SALM - Earnings call transcript Q2 2020

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Operator

Good day, everyone, and welcome to the Salem Media Group, Inc.

Second Quarter 2020 Earnings Call. Today’s conference is being recorded. At this time, I would like to turn the call over to Mr. Evan Masyr, Executive Vice President and Chief Financial Officer. sir. ahead, go Please

Evan Masyr

you Group’s joining Call. Second thank on for Salem Media Quarter all and us for today Welcome, XXXX Earnings

a or get can you at reminder, any As you time, www.salemmedia.com. disconnected dial from listen at in our website back if

on Interactive Edward Chief are Joining moment begin just and David Publishing. the you Executive David and with today call Broadcast operator on back on to questions. conference remarks. the a we of how We’ll done, President Media call And our Evans, Officer; to submit are me come Atsinger, Santrella, President once line prepared of in will the instruct

acquisitions. call. circumstances, defined this financial may are EBITDA, coordination station forward-looking results, would the question-and-answer growth to extra that Please of the future working remotely of are G, statements the opening that measures website based forward-looking Ed? obligation Investor Litigation Regulation portion the is the income financial those Reform EBITDA Securities future Atsinger. are no call markets, flow. as not from information existing the non-GAAP under materially of relate reported events, the I And cash we differ now operating results financial In statements anticipated, made our Regulation available our free conformity the not like conference to on be Private available forecasts cause current including be call future growth required the to Edward over advised XXXX. and contains from meaning forward-looking www.salemmedia.com. indication of turn do and that, G, on to accompany some results intend prospects disclosure with and that or adjusted Act These information. performance. an plans, update the during the future performance at of Given or of the markets Relations measures for of of may with should statements, SOI, and or within undertake Actual call specifically non-GAAP all statements on potential potential portion performance, to new considered adjusted of We also currently This

Edward Atsinger

thanks and today. for Evan, you joining you, us all to of Thank

a The will and second detailed to focusing Evan quarter more QX. then was challenges remarks face results information quarter, due on my call the the prepared pandemic, I’ll to and coronavirus I certainly provide financial the difficult we begin on turn the and to back

including Expenses On quarter expenses in were second in a call, to steps in resulted of of of adjusted these the approximately match. $XXX,XXX. a the we have decline number the For of been XXX(k) of which included taken cuts layoffs, steps economic a down – total expense the declined XX.X%. the light salary that reduce X.X%, elimination Board in revenue XX.X% resulted which and EBITDA. current the May, in Beginning monthly XXXX, across our environment, last outlined savings

by Let’s little of performance. to our a a the understanding better at results look take division get

broadcast revenue month, starting down as the improve X.X% to reopen. XX.X% which to May, only beginning indicates quarter, For in was course but By was the June, economy business in revenue broadcast of second that XX.X% XX.X%. was declined April, in

Evan play recent little wait increases know markets Kaplan, in really the that However, for difficult According that the to really, – cases a how with might pacing July, where – this of anybody’s the we lockdowns, bit but industry might to out. in at little was operate, XX.X%. Miller we we down a guess We it’s point. beyond give COVID and will further the it’s trend

many direct had of local launched Salem relative the And advertising business that Together, investments including focused a both model. advertisers. well Christian paid decades. for in revenue, QX. platform. Salem’s results digital our business these on-demand broadcast the was that an Historically, agency less digital help we of good source down than revenue, our of multimedia we providing have national Salem provided This made to an which growth $X Our streaming industry and these was Surround. as block that revenue broadcast us SalemNOW outpace and because recently, industry XX% or important outperformance X%, Local very video up we shows of on stable, XX% us in have digital, and million. advertising. program and have quarter programming, another of approximately helped relative business. provide for strength local with results foundation the on Surround, And strong resilience is as we represents digital Recently, – pay-per-view National been helped primarily with us programs in advertisers a ministry focus ministry of

Salem to of revenue this in contributing political of certainly advertising course, Local with in second and revenue year. quarter revenue quarter SalemNow. pleased quarter. $XXX,XXX importance recorded revenue XX.X% Surround the XX.X%. down significant We’re quarter, has both challenging and are was growth, are and in Political we’re these a related last our second was the declines, We Both this especially of times, not encouraged did spot spot to entire national revenue mix. the industry experienced. $XXX,XXX factor revenue These of in year and by that the the the down play in pullback in in overall the

down Broadcast of events. XX.X%, to is Additionally, to due expenses measures that due the cost one course, principally mentioned Most of with miscellaneous associated the revenue live the control of were commissions I or live events revenue earlier. miscellaneous and, of XX.X% absence declined lower kind another.

