Salem Media Group Inc. (OTCQX:SALM) Q1 2022 Earnings Conference Call May 10, 2022 4:00 PM ET Company Participants Evan Masyr - Chief Financial Officer David Santrella - Chief Executive Officer David Evans - Chief Operating Officer Conference Call Participants Michael Kupinski - NOBLE Capital Markets Lisa Springer - Singular Research Barry Sine - Spartan Capital Edward Riley - EF Hutton Operator Greetings, and welcome to the Salem Media Group, Inc Q1 2022 Earnings Call. [Operator Instructions] As a reminder, ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2022 FOR THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER 000-26497 SALEM MEDIA GROUP, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE 77-0121400 (STATE OR OTHER JURISDICTION OF INCORPORATION OR ORGANIZATION) (I.R.S. EMPLOYER IDENTIFICATION NUMBER) 6400 NO ...

P. INVESTOR INVESTOR PRESENTATION PRESENTATION NASDAQ: SALM | March 2022 Safe Harbor Certain statements in this presentation constitute "forward-looking statements" within the meaning of the private securities litigation reform act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or im ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 COMMISSION FILE NUMBER 000-26497 SALEM MEDIA GROUP, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) (STATE OR OTHER JURISDICTION OF INCORPORATION OR ORGANIZATION) 6400 NORTH B ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2021 increased by 7.2% to $69.1 million compared to Q4 2020 [15][29] - Adjusted EBITDA increased by 9.3% to $10.8 million [29] - Total debt as of December 31, 2021, was $174.9 million, with a leverage ratio of 4.46, the lowest since 2000 [14][31] Business Line Data and Key Metrics Changes - Broadcast revenue increased by 6.1% to $51 million compared to Q4 2020, with digital revenue in the Broadcast division up by 26.8% [17][29] - National Digital Media division revenue increased by 2.9% to $11.6 million [31] - Publishing division revenue increased by 27.1% to $6.5 million, driven by strong book sales [26][31] Market Data and Key Metrics Changes - Local spot advertising revenue increased by 7.2%, while national spot advertising decreased by 27% compared to Q4 2020 [19] - Total spot advertising decreased by 13.9% compared to Q4 2019, indicating ongoing challenges in recovering to pre-pandemic levels [20] Company Strategy and Development Direction - The company is focusing on digital revenue growth, which accounted for 29.2% of total revenue in Q4 2021, up from 12.5% a decade ago [11] - The company plans to continue exploring real estate sales and has identified additional land sale opportunities [37][27] - The company aims to reduce leverage below 4 before considering other capital allocations, such as acquisitions [44] Management's Comments on Operating Environment and Future Outlook - Management noted that the advertising environment is improving, with increased spending in categories like home improvement and recruitment advertising [76] - The company expects total revenue to increase between 3% and 5% in Q1 2022 compared to Q1 2021 [33] Other Important Information - The company reported a significant increase in digital revenue, with expectations for continued growth in this segment [10][11] - The company has no pending acquisitions but remains open to opportunities that align with its strategic focus [27][65] Q&A Session Summary Question: Clarification on land sales and broadcasting - Management confirmed that they are still broadcasting on the AM band using diplexing from another transmitter tower [36] Question: Insights on book publishing performance - Management indicated strong Q4 book sales due to multiple successful titles and expressed optimism for 2022, a mid-term election year [40] Question: Performance of conservative talk formats post-Rush Limbaugh - Management reported picking up several affiliates since Rush Limbaugh's passing and noted strong performance in their network business [41][42] Question: Debt reduction targets and capital allocation - Management aims to reduce leverage below 4 before considering other capital allocations, with a current focus on debt retirement [44] Question: Political advertising spending environment - Management provided historical context for political ad spending and noted early signs of increasing digital dollars [68][70] Question: Guidance on Q1 revenue growth segments - Management highlighted home improvement, events, and recruitment advertising as strong categories driving growth, while book publishing is expected to be weaker [76][77]

Salem Media Group, Inc. (OTCQX:SALM) Q3 2021 Earnings Conference Call November 4, 2021 5:00 PM ET Company Participants Evan Masyr - Executive Vice President and Chief Financial Officer David Santrella - President, Broadcast Media David Evans - President, Interactive and Publishing Conference Call Participants Andres Miranda - Noble Capital Markets Lisa Springer - Singular Research Steven Pfeiffer - Wells Capital Management Richard Rice - Salem Media Group Operator Greetings. Welcome to the Salem Media Group ...

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM __________________ TO __________________ COMMISSION FILE NUMBER 000-26497 Table of Contents Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q SALEM MEDIA GROUP, INC. (EXACT NAME OF REGISTRANT AS SP ...

IA GROUP INVESTOR PUBLISHING INVESTOR PRESENTATION PRESENTATION BROADCASTING DIGITAL NASDAQ: SALM | October 2021 Safe Harbor Certain statements in this presentation constitute "forward-looking statements" within the meaning of the private securities litigation reform act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, per ...

Salem Media Group, Inc. (OTCQX:SALM) Q2 2021 Earnings Conference Call August 4, 2021 5:00 PM ET Company Participants Evan Masyr - Executive Vice President & Chief Financial Officer Edward Atsinger - Chief Executive Officer David Santrella - President, Broadcast Media Conference Call Participants Michael Kupinski - Noble Capital Markets Lisa Springer - Singular Research Steven Pfeiffer - Wells Capital Management Operator Greetings, and welcome to the Salem Media Group Second Quarter 2021 Earnings Call. At th ...

Table of Contents Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM __________________ TO __________________ COMMISSION FILE NUMBER 000-26497 SALEM MEDIA GROUP, INC. (EXACT NAME OF REGISTRANT AS SPECIFI ...