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, 2022

The table below presents financial information for each operating segment as of June 30, 2022 and 2021 based on the composition of our operating segments:


	Broadcast			Digital Media			Publishing			Unallocated Corporate Expenses			Consolidated

	(Dollars in thousands)
Three Months Ended June 30, 2022
Net revenue	$	52,452		$	10,804		$	5,426		$	—		$	68,682
Operating expenses		42,489			8,273			5,432			4,781			60,975

Net operating income (loss) before debt modification costs, depreciation, amortization, impairments, and net (gain) loss on the disposition of assets	$	9,963		$	2,531		$	(6	)	$	(4,781	)	$	7,707

Debt modification costs		—			—			—			20			20
Depreciation		1,530			979			89			260			2,858
Amortization		4			328			—			—			332
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		(6,919	)		(1	)		—			27			(6,893	)

Net operating income (loss)	$	11,286		$	1,225		$	(95	)	$	(5,088	)	$	7,328

Three Months Ended June 30, 2021
Net revenue	$	46,783		$	10,339		$	6,660		$	—		$	63,782
Operating expenses		36,162			8,338			6,426			4,192			55,118

Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairments, and net (gain) loss on the disposition of assets	$	10,621		$	2,001		$	234		$	(4,192	)	$	8,664

Depreciation		1,603			860			44			234			2,741
Amortization		4			397			144			—			545
Net (gain) loss on the disposition of assets		—			65			(328	)		—			(263	)

Net operating income (loss)	$	9,014		$	679		$	374		$	(4,426	)	$	5,641


	Broadcast			Digital Media			Publishing			Unallocated Corporate Expenses			Consolidated

	(Dollars in thousands)
Six Months Ended June 30, 2022
Net revenue	$	100,884		$	21,104		$	9,303		$	—		$	131,291
Operating expenses		80,610			16,746			9,899			9,591			116,846

Net operating income (loss) before debt modification costs, depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairments, and net (gain) loss on the disposition of assets	$	20,274		$	4,358		$	(596	)	$	(9,591	)	$	14,445

Debt modification costs		—			—			—			248			248
Depreciation		3,186			1,920			169			525			5,800
Amortization		8			658			—			—			666
Change in the estimated fair value of contingent earn-out consideration		—			(5	)		—			—			(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		(8,657	)		(1	)		—			30			(8,628	)

Net operating income (loss)	$	21,675		$	1,786		$	(765	)	$	(10,394	)	$	12,302

Six Months Ended June 30, 2021
Net revenue	$	90,831		$	19,958		$	12,346		$	—		$	123,135
Operating expenses		69,505			17,011			11,631			8,480			106,627

Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairments, and net (gain) loss on the disposition of assets	$	21,326		$	2,947		$	715		$	(8,480	)	$	16,508

Depreciation		3,128			1,641			91			470			5,330
Amortization		8			829			289			—			1,126
Net (gain) loss on the disposition of assets		318			65			(328	)		—			55

Net operating income (loss)	$	17,872		$	412		$	663		$	(8,950	)	$	9,997


	Broadcast		Digital Media		Publishing		Unallocated Corporate		Consolidated

	(Dollars in thousands)
As of June 30, 2022
Inventories, net	$	—	$	—	$	1,528	$	—	$	1,528
Property and equipment, net		62,370		8,115		641		8,587		79,713
Broadcast licenses		313,500		—		—		—		313,500
Goodwill		2,622		19,793		1,446		—		23,861
Amortizable intangible assets, net		221		1,578		—		—		1,799
As of December 31, 2021
Inventories, net	$	—	$	—	$	960	$	—	$	960
Property and equipment, net		61,694		8,447		746		8,452		79,339
Broadcast licenses		320,008		—		—		—		320,008
Goodwill		2,750		19,790		1,446		—		23,986
Amortizable intangible assets, net		229		2,215		—		—		2,444