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, 2020

Segment Reporting [Abstract]

Schedule of Segment Data

The table below presents financial information for each operating segment as of December 31, 2020 and 2019 based on the composition of our operating segments:


		Broadcast				Digital Media				Publishing				Unallocated Corporate Expenses				Consolidated
		(Dollars in thousands)
Year Ended December 31, 2020
Net revenue		$	178,127			$	39,593			$	18,519			$	—			$	236,239
Operating expenses			140,942				31,725				21,950				16,194				210,811

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		$	37,185			$	7,868			$	(3,431	)		$	(16,194	)		$	25,428

Depreciation			6,464				3,096				281				936				10,777
Amortization			23				2,416				841				1				3,281
Change in the estimated fair value of contingent earn-out consideration			—				(12	)			—				—				(12	)
Impairment of indefinite-lived long-term assets other than goodwill			16,994				—				260				—				17,254
Impairment of goodwill			184				10				105				8				307
Net (gain) loss on the disposition of assets			1,554				—				2				19				1,575

Net operating income (loss)		$	11,966			$	2,358			$	(4,920	)		$	(17,158	)		$	(7,754	)


		Broadcast				Digital Media				Publishing				Unallocated Corporate Expenses				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				Corporate				Consolidated
		(Dollars in thousands)
As of December 31, 2020
Inventories, net		$	—			$	—			$	495			$	—			$	495
Property and equipment, n e t			64,231				6,221				741				7,929				79,122
Broadcast licenses			319,773				—				—				—				319,773
Goodwill			2,746				19,565				1,446				—				23,757
Amortizable intangible assets, net			246				3,434				337				—				4,017


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