contingent earn-out consideration		—			72			—			—			72
Net loss on the disposition of assets		4,400			—			—			—			4,400

Net operating income (loss)	$	27,153		$	23		$	(1,298	)	$	(12,589	)	$	13,289

Nine Months Ended September 30, 2017
Net revenue	$	145,479		$	31,998		$	19,048		$	—		$	196,525
Operating expenses		108,807			25,241			18,705			13,183			165,936

Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairment and net gain on the disposition of assets	$	36,672			6,757		$	343		$	(13,183	)	$	30,589

Depreciation		5,668			2,389			515			599			9,171
Amortization		46			2,494			879			1			3,420
Change in the estimated fair value of contingent earn-out consideration		—			(54	)		—			—			(54	)
Impairment of indefinite-lived long-term assets other than goodwill		—			—			19			—			19
Net gain on the disposition of assets		(399	)		—			(9	)		(2	)		(410	)

Net operating income (loss)	$	31,357		$	1,928		$	(1,061	)	$	(13,781	)	$	18,443



	Broadcast			Digital Media			Publishing			Unallocated Corporate			Consolidated
	(Dollars in thousands)
As of September 30, 2018
Inventories, net	$	—		$	336		$	555		$	—		$	891
Property and equipment, net		81,552			6,442			1,000			7,718			96,712
Broadcast licenses		379,182			—			—			—			379,182
Goodwill		2,960			21,933			1,888			8			26,789
Other indefinite-lived intangible assets		—			—			313			—			313
Amortizable intangible assets, net		312			10,347			2,237			3			12,899

As of December 31, 2017
Inventories, net	$	—		$	313		$	417		$	—		$	730
Property and equipment, net		83,901			6,173			1,281			8,125			99,480
Broadcast licenses		380,914			—			—			—			380,914
Goodwill		3,581			20,947			1,888			8			26,424
Other indefinite-lived intangible assets		—			—			313			—			313
Amortizable intangible assets, net		351			9,801			2,947			5			13,104