launched due digital related in advertiser XX.X% increased conservative news in declined websites, increased the our programmatic our X.X%, due to subscription advertising This division which is digital offset increase in demand revenue rates, minor associated savings. our was experienced with websites, lower mentioned the X.X%. the lower a year. expenses national media, expense entirely Revenue of Our Townhall Christian which opinion previously increased revenue and Townhall of VIP, a revenue the rollout in division decline was collection much by in Expenses from to Townhall reduction of due to to and the actually product, XX.X% the last of which VIP November

division shipment XX.X%. from began essential the our delay country of the be bookstores This Amazon to prioritize publishing majority in revenue was attributed books. closed. to can that down And Finally, and shipment fact the the of products of the making decisions were

self-publishing from at live demand, they us typically were their as chose authors as not In books, not sales, promote events. buy books terms of our they buy on down book they which many to could

down expenses certainly enough but not offset to decline in publishing X.X%, were revenue. So the

additional expenses details were corporate that, to the Additionally, call turn you want with Evan, down XX.X%. to quarter. back on I And the for

Evan Masyr

Great. Ed. Thank you,

decreased XX.X% broadcast to in second formats. in XX.X% a million, million. million, $XX.X resulting operating income XX.X% to of decrease quarter, a in are foundational a revenue stations broadcast broadcast to strategic XX% of performance operating $XX.X of decreased decreased to XX.X% basis, revenue talk Operating which the teaching review XX of XX.X% same-station network represents decreased $X.X $XX.X Net format. I from and EBITDA and decline in revenue total station our our stations stations $XX.X Christian decreased million SOI our broadcast our of $X.X net revenue. expenses to revenue radio to XX.X% decreased XX XX million. expenses, contributed in to of will XX% million. revenue and $XX.X recurring $X.X resulted million operations For same-station for XX.X%. broadcast On the include and on briefly million, net our results These decreased broadcast a X.X% our total adjusted quarter. basis, and programmed revenue These radio of XX.X%

total the And of had in total from overall, these XX.X% revenue for the stations Christian of revenue broadcast decreased quarter. music and revenue. our for stations talk XX news broadcast quarter. XX% stations decrease XX XX% Our contributed contemporary Revenue XX.X% a contributed of

Our decreased $X.X businesses revenue. decreased total national to and XX.X% quarter the from our represent XX% digital Revenue total X.X% and network revenue. XX% million media represents broadcast revenue of for of

of million our decreased total represents revenue. revenue publishing $X.X XX.X% Our to X% and

$XXX.X we $XX drawn bonds XX, June outstanding in of the on million As had revolver. million and

We also in cash. million had $XX

was ratio X.XX%. leverage Our

XX% down a XX%, advertising environment digital while Ed was flat bit down around programs X%. essentially and spot guidance the like books while for we total should for COVID-XX, revenue current July, to the programs up be. was Local As closing surrounding national total you advertising I down spot can was to and looks even still due it uncertainty Broadcast economic were But in revenue X%. we’re X%. Local mentioned, It not providing the be the quarter. was XXX%. where Local little revenue down third will same-station continued a will due tell be were up basis. down national on

digital Our facilitate in that. division our sales the broadcast would I’ll to and at aided publishing answer was prepared now also the concludes that, we SalemNOW. national this turn increased operator With over and strong X% to call declined to like revenue Revenue division Operator? remarks, questions. by any XX%. And back our

Operator

with Capital Markets. We [Operator to Mike NOBLE Instructions] will go first Kupinski

Mike Kupinski

couple A of questions here.

you a of the But we’re And on a to of revenues a all, guys this bit were crisis. hats I questions. guys end crisis now. the in hopefully, of on and of that that this off going have through back expected. largely it’s all know terms employees through First And sacrifice your you couple I to been manage of did little than better

that general okay? forward into that have that the Regarding you just be think know you rate them? doing concessions cycle your to they that Do how Or there some for doing think think a that year. increases I – in go programming. with healthy? of ministries block this programming, of Just typically outlook kind regular as environment? you need – Are Do do block are the you as they’re you here you portion next might

Evan Masyr

quite that. might Michael, we into can certainly with in it regularly. as Ed, of take part want but ministries speak well, to our check I you

