2020 Q2 Form 10-Q Financial Statement

#000119312520213730 Filed on August 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $52.87M $64.68M
YoY Change -18.26% -2.4%
Cost Of Revenue $46.31M $51.13M
YoY Change -9.43% -0.06%
Gross Profit $6.560M $13.55M
YoY Change -51.59% -10.32%
Gross Profit Margin 12.41% 20.95%
Selling, General & Admin $3.850M $4.330M
YoY Change -11.09% 7.44%
% of Gross Profit 58.69% 31.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.700M $2.900M
YoY Change -6.9% -3.33%
% of Gross Profit 41.16% 21.4%
Operating Expenses $7.420M $8.310M
YoY Change -10.71% -3.6%
Operating Profit -$888.0K $5.601M
YoY Change -115.85% 317.05%
Interest Expense $4.013M $4.371M
YoY Change -8.19% -8.06%
% of Operating Profit 78.04%
Other Income/Expense, Net $6.000K $18.00K
YoY Change -66.67% -120.45%
Pretax Income -$4.895M $1.248M
YoY Change -492.23% -138.22%
Income Tax -$2.380M $4.892M
% Of Pretax Income 391.99%
Net Earnings -$2.515M -$3.644M
YoY Change -30.98% 68.16%
Net Earnings / Revenue -4.76% -5.63%
Basic Earnings Per Share -$0.09 -$0.14
Diluted Earnings Per Share -$0.09 -$0.14
COMMON SHARES
Basic Shares Outstanding 26.68M 26.53M
Diluted Shares Outstanding 26.68M 26.53M

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.00M $0.00
YoY Change
Cash & Equivalents $19.05M $9.000K
Short-Term Investments
Other Short-Term Assets $5.800M $5.400M
YoY Change 7.41% -64.47%
Inventory $707.0K $630.0K
Prepaid Expenses $5.793M $5.383M
Receivables $22.51M $32.15M
Other Receivables $1.297M $876.0K
Total Short-Term Assets $51.34M $41.21M
YoY Change 24.59% -21.66%
LONG-TERM ASSETS
Property, Plant & Equipment $84.38M $94.59M
YoY Change -10.79% -1.9%
Goodwill $23.69M $26.45M
YoY Change -10.41% 2.49%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.755M $4.177M
YoY Change -34.04% 10.85%
Total Long-Term Assets $490.0M $569.8M
YoY Change -14.02% 11.3%
TOTAL ASSETS
Total Short-Term Assets $51.34M $41.21M
Total Long-Term Assets $490.0M $569.8M
Total Assets $541.3M $611.1M
YoY Change -11.42% 8.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.810M $5.736M
YoY Change -16.14% 35.67%
Accrued Expenses $8.360M $8.647M
YoY Change -3.32% -28.24%
Deferred Revenue $16.57M $10.44M
YoY Change 58.73% -8.45%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $19.00M $22.42M
YoY Change -15.24% 86.8%
Total Short-Term Liabilities $68.00M $66.16M
YoY Change 2.78% 34.09%
LONG-TERM LIABILITIES
Long-Term Debt $213.4M $227.9M
YoY Change -6.36% -5.17%
Other Long-Term Liabilities $1.717M $554.0K
YoY Change 209.93% 986.27%
Total Long-Term Liabilities $215.1M $228.4M
YoY Change -5.83% 447823.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.00M $66.16M
Total Long-Term Liabilities $215.1M $228.4M
Total Liabilities $409.8M $394.8M
YoY Change 3.8% 16.87%
SHAREHOLDERS EQUITY
Retained Earnings -$81.68M $3.620M
YoY Change -2356.35% -76.84%
Common Stock $246.9M $246.3M
YoY Change 0.22% 0.61%
Preferred Stock
YoY Change
Treasury Stock (at cost) $34.01M $34.01M
YoY Change 0.0% 0.0%
Treasury Stock Shares $2.318M $2.318M
Shareholders Equity $131.5M $216.2M
YoY Change
Total Liabilities & Shareholders Equity $541.3M $611.1M
YoY Change -11.42% 8.23%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$2.515M -$3.644M
YoY Change -30.98% 68.16%
Depreciation, Depletion And Amortization $2.700M $2.900M
YoY Change -6.9% -3.33%
Cash From Operating Activities $11.24M -$1.210M
YoY Change -1028.93% -56.79%
INVESTING ACTIVITIES
Capital Expenditures -$950.0K -$2.300M
YoY Change -58.7% 4.07%
Acquisitions
YoY Change
Other Investing Activities $2.600M $470.0K
YoY Change 453.19% -76.38%
Cash From Investing Activities $1.650M -$1.810M
YoY Change -191.16% 722.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.920M 3.020M
YoY Change 62.91% -0.33%
NET CHANGE
Cash From Operating Activities 11.24M -1.210M
Cash From Investing Activities 1.650M -1.810M
Cash From Financing Activities 4.920M 3.020M
Net Change In Cash 17.81M -0.0000000009313
YoY Change -1912334188543998000.0% -100.0%
FREE CASH FLOW
Cash From Operating Activities $11.24M -$1.210M
Capital Expenditures -$950.0K -$2.300M
Free Cash Flow $12.19M $1.090M
YoY Change 1018.35% -284.75%

Facts In Submission

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-4796000
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
84380000
CY2020Q2 us-gaap Depreciation
Depreciation
2700000
CY2019Q2 us-gaap Depreciation
Depreciation
2900000
CY2020Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
51899000
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
9588000
CY2020Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
51356000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
60944000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
36000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
4000
salm Finance Lease Cost
FinanceLeaseCost
40000
us-gaap Operating Lease Expense
OperatingLeaseExpense
7402000
us-gaap Variable Lease Cost
VariableLeaseCost
400000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
309000
us-gaap Lease Cost
LeaseCost
8151000
us-gaap Operating Lease Payments
OperatingLeasePayments
7354000
salm Finance Lease Payments
FinanceLeasePayments
3000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
35000
salm Cash Paid For Amounts Included In Measurement Of Lease Liabilities
CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilities
2080000
CY2020Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
159000
CY2020Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
61000
