Group 1 - The article does not provide any specific information or insights regarding a company or industry [1]

Financial Performance - For Q3 2025, Urban One, Inc. reported net revenue of approximately $92.7 million, a decrease of 16.0% from Q3 2024[1] - Operating income for Q3 2025 was approximately $2.5 million, compared to an operating loss of approximately $26.2 million in Q3 2024[1] - Adjusted EBITDA for Q3 2025 was approximately $14.2 million, down from approximately $25.4 million in Q3 2024[1] - The net loss for Q3 2025 was approximately $2.8 million, compared to a net loss of approximately $31.8 million in Q3 2024[2] - Adjusted EBITDA for the nine months ended September 30, 2025, was $41.018 million, down from $76.593 million in the same period of 2024, representing a decline of approximately 46.4%[6] - The net loss attributable to common stockholders for the three months ended September 30, 2025, was $(2.83) million, compared to a loss of $(31.798) million in the same period of 2024[6] - The net loss attributable to common stockholders for the nine months ended September 30, 2025, was $92,474,000[22] Revenue Breakdown - Core radio revenues, excluding political, decreased by 8.1%, with the Radio segment pacing down 30.2% all-in for Q4 2025[1] - Revenues from Reach Media and Digital segments fell by 40.0% and 30.0% respectively, which was at the lower end of expectations[1] - Cable TV advertising revenue declined by 5.4%, and affiliate revenue decreased by 9.1% due to ongoing subscriber churn[1] - Revenue from the Radio Broadcasting segment decreased to approximately $34.7 million, down from $39.7 million, reflecting a decline of about 12.6% due to weaker market demand[9] - Revenue from the Reach Media segment fell to approximately $6.1 million, a decrease of approximately 40.2% from $10.2 million, primarily due to reduced national sales[9] - Digital segment revenue decreased to approximately $12.7 million, down about 30.6% from $18.3 million, driven by declines in direct and political revenue streams[9] - Cable Television segment revenue was approximately $39.8 million, a decrease of about 7.0% from $42.8 million, attributed to subscriber churn and lower advertising sales[9] Operating Expenses - Total operating expenses for Q3 2025 were approximately $90.2 million, down from $136.6 million in Q3 2024[2] - Operating expenses for the three months ended September 30, 2025, were approximately $83.7 million, a decrease from $87.4 million in the same period of 2024[11] - Total operating expenses for the nine months ended September 30, 2025, were $392,619,000, resulting in an operating loss of $116,076,000[22] Debt and Assets - During Q3 2025, Urban One repurchased $4.5 million of its 2028 Notes at an average price of approximately 52.0% of par, reducing outstanding debt to $487.8 million[1] - Total assets as of September 30, 2025, were $723.476 million, down from $944.790 million as of December 31, 2024[7] - Total debt as of September 30, 2025, was $484.278 million, a decrease from $579.069 million as of December 31, 2024[7] - Cash and cash equivalents decreased to $79.810 million from $137.574 million as of December 31, 2024[7] Stock and Shares - For the three months ended September 30, 2025, Urban One had 44,366,979 shares of common stock outstanding on a weighted average basis (basic), a decrease from 47,105,290 shares for the same period in 2024[29] - The company repurchased approximately $0.3 million of Class A Common Stock and $0.4 million of Class D Common Stock during the three months ended September 30, 2025[18] Impairment and Expenses - The company recorded no impairment of goodwill and intangible assets for the three months ended September 30, 2025, compared to an impairment of approximately $46.8 million in 2024[12] - Depreciation and amortization expense increased by approximately $4.9 million to $6.1 million for the three months ended September 30, 2025, due to changes in asset classification[13] - Interest expense decreased by approximately $2.2 million to $9.4 million for the three months ended September 30, 2025, compared to $11.6 million in 2024[15] Company Operations - As of September 30, 2025, Urban One owned and/or operated 74 broadcast stations, including 57 FM or AM stations and 15 HD stations, across 13 major African-American markets in the U.S.[26] - Urban One's digital platform, iOne Digital, serves the African American community through various websites, enhancing its reach and engagement with urban consumers[26] - The company operates syndicated programming through its controlling interest in Reach Media, which includes popular shows like the Rickey Smiley Morning Show[26] - Urban One's broadcast and digital operating income is a key metric for assessing the performance of its core operating segments, reflecting the diverse nature of its business[29] - The company provides advertisers with a unique delivery mechanism to reach African American and urban audiences, leveraging its multimedia operations[26] Conference Call Information - A replay of the conference call discussing the third quarter results will be available from November 4, 2025, until November 14, 2025[25] - The conference call is scheduled for November 4, 2025, at 10:00 a.m. EST, allowing stakeholders to discuss the company's performance and future outlook[24] Programming Focus - Urban One's focus on original programming and classic series aims to entertain and inspire a diverse audience of adult Black viewers, serving over 35 million households[26]

