Salem Media Group, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Segment Data (Tables)

Segment Data (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Schedule of Segment Data

The table below presents financial information for each operating segment as of December 31, 2019 and 2018 based on the composition of our operating segments:


		Broadcast				Digital Media				Publishing				Unallocated Corporate				Consolidated
		(Dollars in thousands)
Year Ended December 31, 2019
Net revenue		$	193,339			$	39,165			$	21,394			$	—			$	253,898
Operating expenses			149,439				30,801				22,348				15,940				218,528

Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out consideration and net (gain) loss on the disposition of assets		$	43,900			$	8,364			$	(954	)		$	(15,940	)		$	35,370

Depreciation			7,128				3,082				354				733				11,297
Amortization			35				3,757				844				1				4,637
Impairment of indefinite-lived long-term assets other than goodwill			2,908				—				17				—				2,925
Impairment of goodwill			—				2,089				338				—				2,427
Change in estimated fair value of contingent earn-out consideration			—				(41	)			—				—				(41	)
Net (gain) loss on the disposition of assets			22,056				260				10				—				22,326

Operating income (loss)		$	11,773			$	(783	)		$	(2,517	)		$	(16,674	)		$	(8,201	)


		Broadcast				Digital Media				Publishing				Unallocated Corporate				Consolidated
		(Dollars in thousands)
Year Ended December 31, 2018
Net revenue		$	198,502			$	42,595			$	21,686			$	—			$	262,783
Operating expenses			148,614				33,296				22,396				15,686				219,992
Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out consideration and net (gain) loss on the disposition of assets		$	49,888			$	9,299			$	(710	)		$	(15,686	)		$	42,791
Depreciation			7,520				3,169				510				835				12,034
Amortization			38				5,227				926				1				6,192
Impairment of indefinite-lived long-term assets other than goodwill			2,834				—				36				—				2,870
Change in estimated fair value of contingent earn-out consideration			—				76				—				—				76
Net (gain) loss on the disposition of assets			4,653				—				—				—				4,653
Operating income (loss)		$	34,843			$	827			$	(2,182	)		$	(16,522	)		$	16,966


		Broadcast				Digital Media				Publishing				Unallocated Corporate				Consolidated
		(Dollars in thousands)
As of December 31, 2019
Inventories, net		$	—			$	—			$	717			$	—			$	717
Property and equipment, net			72,816				6,127				801				7,929				87,673
Broadcast licenses			337,858				—				—				—				337,858
Goodwill			2,930				19,509				1,551				8				23,998
Other indefinite-lived intangible assets			—				—				260				—				260
Amortizable intangible assets, net			268				5,653				1,178				1				7,100
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