CY2020Q2 salm Contractual Obligations Current
ContractualObligationsCurrent
9649000
CY2020Q2 salm Contractual Obligations Non Current
ContractualObligationsNonCurrent
51454000
CY2020Q2 salm Contractual Obligations Present Value
ContractualObligationsPresentValue
61103000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
111121000
us-gaap Depreciation
Depreciation
5800000
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y6M
CY2020Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P3Y
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0774
CY2020Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0459
CY2020Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
16567000
CY2020Q2 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
16477000
CY2019Q4 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
9403000
CY2020Q2 us-gaap Contract With Customer Refund Liability Noncurrent
ContractWithCustomerRefundLiabilityNoncurrent
1937000
CY2020Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1M
CY2020Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1M
CY2020Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1M
CY2020Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1M
CY2020Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1M
CY2020Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1M
CY2020Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
11370000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
13615000
CY2020Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
65000
CY2020Q2 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
13680000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
12804000
CY2020Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
49000
CY2020Q2 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
12853000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
11577000
CY2020Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
39000
CY2020Q2 us-gaap Contractual Obligation Due In Third Year
ContractualObligationDueInThirdYear
11616000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
9053000
CY2020Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
14000
CY2020Q2 us-gaap Contractual Obligation Due In Fourth Year
ContractualObligationDueInFourthYear
9067000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
7170000
CY2020Q2 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
2000
CY2020Q2 us-gaap Contractual Obligation Due In Fifth Year
ContractualObligationDueInFifthYear
7172000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
33059000
CY2020Q2 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
0
CY2020Q2 us-gaap Contractual Obligation Due After Fifth Year
ContractualObligationDueAfterFifthYear
33059000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
87278000
CY2020Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
169000
CY2020Q2 us-gaap Contractual Obligation
ContractualObligation
87447000
CY2020Q2 salm Operating Lease Imputed Interest
OperatingLeaseImputedInterest
-26334000
CY2020Q2 salm Finance Lease Liability Imputed Interest
FinanceLeaseLiabilityImputedInterest
-10000
CY2020Q2 salm Contractual Obligation Imputed Interest
ContractualObligationImputedInterest
-26344000
CY2018Q4 salm Indefinitelived License Agreements Gross
IndefinitelivedLicenseAgreementsGross
484691000
CY2019Q4 salm Indefinitelived License Agreements Gross
IndefinitelivedLicenseAgreementsGross
441143000
CY2018Q4 salm Indefinitelived License Agreemets Impaired Accumulated Impairment Loss
IndefinitelivedLicenseAgreemetsImpairedAccumulatedImpairmentLoss
108375000
CY2019Q4 salm Indefinitelived License Agreemets Impaired Accumulated Impairment Loss
IndefinitelivedLicenseAgreemetsImpairedAccumulatedImpairmentLoss
103285000
CY2018Q4 us-gaap Indefinite Lived License Agreements
IndefiniteLivedLicenseAgreements
376316000
CY2019Q4 us-gaap Indefinite Lived License Agreements
IndefiniteLivedLicenseAgreements
337858000
CY2019 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
2908000
us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
16994000
CY2020Q2 us-gaap Indefinite Lived License Agreements
IndefiniteLivedLicenseAgreements
320864000
CY2020Q2 salm Indefinitelived License Agreements Gross
IndefinitelivedLicenseAgreementsGross
441143000
CY2020Q2 salm Indefinitelived License Agreemets Impaired Accumulated Impairment Loss
IndefinitelivedLicenseAgreemetsImpairedAccumulatedImpairmentLoss
120279000
CY2018Q4 us-gaap Goodwill Gross
GoodwillGross
28818000
CY2019Q4 us-gaap Goodwill Gross
GoodwillGross
28454000
CY2018Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
2029000
CY2019Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
4456000
CY2018Q4 us-gaap Goodwill
Goodwill
26789000
CY2019Q4 us-gaap Goodwill
Goodwill
23998000
CY2020Q2 us-gaap Goodwill Gross
GoodwillGross
28454000
CY2020Q2 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
4763000
CY2020Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
62717000
CY2020Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
57443000
CY2019Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
62717000
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
55617000
CY2019Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
7100000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
1438000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo
1783000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearThree
1146000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFour
627000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFive
78000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseRollingAfterYearFive
202000
CY2020Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
5274000
us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
6300000
CY2019Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
228894000
CY2020Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
232396000
CY2019Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
12426000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Rolling Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths
19000000
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
235341000
CY2020Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
216300000
CY2020Q2 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
179600000
CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
8900000
CY2020Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
49800000
CY2019Q2 us-gaap Share Based Compensation
ShareBasedCompensation
936000
CY2020Q2 us-gaap Share Based Compensation
ShareBasedCompensation
96000
CY2019Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
243000
CY2020Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
25000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
693000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
71000
CY2020Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
52000000000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y10M24D
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1100000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
289000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
52000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
823000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
147000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4754
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.5396
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0922
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0730
dei Entity File Number
EntityFileNumber
000-26497
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y6M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y7M6D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0261
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0114
CY2020Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
800000
CY2019Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1100000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2400000
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
307000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
1204000
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
650000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
30000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
66000
CY2020Q2 us-gaap Debt Instrument Repurchase Amount
DebtInstrumentRepurchaseAmount
3500000
us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.0675
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
3400000
us-gaap Gain Loss On Repurchase Of Debt Instrument
GainLossOnRepurchaseOfDebtInstrument
49000000
CY2020Q2 salm Estimated Contingent Payment Earnout Liability
EstimatedContingentPaymentEarnoutLiability
17000
CY2019Q4 salm Estimated Contingent Payment Earnout Liability
EstimatedContingentPaymentEarnoutLiability
19000
CY2019 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
2427000
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
307000
CY2019Q4 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
4100000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
107990
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
1.85
CY2019Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Nonvested
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueNonvested
156
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
107990
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
1.85
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Nonvested
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueNonvested
122
dei Document Type
DocumentType
10-Q
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
77-0121400
dei Entity Address Address Line1
EntityAddressAddressLine1
4880 SANTA ROSA ROAD
dei Entity Address City Or Town
EntityAddressCityOrTown
CAMARILLO
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
93012
dei City Area Code
CityAreaCode
805
dei Local Phone Number
LocalPhoneNumber
987-0400
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Amendment Flag
AmendmentFlag
false
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001050606
dei Entity Shell Company
EntityShellCompany
false
dei Entity Small Business
EntitySmallBusiness
true
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
dei Entity Address State Or Province
EntityAddressStateOrProvince
CA
dei Document Transition Report
DocumentTransitionReport
false
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Quarterly Report
DocumentQuarterlyReport
true
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
2000
dei Security12b Title
Security12bTitle
Class A Common Stock, $0.01 par value per share
CY2020Q1 salm Additional Term Of Time Brokerage Agreement
AdditionalTermOfTimeBrokerageAgreement
P30M
us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
Many of these leases contain options under which we can extend the term from five to twenty years
us-gaap Lessee Finance Lease Option To Extend
LesseeFinanceLeaseOptionToExtend
Many of these leases contain options under which we can extend the term from five to twenty years.