Financial Data and Key Metrics Changes - Consolidated net revenue was approximately $92.7 million, down 16% year over year [9] - Adjusted EBITDA for the third quarter was $14.2 million, a decrease of 44.1% [15] - Net loss was approximately $2.8 million or $0.06 per share, compared to a net loss of $31.8 million or $0.68 per share for the previous year [16] Business Line Data and Key Metrics Changes - Revenue for the Radio Broadcasting segment was $34.7 million, a decrease of 12.6% year over year [9] - Net revenue for the Reach Media segment was $6.1 million, down 40% from the prior year [10] - Net revenues for the Digital segment were down 30.6% at $12.7 million [11] - Cable Television segment revenue was approximately $39.8 million, a decrease of 7% [12] Market Data and Key Metrics Changes - Local ad sales were down 6.5% against a market that was down 10.1%, indicating outperformance [9] - National ad sales were down 29.1% against a market that was down 21.5%, indicating underperformance [10] - Cable subscribers to TV One decreased to 34.1 million from 34.3 million at the end of Q2 [12] Company Strategy and Development Direction - The company is adjusting its guidance for the year, lowering the EBITDA forecast from $60 million to a range of $56 million to $58 million [7] - A second reduction in force was completed in October as part of ongoing cost reduction efforts [14] - The company is exploring potential M&A opportunities in light of anticipated deregulation in the industry [28][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing changes in operating strategy and a focus on improving performance in key markets [21][25] - The company is preparing for a political year, which is expected to drive demand [21] - Management acknowledged challenges faced in the current year but believes they are better positioned for future growth [25] Other Important Information - Operating expenses decreased to approximately $83.7 million for the quarter, a decrease of 4.2% from the prior year [12] - Interest expense decreased to approximately $9.4 million in Q3, down from $11.6 million last year [16] - The company repurchased $4.5 million of its 2028 notes at an average price of 52% [16] Q&A Session Summary Question: What is the outlook for 2026 and demand? - Management feels good about 2026 due to changes in operating strategy and the upcoming political year [21][25] Question: Are there plans for M&A activity? - Management is exploring M&A opportunities but currently has no transformative deals in progress [28][30] Question: Will the company continue debt buyback activity? - Management confirmed plans to continue executing on debt buybacks while maintaining liquidity [33]

Financial Data and Key Metrics Changes - Consolidated net revenue for Q3 2025 was approximately $92.7 million, down 16% year over year [6] - Adjusted EBITDA for the full year is being revised down to a range of $56-$58 million from a previous guidance of $60 million [5] - Consolidated adjusted EBITDA for Q3 was $14.2 million, a decrease of 44.1% [10] - Net loss for Q3 was approximately $2.8 million, or 6 cents per share, compared to a net loss of $31.8 million, or 68 cents per share for Q3 2024 [12] Business Line Data and Key Metrics Changes - Revenue for the radio broadcasting segment was $34.7 million, down 12.6% year over year; excluding political revenue, it was down 8.1% [6] - Reach Media segment net revenue was $6.1 million, down 40% from the prior year, with an adjusted EBITDA loss of approximately $200,000 [7] - Digital segment net revenues decreased by 30.6% to $12.7 million, with audio streaming down by $1.3 million year over year [7] - Cable television segment revenue was $39.8 million, a decrease of 7%, with advertising revenue down by 5.4% [8] Market Data and Key Metrics Changes - Local ad sales were down 6.5% against a market that was down 10.1%, indicating outperformance [6] - National ad sales were down 29.1% against a market that was down 21.5%, indicating underperformance [6] - Cable subscribers to TV One decreased to 34.1 million from 34.3 million at the end of Q2 [8] Company Strategy and Development Direction - The company is adjusting its operating strategy to address challenges faced in 2025, particularly in the Reach Media segment [15] - Focus on diversifying advertiser base to avoid over-reliance on a few major advertisers [15][16] - Plans to enhance performance in radio markets through format changes and targeting specific demographics, such as the Hispanic community in DC [17] - The company is exploring potential M&A opportunities in light of expected deregulation in the industry [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing the upcoming political year and strategic changes made to address past challenges [15][17] - The company is cautious about leveraging and is focused on maintaining liquidity while exploring opportunities [23] - Management acknowledged the need to be careful with M&A transactions, considering the overall market conditions and debt levels [21][22] Other Important Information - Operating expenses decreased to approximately $83.7 million for the quarter, a decrease of 4.2% from the prior year [8] - The company repurchased $4.5 million of its 2028 notes, reducing gross debt to approximately $487.8 million [11][12] - Ending unrestricted cash balance was $79.3 million, resulting in a net debt of approximately $408.5 million [13] Q&A Session Summary Question: Outlook for 2026 and demand expectations - Management feels positive about 2026 due to political year and operational strategy changes [15] Question: Any plans for M&A activity? - Management is exploring M&A opportunities but currently has no transformative deals in progress [19][20] Question: Continuation of debt buyback activity - Management plans to maintain liquidity and assess opportunities before proceeding with further debt buybacks [23]

