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

Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition (Tables)

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Significant Changes in Our Contract Liabilities

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		(6,292	)		—
Additional amounts recognized during the period		13,531			756
Revenue recognized during the period that was recorded during the period		(6,948	)		—
Transfers		458			(458	)

Balance, end of period June 30, 2021	$	12,401		$	2,167

Amount refundable at beginning of period	$	11,607		$	1,869
Amount refundable at end of period	$	12,389		$	2,167

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

We expect to satisfy these performance obligations as follows:


	Amount
For the Twelve Months Ended June 30,	(Dollars in thousands)
2022	$	12,401
2023		1,225
2024		608
2025		209
2026		68
Thereafter		57

	$	14,568

Trade and Barter Transactions Expenses

Trade and barter revenues and expenses were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2021		2020		2021
	(Dollars in thousands)
Net broadcast barter revenue	$	508	$	674	$	1,674	$	1,065
Net digital media barter revenue		—		—		—		—
Net publishing barter revenue		5		—		31		—
Net broadcast barter expense	$	524	$	712	$	1,558	$	1,085
Net digital media barter expense		—		—		—		—
Net publishing barter expense		—		7		—		7

Reconciliation of Revenue from Segments to Consolidated

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


	Six Months Ended June 30, 2021
	Broadcast		Digital Media		Publishing		Consolidated
			(Dollars in thousands)
By Source of Revenue:
Block Programming—National	$	23,322	$	—	$	—	$	23,322
Block Programming—Local		11,773		—		—		11,773
Spot Advertising—National		7,118		—		—		7,118
Spot Advertising—Local		19,441		—		—		19,441
Infomercials		462		—		—		462
Network		9,821		—		—		9,821
Digital Advertising		11,745		8,806		132		20,683
Digital Streaming		2,093		1,706		—		3,799
Digital Downloads and eBooks		200		3,173		792		4,165
Subscriptions		562		6,072		262		6,896
Book Sales and e-commerce, net of estimated sales returns and allowances		197		98		7,502		7,797
Self-Publishing Fees		—		—		3,174		3,174
Print Advertising		—		—		122		122
Other Revenues		4,097		103		362		4,562

	$	90,831	$	19,958	$	12,346	$	123,135

Timing of Revenue Recognition
Point in Time	$	89,583	$	19,958	$	12,346	$	121,887
Rental Income (1)		1,248		—		—		1,248

	$	90,831	$	19,958	$	12,346	$	123,135


	Six Months Ended June 30, 2020
	Broadcast		Digital Media		Publishing		Consolidated
	(Dollars in thousands)
By Source of Revenue:
Block Programming—National	$	23,804	$	—	$	—	$	23,804
Block Programming—Local		12,440		—		—		12,440
Spot Advertising—National		6,544		—		—		6,544
Spot Advertising—Local		19,145		—		—		19,145
Infomercials		536		—		—		536
Network		8,614		—		—		8,614
Digital Advertising		6,483		9,260		151		15,894
Digital Streaming		1,229		1,768		—		2,997
Digital Downloads and eBooks		—		3,047		504		3,551
Subscriptions		573		4,292		351		5,216
Book Sales and e-commerce, net of estimated sales returns and allowances		1,663		55		3,861		5,579
Self-Publishing Fees		—		—		2,453		2,453
Print Advertising		1		—		193		194
Other Revenues		3,618		125		411		4,154

	$	84,650	$	18,547	$	7,924	$	111,121

Timing of Revenue Recognition
Point in Time	$	83,379	$	18,547	$	7,924	$	109,850
Rental Income (1)		1,271		—		—		1,271

	$	84,650	$	18,547	$	7,924	$	111,121

(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.