We have with weekly. we’re the a on great them with and relationship so phone them,

most are this For donor base relative of during reporting ministries a the stable the part, most time.

some them raised so and And of of hands expressed have none concern. kind real their

rate XXXX. we ask year, did the we’ll stable. that lower-than-normal at and decided I look into far, coming the And to the a year. on for and in environment of be as environment to We proper into think in, go rate certainly be seem do relationships we’re to are next we will so increases at be back need make we relatively But that the we’ll And as on go looked that we again they what decisions XXXX. increase. mindful as strong, things

Mike Kupinski

reflective than more the expected I that in And than of the at kind certainly, the other delaying even authors of business. then of your has environment it of Is the though books, markets fact it they kind this but that of given of that not business the buying revenues bit suffered at looks the to Is not business, were book. weak in just some the it’s just better quarter, little all? some of there point, titles like the side, publishing any, the maybe these are launch portion terms still your obviously, just best not of are lines a

outlook kind same of the of the in of as books? back thought? of originally kind are some they me you Just the Or anticipate that of these give you’re some the half, number general titles in terms delaying trends for you

David Evans

crisis, publicity some and it Well, was prioritizing released, news essential our it’s weren’t shows were the interested on With not and books titles, many radio Even all many, talk have on political closed, subjects. in bookstores with with COVID, with Amazon books, on delay really that delivery there stations, XXX% stations, COVID taking have TV shipments and authors been the necessary authors focused important books the of on to were with for to books other delayed. those of releases. certainly talking news

books. So kind storm kind it of of in a it on was of any QX, of no traction perfect was our

closed. Yes, get lot In terms year like. unclear to to still to a is looking the are the year, the look of of ahead what coverage. I’m remains going going it’s many certain rest the election, that of frankly, There it the of bookstores rest

So is very election-related prospects, it what books dependent happens have with upon good COVID. but nearly

the what look So year it’s is going for to of difficult feel the to give you any like. rest

Mike Kupinski

number it then said correct. was July? terms of if I you. Got kind that local you How know of And just much what I you just can in digital. in don’t reiterate up Evan, got

Evan Masyr

Sure. The or X%. in up I national talking digital up XXX%. division And local local, broadcast, national was in was was

Mike Kupinski

reflected Surround right? Okay. in that That’s numbers. largely That’s and what – Now, – I those I was guess, the that’s Salem and

Evan Masyr

Correct.

Mike Kupinski

in bit the traffic traffic an of environment And anyway. in bit guess, of of site kind of of how I picks many Could – the and a election trends terms on where Yes. little course, strong? of traffic just a you get digital a you kind that are in traction, just to And to years, little it’s trends up. open being us then, what the sites up business, typically, outlook of traffic a talk – kind were the can your traffic pretty the you up, are give Or is starting economies July, how about now performing? kind to still weird

David Evans

the COVID election conservative because is visit they same they they to want People, levels. voices sites news then on the the what’s record on opinion traffic from websites want at And time. so news at to trust. going know got with Yes, we’ve websites,

opinion be programmatic in is offset, the course fact dropped have is rates advertising websites, traffic That same of our time. the So continues concerns all fantastic. and the substantially at that to fantastic, by of

news. So all not it’s good

On to levels traffic more crisis flat. normal depressed. it’s back but has continue first rates the closer Christian hit, and to down when come it took April nice side, be up to a It the in is, bump the very

Mike Kupinski

last couple being how you there? questions. that this of advertising, do Then shaping Is on have up? thoughts at visibility Any just point? Political quick a booked any that’s

Evan Masyr

activity even side, in both bit We’ve picking broadcast It picking of last ad-injected a is can side political little the On more pretty you I was our the up streams. more We’ve that broadcast while. seen couple as through well political terrestrial as up, a tell on for it weeks. quiet seen Michael. the activity

David Evans

is has true the the same political picked side, And on digital weeks. the advertising in up recent

Mike Kupinski

presidential kind is mostly the money, it House or just Where lion’s political Senate, dollars? the is see of of it share do races? And you

Edward Atsinger

money right get if I I of Michael, later back more as need on on with it’s follow-up can you answer. now presidential it pack I’m out probably accurate sure money mine. to as But you much I’ll a to not is wish to think, that.