Revenue Performance - For the three months ended September 30, 2025, net revenue was approximately $92.7 million, a decrease of 16.0% from $110.4 million in the same period in 2024[156]. - The Radio Broadcasting segment generated approximately $34.7 million in revenue for the three months ended September 30, 2025, down from $39.7 million in 2024, primarily due to weaker market demand[156]. - The Digital segment reported revenue of approximately $12.7 million for the three months ended September 30, 2025, compared to $18.3 million in 2024, reflecting a decrease of approximately $5.6 million[156]. - The Cable Television segment's revenue was approximately $39.8 million for the three months ended September 30, 2025, down from $42.8 million in 2024, driven by subscriber churn and lower advertising sales[156]. - Net revenue for the nine months ended September 30, 2025, was approximately $276.5 million, a decrease of $56.0 million or 16.8% compared to $332.5 million in the same period of 2024[169]. - Revenue for the nine months ended September 30, 2025, was approximately $148.6 million, a decrease of $20.6 million or 12.2% compared to $169.2 million in the same period of 2024[171]. Operating Income and Expenses - Operating expenses totaled approximately $90.2 million for the three months ended September 30, 2025, a decrease of 34.0% from $136.6 million in 2024[155]. - The company reported an operating income of approximately $2.5 million for the three months ended September 30, 2025, compared to an operating loss of $26.2 million in 2024[155]. - Selling, general and administrative expenses for the three months ended September 30, 2025, were approximately $49.0 million, down $4.5 million or 8.4% from $53.5 million in 2024[158]. - Stock-based compensation expense decreased to approximately $0.4 million for the three months ended September 30, 2025, a reduction of $0.8 million or 68.3% compared to $1.2 million in 2024[159]. - Depreciation and amortization expense increased to approximately $6.1 million for the three months ended September 30, 2025, an increase of $4.9 million compared to $1.2 million in 2024[160]. Net Loss and Improvements - The net loss attributable to common stockholders for the three months ended September 30, 2025, was approximately $2.8 million, a significant improvement from a net loss of $31.8 million in 2024, representing a 91.1% reduction[155]. - Net loss attributable to common stockholders for the nine months ended September 30, 2025, was approximately $92.5 million, an increase of $22.7 million or 32.6% compared to a net loss of $69.7 million in 2024[168]. Advertising Revenue - The percentage of core radio business revenue generated from local advertising increased to 64.0% in Q3 2025, up from 60.5% in Q3 2024[147]. - The company experienced a 94.3% decline in political advertising revenue, dropping to $201,000 in Q3 2025 from $3.5 million in Q3 2024[148]. Cash Flow and Financing Activities - As of September 30, 2025, the company had cash, cash equivalents, and restricted cash of approximately $79.8 million, with no borrowings outstanding on the Current ABL Facility[191]. - Net cash flows provided by operating activities increased to approximately $8.1 million for the nine months ended September 30, 2025, compared to $1.9 million for the same period in 2024[213]. - Net cash flows used in financing activities decreased to approximately $58.6 million for the nine months ended September 30, 2025, from $118.2 million in 2024, with $51.9 million paid to repurchase 2028 Notes[216]. Impairment and Amortization - Impairment of goodwill and intangible assets was $0 for the three months ended September 30, 2025, compared to $46.8 million in 2024, marking a 100% decrease[161]. - The Company recognized an impairment loss of approximately $121.3 million associated with radio broadcasting licenses during the three months ended June 30, 2025[222]. - The useful life of broadcasting licenses was changed from indefinite-lived to finite-lived intangible assets effective June 1, 2025, resulting in amortization expense of $3.8 million for the three months ended September 30, 2025[226]. Debt and Obligations - The total outstanding aggregate principal amount of the senior secured notes due 2028 as of September 30, 2025, is approximately $487.8 million[205]. - The company had approximately $487.8 million of 2028 Notes outstanding as of September 30, 2025, with no other indebtedness reported[244]. - The company’s contractual obligations total approximately $723.5 million as of September 30, 2025, including various operating contracts and lease obligations[252]. Market Conditions and Future Outlook - Macroeconomic conditions, including tariffs, inflation, and interest rates, may adversely affect the company's revenues[192]. - Cash flows from operations and other sources of liquidity are expected to be sufficient to meet foreseeable cash requirements[214].

