SALEM MEDIA GROUP, INC. /DE/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SALEM MEDIA GROUP, INC. /DE/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2013	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Revenue	237	267	266	274	264	263	254	236	258	267
General and administrative	16.1	17.1	15.1	15	16.3	15.7	15.9	16.2	17.5	18.6
Operating expenses	186	218						244	212	262
Operating income	34.5	28.6	33	28.1	23	17	-8.2	-7.75	46.2	5.15
Interest expense	16.9	16	15.4	14.9	16.7	18.3	17.5	16.1	15.8	13.1
Interest income	0.07	0.05	0.01	0.01	0	0.01	0	0	0.01	0.17
Other non-operating income	0.02	0.67	0.2	0.01	-0.08	-0.01	0.16	-0.01	0.11	-0
Pre-tax income	-6.89	10.2	17.8	13.4	3.77	-0.72	-23.9	-23.8	40.8	-3.63
Income tax	-4.19	4.77	6.7	4.57	-20.9	2.47	3.98	30.3	-0.76	-0.39
Income from continuing operations	-2.7	5.48	11.2	8.87	24.6
Net income	-2.74	5.48	11.2	8.87	24.6	-3.19	-27.8	-54.1	41.5	-3.24
EBITDA	49.8	47.4	50.8	45.4	39.9	35.2	7.73	6.3	59.1	17.8
EPS, basic	-0.11	0.21	0.43	0.34	0.94	-0.12	-1.05	-2.03	1.54	-0.12
EPS, diluted	-0.11	0.21	0.43	0.34	0.94	-0.12	-1.05	-2.03	1.52	-0.12
Shares, basic (weighted)	24.9	25.3	25.4	25.7	26.1	26.2	26.5	26.7	26.9	27.2
Shares, diluted (weighted)	24.9	26.1	25.9	26	26.4	26.2	26.5	26.7	27.3	27.2
Dividend per share	0.05	0.24	0.26	0.07	0.26	0.26

Balance sheet

	FY2013	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Cash and equivalents	0.07	0.03	0.1	0.13	0	0.12	0.01	6.33	1.79	0
Receivables	37.6	34.8	37.2	37.3	32.5	33	30.8	24.5	25.7	30.8
Inventory		0.57	0.89	0.67	0.73	0.68	0.72	0.5	0.96	1.51
Other current assets	4.05	5.58	6.29	6.29	6.82	6.5	5.89	6.85	6.77	7.62
Total current assets	51	54.4	58	54.5	46.7	43.6	41.7	45.8	41.5	45.1
Property, plant and equipment	98.9	99.2	105	103	99.5	96.3	87.7	79.1	79.3	81.3
Lease right-of-use assets							54.6	48.2	43.6	43.7
Goodwill	22.4	24.7	24.6	25.6	26.4	26.8	24	23.8	24	24.1
Intangible assets	8.79	12.4	11.5	14.4	13.1	11.3	7.1	4.02	2.44	2.15
Other non-current assets	2.1	2.06	2.5	2.95	3.19	3.64	4.2	2.82	4.04	3.42
Total assets	575	583	596	590	573	559	558	525	516	505
Accounts payable	3.96	2.96	5.18	4.97	1.58	2.19	3.47	2.01	2.66	6.54
Accrued liabilities	7.89	12.7	14	15.7	9.28	10.1	9.4	11	12	17.5
Deferred revenue	9.72	13.2	11.5	9.49	12.8	11.5	9.49	11.7	12.3	11.9
Short-term debt	3.12	1.9	5.66	0.59	9.11	19.7	12.4	5	0	8.96
Total current liabilities	31.8	39.8	44.8	39.1	42.1	52.9	53.1	50.9	51.5	64.6
Long-term debt	288	276	269	261	250	234	216	214	171	150
Lease liabilities							54.1	47.7	42.2	42.4
Other non-current liabilities	0.45	4.12	0.64	0.07	0.06	0.06	0.51	2.21	0.59	0.07
Total liabilities	373	379	386	379	342	337	369	389	338	330
Total debt	291	278	275	0	9	19.7	232	219	175	163
Paid-in capital	238	239	241	242	245	245	247	247	248	249
Retained earnings	-2.06	-4.22	0.32	2.52	20.4	10.4	23.3	-78	-36.5	-39.7
Treasury stock	-34	-34	-34	-34	-34	-34	-34	-34	-34	-34
Shareholders' equity	202	201	207	211	231	222	190	135	178	175
Total equity	202	201	207	211	231	222	190	135	178	175
Total liabilities and equity	575	583	596	590	573	559	558	525	516	505