Mike Kupinski

your – you direct a been David, Facebook of – it that the have past, to guess. had final do so was in that because better this know indicated Or measures bit what about worse? are of some as a I to many recently just Has And in practices. gotten for I one know think going Or likes Are better and is traffic question. thing, any scrutiny? had Perfect. more of companies competitive, And other tech have of in just place the Big these more I competitive know it macro that to largely to competitiveness whereby Tech of have you countries and Congress have that you there And the before seeing Okay. anti-competitive, or they a they of their And pay are thoughts the is environment act? marketplace? that little terms forth. are of be content big maybe Congress, I relates that how kind I

David Evans

kind I in see in is of terms and be relation of think traffic traffic certainly, the Google getting of the continue guess, call what terms and amount And traffic There changed. content to I issues – looking we of really algorithms censorship. in continue we’re Facebook. wouldn’t to challenges what I from change. Hasn’t from overall, changed I’d to,

Operator

next Research. with from question our Singular take All We’ll right. Lisa Springer

Lisa Springer

that very announcement, and Looking Quu. wonder out interested that strategically bit thing, broadcasting you I can talk terms this of your in COVID-XX business? if I in little beyond a was might this the, take about where during

Evan Masyr

that, trouble hearing Lisa, Can you I little you. please? repeat had a

Lisa Springer

Yes.

that to terms of Quu fits in you with doing? wanted deals in and you’re ask about So how everything the strategy, I

Evan Masyr

needs think as or as it the or competitors title. Well, SiriusXM artist I look, for to Spotify aired some of Yes. on experience our be audio visually competitive radio Pandora, are, album art, includes user currently and matter, that

dashboard, user on experience And on perspective. competitive radio, important a a the better think on so from experience ability to the visual dashboard the provide I is our

more certainly But to top that, our And offers they’re as of so then advertisers. ability interface Q offers or Quu that. with it the called, on

So two when for spot’s bottom Big X:XX till $X it spot we’re same in at running across as McDonald’s, Macs tonight. time the running, screen, can say for a that the

can our the hearing and And they’re we for that the better clients. provide message selling reinforce radio so results on just

And something need a from a that so better long for also get experience, the going results our user for we and charge – me there. long better to good idea clients them could all more that a radio’s to to term, to was I think strategically receive,

Lisa Springer

going of initially. And to stations I success measure How you you’re XX out it are in know effort? rolling this the

Evan Masyr

all, market radio FM because so a not where everywhere radio. we license, have, FM out first an station, has we’re radio FM but on radio service translators, rolling everywhere full it Well, have Salem rolling where out, really of for is only we where stations, FM it it’s

So from once a synonymous will packages be street, on with we perspective, which roll the it sales and the have we out, testing rollout.

to we’ll So there. it that at start point, and from the it take success measure of

Operator

to Instructions] Lim New We’ll Life. go [Operator Michelle with next York

Michelle Lim

$XX Just I a one. your liquidity, a on everything. Is mentioned total million more sure not commitment. drawn that availability it’s you a million But revolver, if quick the I on $XX that? so there late, little was any I’m got joined

Evan Masyr

million, we receivables, have a do of, $XX It’s availability. some We real our on Yes. the you $XX as payments know, total estate. It’s in million availability. function and value of get our about

that little have still we on. a excess we of bit So could draw

Michelle Lim

qualitatively about the think lot to and Can during generated quarter? cash it working how have during generate a from able of much you quarter, you were talk generally you you then you And of the cash Okay. capital. just –

Evan Masyr

a our that XX-Q, of, largest the advanced them early. payments and had couple to or things in some payments exchange of lieu in for from ministry Certainly, offering have small we we disclose of them, while clients Yes. gone the discount, our one getting in

December we heard, their have we And of $XX in end So cash. through may tell million had bill And the – ample of we in May airtime interest we have did you quarter, June I liquidity right $XX.X for the May. we now million today, make paid payment. they in had sure the as that can just at month to the cash. of have X

perspective. on So holding we our to liquidity be seem the own

Michelle Lim

terms situated ministry? so And in the contract I’m million that through about liabilities seeing is of what $X.X flow, the of cash

Evan Masyr

– as advanced what see was to Yes. I have million have number what that in as that was We but payments total in June from $X.X ministry. the in they far in it advanced got we payments,

end June, probably makes million So in the that $X it’s it’s if of that range, sense.