Company Overview - Urban One, Inc. is the largest diversified media company targeting Black Americans and urban consumers in the United States [4] - The company owns TV One, LLC, which serves over 35 million households with a variety of original programming, classic series, and movies [4] - As of September 30, 2025, Urban One operates 74 independently formatted broadcast stations, including 57 FM or AM stations and 15 HD stations across 13 urban markets [4] - Urban One also has a controlling interest in Reach Media, Inc., which operates syndicated programming such as the Rickey Smiley Morning Show and the DL Hughley Show [4] - The company owns iOne Digital, a digital platform serving the African American community through various content and entertainment websites [4] Upcoming Events - Urban One will hold a conference call on November 4, 2025, at 10:00 a.m. EST to discuss its third fiscal quarter results [1] - U.S. callers can participate by dialing +1-888-596-4144, while international callers can dial +1-646-968-2525 with the Access Code 7822067 [1] - A replay of the conference call will be available from November 4, 2025, at 2:00 p.m. EST until November 14, 2025, at 11:59 p.m. EST [2]

Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential trading opportunities before the market opens [1] Premarket Gainers - Xcel Brands, Inc. (XELB) increased by 48% to $2.57 [3] - Astrotech Corporation (ASTC) rose by 21% to $5.85 [3] - Rumble Inc. (RUM) saw a 13% increase to $8.36 [3] - ClearPoint Neuro, Inc. (CLPT) gained 9% reaching $27.38 [3] - USA Rare Earth, Inc. (USAR) also increased by 9% to $24.92 [3] - Q/C Technologies, Inc. (QCLS) rose by 8% to $5.51 [3] - Lazydays Holdings, Inc. (GORV) increased by 8% to $2.61 [3] - K Wave Media Ltd. (KWM) saw a 7% rise to $2.78 [3] - Galectin Therapeutics Inc. (GALT) increased by 6% to $4.53 [3] - Wrap Technologies, Inc. (WRAP) rose by 6% to $2.86 [3] Premarket Losers - Black Titan Corporation Ordinary Shares (BTTC) decreased by 29% to $16.80 [4] - Masonglory Limited (MSGY) fell by 14% to $2.54 [4] - Aspire Biopharma Holdings, Inc. (ASBP) declined by 12% to $0.37 [4] - Urban One, Inc. (UONE) saw an 11% drop to $1.15 [4] - Reitar Logtech Holdings Limited (RITR) decreased by 7% to $2.74 [4] - Iveda Solutions, Inc. (IVDA) fell by 7% to $1.88 [4] - Erayak Power Solution Group Inc. (RAYA) decreased by 6% to $4.93 [4] - Megan Holdings Limited (MGN) saw a 6% drop to $3.32 [4] - Werewolf Therapeutics, Inc. (HOWL) declined by 5% to $1.81 [4] - SOS Limited (SOS) decreased by 4% to $2.04 [4]

Core Insights - A new study by Urban One reveals that Black culture is significantly shaping mainstream U.S. culture, indicating that brands must authentically engage with Black consumers to capitalize on growth opportunities [1][4][6] Group 1: Study Findings - 79% of U.S. consumers believe Black Americans have influence, with half acknowledging Black culture's presence in all aspects of American life [5][6] - Over 50% of consumers recognize Black cultural impact across various sectors, including music, fashion, food, politics, sports, and beauty [5] - 76% of U.S. consumers, and over 80% of Gen Z and Millennials, feel they benefit personally when Black culture is well-represented [5][6] Group 2: Brand Engagement - Brands that authentically connect with Black consumers can enhance trust, loyalty, and growth, while performative efforts tend to fade quickly [5][6] - Representation is crucial for building trust, especially among Gen Z and Millennials, who expect diversity and reward brands that meet these expectations [6] Group 3: Cultural Impact - Black culture sets trends that influence global markets, and brands that overlook the origins of these trends miss significant opportunities for authentic connection [5][6] - The study emphasizes that Cultural ROI is now a competitive advantage for brands seeking to thrive in the current market landscape [6]

[Executive Summary & Business Update](index=1&type=section&id=Executive%20Summary%20%26%20Business%20Update) Urban One, Inc. reported a significant decline in Q2 2025 financial performance, with net revenue decreasing by 22.2% year-over-year to $91.6 million, alongside increased losses and reduced Adjusted EBITDA [Second Quarter 2025 Financial Highlights](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) Urban One, Inc. experienced a significant Q2 2025 financial downturn, with net revenue falling **22.2%** to **$91.6 million**, alongside increased operating and net losses, and a **51.6%** drop in Adjusted EBITDA Q2 2025 Key Financial Highlights | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change (%) | | :----------------------- | :------------------ | :------------------ | :--------- | | Net Revenue | $91,600 | $117,700 | (22.2)% | | Operating Loss | $(120,700) | $(60,400) | 99.8% | | Net Loss | $(77,900) | $(45,400) | 71.6% | | Net Loss Per Share (Basic) | $(1.74) | $(0.94) | 85.1% | | Adjusted EBITDA | $14,000 | $28,900 | (51.6)% | [CEO Commentary and Business Outlook](index=1&type=section&id=CEO%20Commentary%20and%20Business%20Outlook) CEO Alfred C. Liggins, III, attributed weak Q2 results to underperforming Reach Media and Digital segments, reduced advertising demand, and subscriber churn, leading to a revised full-year Adjusted EBITDA guidance of **$60.0 million** and strategic debt repurchases - Second quarter results were impacted by weaker than expected performance in Reach Media and Digital segments, partly due to the timing of the annual Tom Joyner Fantastic Voyage (Q2 2024 revenue of **$9.6 million**, Q4 2025 event)[1](index=1&type=chunk) - Reach Media segment was **loss-making** for the quarter due to client attrition and lower CPMs[1](index=1&type=chunk) - Digital business experienced lower advertising demand and reduced streaming CPMs compared to Q2 2024[1](index=1&type=chunk) - Core radio advertising finished **down 11.8%** excluding digital, with national radio advertising demand experiencing double-digit declines; local radio pacing was flat year-over-year, showing some sequential