Salem Media Group, Inc. Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2021

Significant changes in our contract liabilities balances during the period are as follows:


	Short- Term			Long- Term
	(Dollars in thousands)
Balance, beginning of period January 1, 2021	$	11,652		$	1,869
Revenue recognized during the period that was included in the beginning balance of contract liabilities		(3,814	)		—
Additional amounts recognized during the period		7,087			524
Revenue recognized during the period that was recorded during the period		(2,559	)		—
Transfers		234			(234	)

Balance, end of period March 31, 2021	$	12,600			2,159

Amount refundable at beginning of period	$	11,607			1,869
Amount refundable at end of period	$	12,588			2,159

We expect to satisfy these performance obligations as follows:


	Amount
For the Twelve Months Ended March 31,	(Dollars in thousands)
2022	$	12,600
2023		1,365
2024		472
2025		184
2026		55
Thereafter		83

	$	14,759

Trade and barter revenues and expenses were as follows:


	Three Months Ended
	March 31,
	2020		2021
Net broadcast barter revenue	$	1,166	$	391
Net digital media barter revenue		—		—
Net publishing barter revenue		26		—
Net broadcast barter expense	$	1,034	$	373
Net digital media barter expense		—		—
Net publishing barter expense		—		—

The following table presents our revenues disaggregated by revenue source for each of our operating segments:


	Three Months Ended March 31, 2021
	Broadcast		Digital Media		Publishing		Consolidated
	(dollars in thousands)
By Source of Revenue:
Block Programming—National	$	11,461	$	—	$	—	$	11,461
Block Programming—Local		5,956		—		—		5,956
Spot Advertising—National		3,660		—		—		3,660
Spot Advertising—Local		8,895		—		—		8,895
Infomercials		237		—		—		237
Network		4,871		—		—		4,871
Digital Advertising		5,781		4,413		62		10,256
Digital Streaming		853		844		—		1,697
Digital Downloads and eBooks		60		1,479		339		1,878
Subscriptions		286		2,773		158		3,217
Book Sales and e-commerce, net of estimated sales returns and allowances		89		31		3,208		3,328
Self-Publishing Fees		—		—		1,624		1,624
Print Advertising		—		—		68		68
Other Revenues		1,899		79		227		2,205

	$	44,048	$	9,619	$	5,686	$	59,353

Timing of Revenue Recognition
Point in Time	$	43,425	$	9,619		5,686	$	58,730
Rental Income (1)		623		—		—		623

	$	44,048	$	9,619	$	5,686	$	59,353


	Three Months Ended March 31, 2020
	Broadcast		Digital Media		Publishing		Consolidated
	(dollars in thousands)
By Source of Revenue:
Block Programming—National	$	12,034	$	—	$	—	$	12,034
Block Programming—Local		6,808		—		—		6,808
Spot Advertising—National		3,957		—		—		3,957
Spot Advertising—Local		11,357		—		—		11,357
Infomercials		308		—		—		308
Network		4,388		—		—		4,388
Digital Advertising		3,326		4,713		99		8,138
Digital Streaming		608		915		—		1,523
Digital Downloads and eBooks		—		1,245		254		1,499
Subscriptions		282		2,135		177		2,594
Book Sales and e-commerce, net of estimated sales returns and allowances		76		28		1,723		1,827
Self-Publishing Fees		—		—		1,402		1,402
Print Advertising		1		—		102		103
Other Revenues		2,035		68		209		2,312

	$	45,180	$	9,104	$	3,966	$	58,250

Timing of Revenue Recognition
Point in Time	$	44,563	$	9,104	$	3,966	$	57,633
Rental Income (1)		617		—		—		617

	$	45,180	$	9,104	$	3,966	$	58,250

(1)	Rental income is not applicable to ASC Topic 606, but shown for the purpose of identifying each revenue source presented in total revenue on our Condensed Consolidated Financial Statements within this report on Form 10-Q.