Michelle Lim

my is on was And Great. question – Okay. then sales. last asset

give I previous us real an talk have other – how of through and think going? And has that delayed talked estate monetize. on about quarters Or potentially other that in opportunities to Can of is been update sort if or you of or it valuable monetize you assets you is postponed any assets kind process assets? there could other much COVID? during about

Edward Atsinger

will far locations in the real some as and active are, that maximize issues entitlement As four estate the goes, value progressing. three or facilitate There the got will transaction. about aren’t that cases, we’ve

any there have and monetize a our way lot very a where we initiated three we least without those diminishing real we’ve procedures, at so that where are capacity. active fairly are interest broadcast the far estate in or process asset And can in along of two but

be progressing now, optimistic at we many there don’t that I least have don’t – a the are but little are will details within I’m at be to wouldn’t the to get we by the So end be three premature, of or we year, – clarity speculating it, surprised. two that fairly more but one are and wouldn’t if into I that those feel I of probably surprised on least completed. that want next too able it’s

Michelle Lim

the disclose opportunity able there? be sort magnitude of you of Would to

Edward Atsinger

towers would premature. of then working something. one to that modest little relocate we’re in site I it part we the with our it the spend a add have I all. situation shouldn’t we that $X think million, investment, can, it category. be where rest mean and I of Yes. $X property a one million, mean, And a something

Operator

question we’ll and Rosencrans with next take All the from Howard right, VA.

Howard Rosencrans

just tailed say I of trying kind broadcast want what but If of I Evan, other catch for about – the just have off, the – small, was I to it. you the did month are must division, focus the ones I we broadcast didn’t on July?

Evan Masyr

month a the But of a essentially The it just little basis, broadcast same-station division up bit. flat. was was for July on

Howard Rosencrans

million, what business business you was of – of that? was gave big number Okay. out the what XXX%, $XXX what And

Evan Masyr

division. That broadcast is the digital revenue the digital division – the or within

Howard Rosencrans

Okay.

So that’s a just piece. small

Evan Masyr

SalemNOW. in [indiscernible]

Howard Rosencrans

Okay.

okay. – the So

the know, So June? what this ran started stirring. was April, – in tell – is June, of was wanted question cadence you an May, idea it it give to flat ask you Can the May, I and cadence have us to Broadcast. April, was you the how I first about you said us you Can July.

Just probably division, [indiscernible] the rest broadcast the of

Evan Masyr

was Yes. also about XX%. May was Correct. down June was XX%. down X%. Broadcast around in down April

Howard Rosencrans

Okay.

how much flow you ex is again, July or June If you did ballpark how can – months so – to And just it? those was were political? political, go of

Evan Masyr

second for compared quarter Certainly had the only significant. last the quarter, to second $XXX,XXX $XXX,XXX in – now, political year. we Not

not... So really political is

Howard Rosencrans

Okay.

good. That’s Okay.

August, how much October, top the off Okay, your of good How a you XXXX? September, head, going November – political guys did in did probably do do in in, and to have pretty first let’s idea days you I’m political of few say, much guys guess. you the in

Evan Masyr

me, I think QX I don’t of I have that but XXXX. in of do have front

of looking just in one if quarter, So million at we’re QX XXXX, political. at $X.X we’re

Howard Rosencrans

right. All that much. Okay. Not

much. months? so Are the is leverage ratio any – that’s and in Xs, that It’s that XX your is but Okay. $X.X there to get million, nice not – trailing

Evan Masyr

correct. That’s

Howard Rosencrans

Okay.

to no anyway, likelihood, any ratio advance seems your so got with this go on covenants mean, never thing you there – is to better. But of anybody So is to receivables? the because, Is up So about unfortunately, to – is, the sort think $XXX fair leverage – issues say? the have I or going tied all that in so revolver we to lot think about that get have – and – banks a don’t to don’t all we stuff some any stuff. million

Evan Masyr

correct. That’s

we have, bonds on leverage, that’s in tests, any want take current to the on debt. So new if

no we’re as about borrow covenant, there that. there’s not we other the so is applied certain in and covenant so worried And that’s amounts. – receivable As test maintenance the of ABL excess secure fixed and long certain a only if charge assets

Howard Rosencrans

Okay.

So market like sounds it it now. probably wouldn’t mean to you’d go

to what So guys sounds unless you went market, it okay. like. we’re That’s

Edward Atsinger

that Yes, I think a fair was statement.

