SALM SALEM MEDIA GROUP, INC. /DE/

Overview and Growth

SALEM MEDIA GROUP, INC. /DE/ generated $266.97M of revenue in fiscal 2022, with net loss of $3.24M and an operating cash inflow of $7.74M. The $266.97M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. The top line expanded 3.4% from $258.25M in fiscal 2021, increasing the company’s operating scale. Diluted earnings per share were -$0.12, translating the period’s attributable earnings into the amount reported for each diluted share. The per-share result recorded a 107.9% decrease from fiscal 2021 diluted EPS of $1.52. Total assets stood at $505.12M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Revenue equaled 0.53x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Operating income was $5.15M, the earnings remaining from reported operations after the company’s recognized operating cost structure. Relative to revenue, operating income represented 1.9%, showing how efficiently sales converted into operating profit. The company ended the period with a net loss of $3.24M, extending the operating result through all remaining items. The net loss equaled 1.2% of revenue, showing the bottom-line deficit relative to the company’s sales base. Reported EBITDA totaled $17.76M, adding a pre-interest, tax, depreciation, and amortization perspective to the profitability profile. The company reported a pretax loss of $3.63M, before the effect of income taxes. Measured against revenue, the pretax deficit represented 1.4%. The company recognized an income-tax benefit of $392.00K, increasing after-tax earnings relative to the pretax result. The net loss equaled 1.8% of period-end equity, showing the deficit relative to book capital. Relative to total assets, the net loss represented 0.6%. The bottom line deteriorated from $41.51M of income in fiscal 2021 to a $3.24M loss.

Liquidity and Capital Structure

The company held $505.12M of assets against $329.76M of liabilities and $175.36M of equity, revealing how the asset base was financed. The near-term balance sheet paired $45.06M of current assets with $64.61M of current liabilities at the reporting date. The current ratio was 0.7x; current liabilities exceeded current assets, leaving a short-term liquidity deficit. Reported cash and equivalents were $0.00, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 0.0%, excluding receivables and other current assets. The company carried $159.32M of total debt at period end, which frames its leverage and debt-service burden. The debt-to-equity relationship was 0.91x, showing how much debt the company carried for each unit of book equity. Relative to total assets, debt measured 31.5%, showing how much of the asset base was matched by borrowing. Equity equaled 34.7% of assets, showing the shareholder-capital layer within the company’s balance sheet. Relative to total assets, liabilities measured 65.3%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 0.0%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 2.1% lower than fiscal 2021 assets of $516.11M, measuring the company’s own balance-sheet change. Book equity was 1.6% lower than fiscal 2021 equity of $178.21M, showing how shareholder capital changed year over year. Cash and equivalents were 100.0% lower than fiscal 2021 cash of $1.78M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

The company reported $7.74M of operating cash flow, a cash inflow that shows the cash generated by operations. The operating cash outcome moved from $22.49M in fiscal 2021 to $7.74M, ending below the prior-year level.

Based on the annual report for the fiscal year ending Dec 31, 2022. Analysis generated Oct 21, 2026.