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

Operating and Finance Lease Right-of-Use Assets (Tables)

12 Months Ended

Dec. 31, 2020

Supplemental balance sheet information related to leases was as follows:


	December 31, 2020
	(Dollars in thousands)
Operating Leases	Related Party		Other		Total
Operating leases ROU assets	$	6,918	$	41,285	$	48,203
Operating lease liabilities (current)	$	958	$	8,005	$	8,963
Operating lease liabilities (non-current)		6,139		41,601		47,740

Total operating lease liabilities	$	7,097	$	49,606	$	56,703


Weighted Average Remaining Lease Term
Operating leases	8.2 years
Finance leases	3.2 years
Weighted Average Discount Rate
Operating leases	7.92	%
Finance leases	5.35	%

The components of lease expense were as follows:


	Twelve Months Ended December 31, 2020
	(Dollars in thousands)
Amortization of finance lease ROU Assets	$	71
Interest on finance lease liabilities		7

Finance lease expense		78
Operating lease expense		11,832
Variable lease expense		599
Short-term lease expense		612

Total lease expense	$	13,121

Supplemental cash flow information related to leases was as follows:


	Twelve Months Ended December 31, 2020
	(Dollars in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	14,099
Operating cash flows from finance leases		6
Financing cash flows from finance leases		70

Leased assets obtained in exchange for new operating lease liabilities	$	4,185
Leased assets obtained in exchange for new finance lease liabilities		45

Future minimum lease payments under leases that had initial or remaining

non-cancelable

lease terms in excess of

one

year as of December 31, 2020, are as follows:


	Operating Leases
	Related Party			Other			Total			Finance Leases			Total
	(Dollars in thousands)
2021	$	1,507		$	11,256		$	12,763		$	65		$	12,828
2022		1,612			10,735			12,347			57			12,404
2023		1,169			9,671			10,840			37			10,877
2024		1,015			7,400			8,415			17			8,432
2025		1,036			6,069			7,105			6			7,111
Thereafter		4,061			25,967			30,028			—			30,028

Undiscounted Cash Flows	$	10,400		$	71,098		$	81,498		$	182		$	81,680

Less: imputed interest		(3,303	)		(21,492	)		(24,795	)		(15	)		(24,810	)

Total	$	7,097		$	49,606		$	56,703		$	167		$	56,870

Reconciliation to lease liabilities:
Lease liabilities—current	$	958		$	8,005		$	8,963		$	60		$	9,023
Lease liabilities—long-term		6,139			41,601			47,740			107			47,847

Total Lease Liabilities	$	7,097		$	49,606		$	56,703		$	167		$	56,870