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, 2022

The table below presents financial information for each operating segment as of December 31, 2022, and 2021 based on the composition of our operating segments:


	Broadcast			Digital Media			Publishing			Unallocated Corporate Expenses			Consolidated
	(Dollars in thousands)
Year Ended December 31, 2022
Net revenue	$	205,315		$	41,661		$	19,990		$	—		$	266,966
Operating expenses		163,992			33,750			22,142			18,557			238,441

Net operating income (loss) before legal settlement, 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	$	41,323		$	7,911		$	(2,152	)	$	(18,557	)	$	28,525

Legal settlement		4,776			—			—			—			4,776
Debt modification costs		—			—			—			255			255
Depreciation		6,222			3,775			315			1,027			11,339
Amortization		15			1,257			—			—			1,272
Change in the estimated fair value of contingent earn-out consideration		—			(5	)		—			—			(5	)
Impairment of indefinite-lived long-term assets other than goodwill		13,985			—			—			—			13,985
Impairment of goodwill		127			—			—			—			127
Net (gain) loss on the disposition of assets		(8,406	)		—			—			30			(8,376	)

Net operating income (loss)	$	24,604		$	2,884		$	(2,467	)	$	(19,869	)	$	5,152


	Broadcast			Digital Media			Publishing			Unallocated Corporate Expenses			Consolidated
	(Dollars in thousands)
Year Ended December 31, 2021
Net revenue	$	191,443		$	42,164		$	24,640		$	—		$	258,247
Operating expenses		145,720			33,797			23,220			17,483			220,220

Net operating income (loss) before depreciation, amortization, debt modification costs and net (gain) loss on the disposition of assets	$	45,723		$	8,367		$	1,420		$	(17,483	)	$	38,027

Debt modification costs		—			—			—			2,526			2,526
Depreciation		6,186			3,557			210			980			10,933
Amortization		17			1,541			337			—			1,895
Net (gain) loss on the disposition of assets		(23,212	)		(83	)		(306	)		26			(23,575	)

Operating income (loss)	$	62,732		$	3,352		$	1,179		$	(21,015	)	$	46,248


	Broadcast		Digital Media		Publishing		Corporate		Consolidated
	(Dollars in thousands)
As of December 31, 2022
Inventories, net	$	—	$	—	$	1,513	$	—	$	1,513
Property and equipment, net		63,634		7,751		546		9,365		81,296
Broadcast licenses		303,774		—		—		—		303,774
Goodwill		2,623		20,016		1,446		—		24,085
Amortizable intangible assets, net		213		1,637		299		—		2,149


	Broadcast		Digital Media		Publishing		Corporate		Consolidated
	(Dollars in thousands)
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