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P1Y8M1D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P1Y1M13D
us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
us-gaap Lessee Finance Lease Existence Of Option To Extend
LesseeFinanceLeaseExistenceOfOptionToExtend
true
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
0
dei Document Period End Date
DocumentPeriodEndDate
2020-06-30
dei Trading Symbol
TradingSymbol
SALM
dei Security Exchange Name
SecurityExchangeName
NASDAQ
CY2020Q2 us-gaap Treasury Stock Value
TreasuryStockValue
34006000
CY2019Q4 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
38778000
CY2020Q2 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
69407000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
64680000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
52871000
CY2019Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4332000
CY2019Q2 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
357000
CY2020Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3850000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
8203000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
8060000
CY2019Q2 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
2852000
CY2020Q2 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
2718000
us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
5785000
us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
5431000
CY2019Q2 us-gaap Cost Of Goods And Services Sold Amortization
CostOfGoodsAndServicesSoldAmortization
1124000
CY2020Q2 us-gaap Cost Of Goods And Services Sold Amortization
CostOfGoodsAndServicesSoldAmortization
840000
us-gaap Cost Of Goods And Services Sold Amortization
CostOfGoodsAndServicesSoldAmortization
2420000
us-gaap Cost Of Goods And Services Sold Amortization
CostOfGoodsAndServicesSoldAmortization
1827000
CY2019Q2 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
0
CY2020Q2 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
3000
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
0
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-2000
CY2019Q2 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
0
CY2020Q2 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
0
us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
0
us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
17254000
CY2019Q2 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2020Q2 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2020Q2 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-34000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-3667000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-113000
CY2019Q2 us-gaap Costs And Expenses
CostsAndExpenses
59079000
CY2020Q2 us-gaap Costs And Expenses
CostsAndExpenses
53759000
us-gaap Costs And Expenses
CostsAndExpenses
120532000
us-gaap Costs And Expenses
CostsAndExpenses
130019000
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
5601000
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-888000
us-gaap Operating Income Loss
OperatingIncomeLoss
4617000
us-gaap Operating Income Loss
OperatingIncomeLoss
-18898000
CY2019Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
0
CY2020Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
0
us-gaap Investment Income Interest
InvestmentIncomeInterest
1000
us-gaap Investment Income Interest
InvestmentIncomeInterest
0
CY2019Q2 us-gaap Interest Expense
InterestExpense
4371000
CY2020Q2 us-gaap Interest Expense
InterestExpense
4013000
us-gaap Interest Expense
InterestExpense
8796000
us-gaap Interest Expense
InterestExpense
8045000
CY2019Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
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CY2020Q2 us-gaap Gains Losses On Extinguishment Of Debt
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0
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
426000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
49000
CY2019Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
18000
CY2020Q2 us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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1248000
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2020Q2 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
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CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2020Q2 us-gaap Net Income Loss
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CY2020Q2 salm Lease Payments Withheld
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CY2020Q2 salm Operating Lease Rent Abatement Concessions
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1800000
CY2019Q2 us-gaap Debt Related Commitment Fees And Debt Issuance Costs
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200000
us-gaap Debt Related Commitment Fees And Debt Issuance Costs
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400000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Four
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216341000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
200000
CY2020Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
19000000
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2020
salm Payment For Contingent Earn Out Consideration
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CY2020Q2 us-gaap Operating Loss Carryforwards Valuation Allowance
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49800000
CY2020Q2 salm Deferred Cash Payments For Leases
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us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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1500000
CY2020Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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37100000
us-gaap Use Of Estimates
UseOfEstimates
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max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 4pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:9%;">&#160;</td><td style="text-align:left;;vertical-align:top;;width:4%;">&#8226;</td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">uncertain tax positions; and </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 4pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:9%;">&#160;</td><td style="text-align:left;;vertical-align:top;;width:4%;">&#8226;</td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">estimates used in going concern analysis. </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">These estimates require the use of judgment as future events and the effect of these events cannot be predicted with certainty. The estimates will change as new events occur, as more experience is acquired and as more information is obtained. We evaluate and update our assumptions and estimates on an ongoing basis and we may consult outside experts to assist as considered necessary. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">The <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic continues to create significant uncertainty and disruption in the global economy and financial markets. It is reasonably possible that these uncertainties could materially impact our estimates related to, but not limited to, revenue recognition, broadcast licenses, goodwill and income taxes. As a result, many of our estimates and assumptions require increased judgment and carry a higher degree of variability and volatility. Our estimates may change as new events occur and additional information emerges, and such changes are recognized or disclosed in our consolidated financial statements.</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
SALEM MEDIA GROUP, INC. /DE/
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.486
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
3.920
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.143
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.110
CY2020Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210

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