Cash flow statement

	FY2013	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Net income	-2.74	5.48	11.2	8.87	24.6	-3.19	-27.8	-54.1	41.5	-3.24
Depreciation and amortization	15.3	18.8	17.7	17.3	17	18.2	15.9	14.1	12.8	12.6
Stock-based compensation	1.85	1.58	0.77	0.58	1.72	0.54	1.46	0.35	0.32	0.28
Deferred income tax	-4.76	4.38	6.31	4.09	-20.9	2.19	3.51	30.1	-1.87	-0.28
Change in receivables	-3.05	4.1	1.46	4.24	0.14	-2.81	-0.6	1.52	-1.1	-4.37
Change in inventory	0	-0.03	-0.31	0.22	-0.06	0.05	-0.44	0.22	-0.47	-0.43
Change in payables	-4.73	0.54	-6.48	-0.82	-2.57	1.03	-2.01	3.84	2.85	2.01
Cash from operations	28.7	41.9	36.1	38.9	27.3	23	17	22.9	22.5	7.74
Capital expenditures	-10.6	-10.1
Acquisitions	-1.98
Cash from investing	-17.7	-21.7	-29.2	-15.5	-10.3	-10.7	10.9	-2.94	11.6	-0.9
Debt issued			0	0	255				11.2
Debt repaid	-214	0	0
Stock issued	1.42	1.22	0.39	0.99	0.51	0.04			1.1	0.1
Dividends paid	-5.16	-6.18	-6.61	-6.68	-6.79	-6.81	-5.83	-0.67	0
Cash from financing	-11.3	-20.2	-6.88	-23.3	-17.1	-12.1	-28.1	-13.6	-38.6	-8.63
Net change in cash	-0.32	-0.03	0.07	0.03	-0.13	0.11	-0.11	6.32	-4.54	-1.79
Free cash flow	18.1	31.9
Interest paid	16.7	14.5	14.3	14	14.2	17.2	16.5	15.2	14.9	11.8
Income taxes paid	0.24	0.26	0.33	0.08	0.1	0.19	0.21	0.14	0.13	1.63

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2023; growth uses fiscal years. Valuation uses the share price of $1.00 on August 20, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-16.4%	Operating income / revenue.
EBITDA margin	-11.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-21.6%	Pre-tax income / revenue.
Net margin	-17.5%	Net income / revenue.
Operating cash flow margin	-1.4%	Cash from operations / revenue.
Return on equity (ROE)	-34.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-9.7%	Net income / average total assets.
Return on invested capital (ROIC)	-10.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	4.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-88.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	-25.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-69.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	31.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-15.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-107.8%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-107.9%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-65.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-23.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-22.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-1.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-5.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-2.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.66x	Current assets / current liabilities.
Quick ratio	0.36x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.00x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.36x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	38.2%	Total debt / total assets.
Liabilities / assets	72.0%	Total liabilities / total assets.
Net debt	$179.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-3.13x	Operating income / interest expense.
Working capital	-$27.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	5.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$105.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.56x	Revenue / average total assets.
Fixed asset turnover	3.27x	Revenue / average property, plant and equipment.
Receivables turnover	8.85x	Revenue / average receivables.
Days sales outstanding	41 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.68	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$9.61	Revenue / diluted weighted shares.
Operating cash flow per share	-$0.14	Cash from operations / diluted weighted shares.
Book value per share	$4.86	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.86	Tangible book value / shares outstanding.
Cash per share	$0.00	(Cash + short-term investments) / shares outstanding.

What was SALEM MEDIA GROUP, INC. /DE/'s revenue in fiscal 2022?

SALEM MEDIA GROUP, INC. /DE/ reported revenue of $267.0M for fiscal 2022, 3.4% higher than the year before.

Was SALEM MEDIA GROUP, INC. /DE/ profitable in fiscal 2022?

No. It reported a net loss of $3.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to SALEM MEDIA GROUP, INC. /DE/