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, 2021

Segment Reporting [Abstract]

Schedule of Segment Data

The table below presents financial information for each operating segment as of December 31, 2021, and 2020 based on the composition of our operating segments:


		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				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, impairments, change in estimated fair value of contingent earn-out consideration 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
Impairment of indefinite-lived long-term assets other than goodwill			—				(12	)			—				—				(12	)
Impairment of goodwill			16,994				—				260				—				17,254
Change in estimated fair value of contingent earn-out consideration			184				10				105				8				307
Net (gain) loss on the disposition of assets			1,554				—				2				19				1,575

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


		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


		Broadcast				Digital Media				Publishing				Corporate				Consolidated
		(Dollars in thousands)
As of December 31, 2020

Inventories, net		$	—			$	—			$	495			$	—			$	495
Property and equipment, net			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