improvement[1](index=1&type=chunk) - Cable TV advertising was **down 4.2%** and affiliate revenue was **down 11.7%** due to continuing subscriber churn[1](index=1&type=chunk) - Full-year Adjusted EBITDA guidance was reduced to **$60.0 million** due to broad economic headwinds[1](index=1&type=chunk) - The company repurchased **$64.0 million** of its 2028 Notes at an average price of approximately **51.8% of par**, reducing outstanding debt balance to **$492.3 million**[1](index=1&type=chunk) [Consolidated Statements of Operations](index=2&type=section&id=Consolidated%20Statements%20of%20Operations) The company's consolidated statements of operations reveal significant year-over-year declines in net revenue and substantial increases in operating and net losses for both the three and six months ended June 30, 2025 [Three Months Ended June 30, 2025 vs 2024](index=2&type=section&id=Three%20Months%20Ended%20June%2030%2C%202025%20vs%202024) For Q2 2025, Urban One reported net revenue of **$91.6 million**, a **22.2%** decrease, with operating loss widening to **$120.7 million** and net loss to **$77.9 million**, primarily due to increased impairment charges Consolidated Statements of Operations (Three Months Ended June 30) | Metric | 2025 (in thousands) | 2024 (in thousands) | Change ($) | Change (%) | | :------------------------------------ | :------------------ | :------------------ | :--------- | :--------- | | Net Revenue | $91,631 | $117,744 | $(26,113) | (22.2)% | | Total Operating Expenses | $212,315 | $178,165 | $34,150 | 19.2% | | Operating Loss | $(120,684) | $(60,421) | $(60,263) | 99.7% | | Impairment of goodwill and intangible assets | $130,078 | $80,758 | $49,320 | 61.1% | | Net Loss Attributable to Common Stockholders | $(77,902) | $(45,431) | $(32,471) | 71.5% | - The significant increase in operating loss was largely driven by a **61.1%** increase in impairment of goodwill and intangible assets[3](index=3&type=chunk) [Six Months Ended June 30, 2025 vs 2024](index=2&type=section&id=Six%20Months%20Ended%20June%2030%2C%202025%20vs%202024) For the first six months of 2025, net revenue decreased **17.2%** to **$183.9 million**, with operating loss substantially higher at **$118.6 million** and net loss widening to **$89.6 million**, primarily due to increased impairment charges Consolidated Statements of Operations (Six Months Ended June 30) | Metric | 2025 (in thousands) | 2024 (in thousands) | Change ($) | Change (%) | | :------------------------------------ | :------------------ | :------------------ | :--------- | :--------- | | Net Revenue | $183,866 | $222,154 | $(38,288) | (17.2)% | | Total Operating Expenses | $302,452 | $269,687 | $32,765 | 12.2% | | Operating Loss | $(118,586) | $(47,533) | $(71,053) | 149.5% | | Impairment of goodwill and intangible assets | $136,521 | $80,758 | $55,763 | 69.1% | | Net Loss Attributable to Common Stockholders | $(89,644) | $(37,938) | $(51,706) | 136.3% | - The increase in operating loss was primarily due to a **69.1%** increase in impairment of goodwill and intangible assets[3](index=3&type=chunk) [Segment Reporting](index=3&type=section&id=Segment%20Reporting) This section details Urban One's segment performance, including reclassifications, net revenue, operating expenses, and Adjusted EBITDA, highlighting declines across most segments and the impact of impairment charges [Segment Reclassification and Presentation Changes](index=3&type=section&id=Segment%20Reclassification%20and%20Presentation%20Changes) Effective January 1, 2025, Urban One reclassified its CTV offering to the Cable Television segment and recast prior period segment expenses to align with the Chief Operating Decision Maker's (CODM) performance evaluation presentation - Effective January 1, 2025, the CTV offering was transferred from the Digital segment to the Cable Television segment to align with operations[4](index=4&type=chunk) - Prior period segment information for Sales and marketing and General and administrative expenses was reclassified to conform to the current presentation used by the CODM[4](index=4&type=chunk) [Net Revenue by Segment](index=3&type=section&id=Net%20Revenue%20by%20Segment) All segments experienced revenue declines in both the three and six months ended June 30, 2025, with Reach Media showing the most significant percentage decrease due to the timing of the Fantastic Voyage cruise [Three Months Ended June 30, 2025 vs 2024](index=3&type=section&id=Net%20Revenue%20by%20Segment%20-%20Three%20Months%20Ended%20June%2030%2C%202025%20vs%202024) For Q2 2025, all segments reported decreased net revenue, with Reach Media experiencing the largest decline of **71.9%** due to the Fantastic Voyage cruise timing - For Q2 2025, all segments reported decreased net revenue, with Reach Media experiencing the largest decline of **71.9%** due to the Fantastic Voyage cruise timing[5](index=5&type=chunk)[12](index=12&type=chunk) Net Revenue by Segment (Three Months Ended June 30) | Segment | 2025 (in thousands) | 2024 (in thousands) | Change ($) | Change (%) | | :----------------- | :------------------ | :------------------ | :--------- | :--------- | | Radio Broadcasting | $36,693 | $41,999 | $(5,306) | (12.6)% | | Reach Media | $5,315 | $18,929 | $(13,614) | (71.9)% | | Digital | $10,254 | $14,072 | $(3,818) | (27.1)% | | Cable Television | $40,070 | $43,312 | $(3,242) | (7.5)% | - Radio Broadcasting revenue decreased primarily due to weaker overall market demand from national advertisers and lower event revenues[12](index=12&type=chunk) - Digital revenue decreased primarily due to lower national