Howard Rosencrans

David exactly of $X terms or Okay. a $X I that it was one they’re didn’t And projects. few he’s And real catch in what that million them? million worth collectively said of mentioned just of or is estate

Edward Atsinger

the That we their property. we there stage coverage now. the three of we some doesn’t efficiency, reorient we mentioned, want allows – them And that them, in modify zoning But closer and of steps to have case a for sort have diminish in we’ve site that marketing are interest maximize. we’re, got way the was in entitlement. And maximizes that their and but I one very of maximize their to on sell-off and active are us towers taking bring said of the the I just the in properties, to we’re interest, cases, the bulk can to one. a maximum lots but

Howard Rosencrans

and have Am two. – you properties, the then correctly? hear of I one another just did you that’s And I

Edward Atsinger

available we is a the it’s value. a see more to months. to different the little – few One – have that’s if is we magnitudes. a look can of at the it’s one now. property take We And a smaller – just Well, we’re maximize entitlement taking going

Howard Rosencrans

Okay.

million the million $X So yes? thing, or is the biggest one $X

Evan Masyr

Well, Yes. others... there are

Howard Rosencrans

In terms – of

Edward Atsinger

are I’d that say that well. approach will others there as magnitude

Howard Rosencrans

Okay.

the But are those Okay. three? not amongst

Edward Atsinger

we’ve things take property over of real the of one AM lot all estate. No. country. a particularly sites is Well, I about the radio mean, got they

we is we big three sites to tracts another one might or So the some give land Dallas, yes, always that nice acres, estate, – in it’s is some got one three options own of have four – XX in real future. Dallas, in us sites it

Howard Rosencrans

right. audience, to certainly I you of to business obviously, the that part world. in programmatic good and just guess, I you of other And much part other – environment the you That’s rates. guys all all It’s How as us flows much And mean, which dropping within good much listening start an of the surely your I’d hear. much how is certainly – you sort the improve, to and again, hope ad is how and all closed much churches I much like for programmatic Okay. get in flows stuff word, Well, are these The the business, as stuff But to is days? through the non-churches. one is how – how the to is – that – That’s you like areas? of how starts – I’d it’s the hear. business that integral see of have broadcast? to the of part conservative your have the – better hopefully reflected the the see – mentioned, strength the the of for

Evan Masyr

new our A radio streams our the stations fair of on of our amount, is business Howard, on programmatic. now streams,

thousands dollars our and So streams, on we’re month generating an advertising. tens of in programmatic station injected that’s regular mostly of a now revenue

David Evans

small. is of very think On broadcast programmatic, I total percentage

Howard Rosencrans

okay, guess misconstrued I that. So I

good. Well, rates then the Okay. for we’ll about thank you worry less. ad good, since that color... very Anyway, all aren’t the

David Evans

deal when The directly direct. the rather advertisers. much we with higher rates sell are much would We

Howard Rosencrans

quoted? rate, flattish flattish the – by I that of what’s in you sort say represented of sort year-to-year represented Is And that, that the the that... that? how Is mean, today much vis-à-vis what was or is Okay. is flow-off number it say would be at whatever now good Is pretty you that you Evan, flow-off – versus would sort year-on-year? what in time July, pre-COVID. of

David Evans

me are side XX%, programmatic of division. on talk let would into our previous... So about compared digital the that’s programmatic I what play, down digital really to comes things say is rates because

Howard Rosencrans

digital were look but rates division, division, division digital the the you the broadcast everything. would so small of It’s year-to-year? affecting really context is are – broadcast that’s if at in that’s you say to but Okay, the relatively how

Evan Masyr

the Salem terrestrial founded, radio have very now, now what’s do two are was programming and was right better demand They’re Surround the Howard, things sales. than all But sales are things: significantly right us And the together general, broadcasters. down. the foundation then and stable right in for through to innovation. helping SalemNOW those competitors, come help than down do advertisers, now rates of our And is two direct on again, – a Well, to way innovation with a coupled down. Salem probably XX% better assumed block lot most and and company

Operator

And we at questions time. that’s the all this have

it to like closing to I’d or remarks. back over Atsinger additional any Mr. So for turn

Edward Atsinger

you, next forward operator. you thanks of give on all joining Thank when for visiting look our next We quarter. to report And the we the again, us. results you Thank to for with you.

Operator

And today’s conclude that everyone participation. does conference. for again their thank We

Salem Media (SALM) 8 Aug 202020 Q2 Earnings call transcript