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, 2018

Segment Reporting [Abstract]

Schedule of Segment Data

The table below presents financial information for each operating segment as of December 31, 2018 and 2017 based on the composition of our operating segments:


		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 (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
(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)
Year Ended December 31, 2017
Net revenue		$	196,197			$	43,096			$	24,443			$	—			$	263,736
Operating expenses			145,494				33,675				24,475				16,255				219,899

Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out consideration and (gain) loss on the disposition of assets		$	50,703			$	9,421			$	(32	)		$	(16,255	)		$	43,837

Depreciation			7,754				3,166				644				805				12,369
Amortization			56				3,414				1,121				2				4,593
Impairment of indefinite-lived long-term assets other than goodwill			—				—				19				—				19
Change in estimated fair value of contingent earn-out consideration			—				(23	)			—				—				(23	)
(Gain) loss on the disposition of assets			3,898				—				(5	)			12				3,905

Operating income (loss)		$	38,995			$	2,864			$	(1,811	)		$	(17,074	)		$	22,974


		Broadcast				Digital Media				Publishing				Unallocated Corporate				Consolidated
		(Dollars in thousands)
As of December 31, 2018
Inventories, net		$	—			$	290			$	387			$	—			$	677
Property and equipment, net			81,427				6,190				933				7,958				96,508
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

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