digital sales and direct revenue streams[12](index=12&type=chunk) - Cable Television revenue decreased primarily due to subscriber churn[12](index=12&type=chunk) [Six Months Ended June 30, 2025 vs 2024](index=5&type=section&id=Net%20Revenue%20by%20Segment%20-%20Six%20Months%20Ended%20June%2030%2C%202025%20vs%202024) For the first half of 2025, all segments continued to show revenue declines, with Reach Media again having the largest percentage drop of **59.2%**, influenced by the Fantastic Voyage timing - For the first half of 2025, all segments continued to show revenue declines, with Reach Media again having the largest percentage drop of **59.2%**, influenced by the Fantastic Voyage timing[6](index=6&type=chunk)[12](index=12&type=chunk) Net Revenue by Segment (Six Months Ended June 30) | Segment | 2025 (in thousands) | 2024 (in thousands) | Change ($) | Change (%) | | :----------------- | :------------------ | :------------------ | :--------- | :--------- | | Radio Broadcasting | $69,303 | $78,350 | $(9,047) | (11.5)% | | Reach Media | $11,168 | $27,401 | $(16,233) | (59.2)% | | Digital | $20,466 | $26,260 | $(5,794) | (22.1)% | | Cable Television | $84,263 | $91,317 | $(7,054) | (7.7)% | [Operating Expenses by Segment](index=3&type=section&id=Operating%20Expenses%20by%20Segment) Total consolidated operating expenses increased in both periods, primarily driven by higher impairment charges, though most segments saw decreased programming, technical, selling, general, and administrative expenses when excluding impairment [Three Months Ended June 30, 2025 vs 2024](index=3&type=section&id=Operating%20Expenses%20by%20Segment%20-%20Three%20Months%20Ended%20June%2030%2C%202025%20vs%202024) Consolidated total operating expenses increased by **19.2%** to **$212.3 million**, largely due to a significant rise in impairment of goodwill and intangible assets - Consolidated total operating expenses increased by **19.2%** to **$212.3 million**, largely due to a significant rise in impairment of goodwill and intangible assets[3](index=3&type=chunk)[5](index=5&type=chunk) Consolidated Total Operating Expenses (Three Months Ended June 30) | Metric | 2025 (in thousands) | 2024 (in thousands) | Change ($) | Change (%) | | :------------------------------------ | :------------------ | :------------------ | :--------- | :--------- | | Consolidated Total Operating Expenses | $212,315 | $178,165 | $34,150 | 19.2% | | Impairment of goodwill and intangible assets | $130,078 | $80,758 | $49,320 | 61.1% | - Operating expenses, excluding depreciation and amortization, stock-based compensation, and impairment, decreased by approximately **$15.2 million (16.3%)** due to lower expenses across most segments and reduced third-party professional fees[14](index=14&type=chunk) [Six Months Ended June 30, 2025 vs 2024](index=5&type=section&id=Operating%20Expenses%20by%20Segment%20-%20Six%20Months%20Ended%20June%2030%2C%202025%20vs%202024) Consolidated total operating expenses for the first six months increased by **12.2%** to **$302.5 million**, primarily due to a **69.1%** increase in impairment charges - Consolidated total operating expenses for the first six months increased by **12.2%** to **$302.5 million**, primarily due to a **69.1%** increase in impairment charges[3](index=3&type=chunk)[6](index=6&type=chunk) Consolidated Total Operating Expenses (Six Months Ended June 30) | Metric | 2025 (in thousands) | 2024 (in thousands) | Change ($) | Change (%) | | :------------------------------------ | :------------------ | :------------------ | :--------- | :--------- | | Consolidated Total Operating Expenses | $302,452 | $269,687 | $32,765 | 12.2% | | Impairment of goodwill and intangible assets | $136,521 | $80,758 | $55,763 | 69.1% | [Adjusted EBITDA by Segment](index=3&type=section&id=Adjusted%20EBITDA%20by%20Segment) Consolidated Adjusted EBITDA significantly decreased in both periods, with Reach Media and Digital segments reporting negative Adjusted EBITDA in 2025, highlighting their underperformance, while Cable Television remained the largest contributor despite a decline [Three Months Ended June 30, 2025 vs 2024](index=3&type=section&id=Adjusted%20EBITDA%20by%20Segment%20-%20Three%20Months%20Ended%20June%2030%2C%202025%20vs%202024) Consolidated Adjusted EBITDA decreased by **51.7%** to **$14.0 million** in Q2 2025, with Reach Media and Digital segments reporting negative Adjusted EBITDA - Consolidated Adjusted EBITDA decreased by **51.7%** to **$14.0 million**; Reach Media and Digital segments reported negative Adjusted EBITDA[5](index=5&type=chunk)[23](index=23&type=chunk) Adjusted EBITDA by Segment (Three Months Ended June 30) | Segment | 2025 (in thousands) | 2024 (in thousands) | Change ($) | Change (%) | | :----------------- | :------------------ | :------------------ | :--------- | :--------- | | Consolidated | $13,960 | $28,922 | $(14,962) | (51.7)% | | Radio Broadcasting | $6,938 | $9,495 | $(2,557) | (26.9)% | | Reach Media | $(1,651) | $3,457 | $(5,108) | (147.7)% | | Digital | $(146) | $2,714 | $(2,860) | (105.4)% | | Cable Television | $18,056 | $16,022 | $2,034 | 12.7% | - Cable Television was the only segment to show an increase in Adjusted EBITDA[5](index=5&type=chunk) [Six Months Ended June 30, 2025 vs 2024](index=5&type=section&id=Adjusted%20EBITDA%20by%20Segment%20-%20Six%20Months%20Ended%20June%2030%2C%202025%20vs%202024) Consolidated Adjusted EBITDA for the first half of 2025 decreased by **47.6%** to **$26.8 million**, with Reach Media and Digital segments remaining negative - Consolidated Adjusted EBITDA for the first half of 2025 decreased by **47.6%** to **$26.8 million**; Reach Media and Digital segments remained negative[6](index=6&type=chunk)[25](index=25&type=chunk) Adjusted EBITDA by Segment (Six Months Ended June 30) | Segment | 2025 (in thousands) | 2024 (in thousands) | Change ($) | Change (%) | | :----------------- | :------------------ | :------------------ | :--------- | :--------- | | Consolidated | $26,817 | $51,179 | $(24,362) | (47.6)% | | Radio Broadcasting | $9,786 | $15,129 | $(5,343) | (35.3)% | | Reach Media | $(2,202) | $5,287 | $(7,489) | (141.6)% | | Digital | $(88) | $5,061 | $(5,149) | (101.7)% | | Cable Television | $36,648 | $35,323 | $1,325 | 3.7% | [Detailed Financial Performance Analysis](index=9&type=section&id=Detailed%20Financial%20Performance%20Analysis) This section provides a detailed analysis of Urban One's financial performance, examining net revenue by source, operating expenses, impairment charges, and other key financial metrics [Net Revenue by Source](index=9&type=section&id=Net%20Revenue%20by%20Source) All revenue sources experienced declines in both the three and six months ended June 30, 2025, with Event revenues & other showing the most significant percentage drop due to the Fantastic Voyage cruise timing, alongside a sharp decrease in political advertising [Three Months Ended June 30, 2025 vs 2024](index=9&type=section&id=Net%20Revenue%20by%20Source%20-%20Three%20Months%20Ended%20June%2030%2C%202025%20vs%202024) For Q2 2025, Event revenues & other plummeted by **81.2%**, and Political advertising decreased by **88.2%**, with all other revenue streams also experiencing declines - For Q2 2025, Event revenues & other plummeted by **81.2%**, and Political advertising decreased by **88.2%**; all other revenue streams also saw declines[13](index=13&type=chunk) Net Revenue by Source (Three Months Ended June 30) | Revenue Source | 2025 (in thousands) | 2024 (in thousands) | Change ($) | Change (%) | | :-------------------------- | :------------------ | :------------------ | :--------- | :--------- | | Radio advertising | $38,627 | $45,421 | $(6,794) | (15.0)% | | Political advertising | $254 | $2,152 | $(1,898) | (88.2)% | | Digital advertising | $10,241 | $13,714 | $(3,473) | (25.3)% | | Cable Television advertising | $22,977 | $23,985 | $(1,008) | (4.2)% | | Cable Television affiliate fees | $17,061 | $19,315 | $(2,254) | (11.7)% | | Event revenues & other | $2,471 | $13,157 | $(10,686) | (81.2)% | | **Total Net Revenue** | **$91,631** | **$117,744** | **$(26,113)** | **(22.2)%** | [Six Months Ended June 30, 2025 vs 2024](index=9&type=section&id=Net%20Revenue%20by%20Source%20-%20Six%20Months%20Ended%20June%2030%2C%202025%20vs%202024) For the first half of 2025, Event revenues & other decreased by **73.2%**, and Political advertising by **88.1%**, contributing to an overall **17.2%** decrease in net revenue - For the first half of 2025, Event revenues & other decreased by **73.2%**, and Political advertising by **88.1%**; all other revenue streams also experienced declines, contributing to the overall **17.2%** decrease in net revenue[13](index=13&type=chunk) Net Revenue by Source (Six Months Ended June 30) | Revenue Source | 2025 (in thousands) | 2024 (in thousands) | Change ($) | Change (%) | | :-------------------------- | :------------------ | :------------------ | :--------- | :--------- | | Radio advertising | $74,844 | $86,761 | $(11,917) | (13.7)% | | Political advertising | $404 | $3,388 | $(2,984) | (88.1)% | | Digital advertising | $20,452 | $25,881 | $(5,429) | (21.0)% | | Cable Television advertising | $48,402 | $51,129 | $(2,727) | (5.3)% | | Cable Television affiliate fees | $35,778 | $40,103 | $(4,325) | (10.8)% | | Event revenues & other | $3,986 | $14,892 | $(10,906) | (73.2)% | | **Total Net Revenue** | **$183,866** | **$222,154** | **$(38,288)** | **(17.2)%** | [Operating Expenses (Excluding Non-Cash Items)](index=10&type=section&id=Operating%20Expenses%20(Excluding%20Non-Cash%20Items)) Operating expenses, excluding depreciation, amortization, stock-based compensation, and impairment, decreased by approximately **$15.2 million (16.3%)** for Q2 2025, primarily due to lower expenses across most segments and reduced third-party professional fees Operating Expenses (Excluding Non-Cash Items) | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change ($) | Change (%) | | :------------------------------------------------------------------------------------------------ | :------------------- | :------------------- | :--------- | :--------- | | Operating expenses (excluding D&A, stock-based comp, and impairment) | $78,100 | $93,300 | $(15,200) | (16.3)% | - The decrease was primarily due to lower expenses across most segments and lower third-party professional fees[14](index=14&type=chunk) [Impairment of Goodwill and Intangible Assets](index=10&type=section&id=Impairment%20of%20Goodwill%20and%20Intangible%20Assets) Impairment losses significantly increased to **$130.1 million** in Q2 2025, primarily driven by a **$121.3 million** impairment of radio broadcasting licenses within the Radio Broadcasting segment due to declining market revenues and operating profit margins, leading to a change in their useful life to finite-lived assets Impairment of Goodwill and Intangible Assets | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change ($) | Change (%) | | :------------------------------------ | :------------------- | :------------------- | :--------- | :--------- | | Impairment of goodwill and intangible assets | $130,078 | $80,758 | $49,320 | 61.1% | - The Q2 2025 impairment loss was driven by approximately **$121.3 million** of impairment of radio broadcasting licenses within the Radio Broadcasting segment, **$4.9 million** within the Digital reporting unit, and **$3.9 million** in the Radio Broadcasting reporting units[15](index=15&type=chunk) - Primary factors leading to impairment were a continued decline of projected gross market revenues and a decline in operating profit margin, along with ongoing declines in national and local radio listenership[15](index=15&type=chunk) - Effective June 1, 2025, the Company prospectively changed the useful life of radio broadcasting licenses from indefinite-lived to finite-lived intangible assets, recording amortization expense of **$1.3 million** for Q2 2025[15](index=15&type=chunk) [Depreciation and Amortization](index=10&type=section&id=Depreciation%20and%20Amortization) Depreciation and amortization expense increased by **$0.5 million (17.7%)** to **$3.5 million** in Q2 2025, primarily due to TV One Trade Name amortization and new radio broadcasting license amortization, partially offset by lower depreciation on leasehold improvements Depreciation and Amortization Expense | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change ($) | Change (%) | | :-------------------------- | :------------------- | :------------------- | :--------- | :--------- | | Depreciation and amortization | $3,523 | $2,993 | $530 | 17.7% | - The increase was due to TV One Trade Name amortization and radio broadcasting license amortization, offset by additional depreciation on leasehold improvements during Q2 2024[16](index=16&type=chunk) [Interest and Investment Income](index=10&type=section&id=Interest%20and%20Investment%20Income) Interest and investment income decreased by **$1.2 million (65.3%)** to **$0.6 million** in Q2 2025, driven by lower cash and cash equivalents balances compared to the prior year Interest and Investment Income | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change ($) | Change (%) | | :-------------------------- | :------------------- | :------------------- | :--------- | :--------- | | Interest and investment income | $616 | $1,777 | $(1,161) | (65.3)% | - The decrease was driven by lower cash and cash equivalents balances during Q2 2025[17](index=17&type=chunk) [Interest Expense and Debt Retirement](index=10&type=section&id=Interest%20Expense%20and%20Debt%20Retirement) Interest expense decreased by **$2.7 million (21.8%)** to **$9.7 million** in Q2 2025, as the company repurchased **$64.0 million** of its 2028 Notes at approximately **51.8% of par**, resulting in a significant net gain on retirement of debt of **$30.3 million** Interest Expense and Gain on Retirement of Debt | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change ($) | Change (%) | | :-------------------------- | :------------------- | :------------------- | :--------- | :--------- | | Interest expense | $9,704 | $12,404 | $(2,700) | (21.8)% | | Gain on retirement of debt | $30,297 | $7,425 | $22,872 | 308.0% | - During Q2 2025, the Company repurchased approximately **$64.0 million** of its 2028 Notes at a weighted average price of approximately **51.8% of par**[18](index=18&type=chunk) [Benefit from Income Taxes](index=10&type=section&id=Benefit%20from%20Income%20Taxes) For Q2 2025, the company recorded a benefit from income taxes of **$21.4 million** on a pre-tax loss of **$99.4 million**, resulting in an effective tax rate of **21.5%**, which included **$6.4 million** of discrete tax expense related to the change in accounting estimate for radio broadcasting licenses Benefit from Income Taxes | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | | :-------------------------- | :------------------- | :------------------- | | Benefit from income taxes | $21,382 | $18,512 | | Pre-tax loss | $(99,351) | $(63,609) | | Annual effective tax rate | 21.5% | 29.1% | - The Q2 2025 effective tax rate includes **$6.4 million** of discrete tax expense related to the change of accounting estimate for radio broadcasting licenses[19](index=19&type=chunk) [Capital Expenditures](index=10&type=section&id=Capital%20Expenditures) Capital expenditures for Q2 2025 were **$1.2 million**, representing a decrease of **$1.0 million (45.5%)** from **$2.2 million** in Q2 2024 Capital Expenditures | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change ($) | Change (%) | | :-------------------------- | :------------------- | :------------------- | :--------- | :--------- | | Capital expenditures | $1,200 | $2,200 | $(1,000) | (45.5)% | [Share Repurchases](index=10&type=section&id=Share%20Repurchases) In Q2 2025, Urban One repurchased **226,041 shares** of Class A Common Stock for **$0.4 million** and **200,549 shares** of Class D Common Stock for **$0.1 million**, indicating decreased repurchase activity compared to Q2 2024 Share Repurchases (Three Months Ended June 30) | Share Class | Q2 2025 Shares | Q2 2025 Amount (in thousands) | Q2 2025 Avg Price | Q2 2024 Shares | Q2 2024 Amount (in thousands) | Q2 2024 Avg Price | | :---------------- | :------------- | :---------------------------- | :---------------- | :------------- | :---------------------------- | :---------------- | | Class A Common Stock | 226,041 | $400 | $1.63 | 449,277 | $900 | $2.06 | | Class D Common Stock | 200,549 | $100 | $0.59 | 113,283 | $200 | $1.57 | [Per Share Data and Non-GAAP Reconciliations](index=6&type=section&id=Per%20Share%20Data%20and%20Non-GAAP%20Reconciliations) This section presents per share data and reconciliations of non-GAAP financial measures, including Broadcast and Digital Operating Income and Adjusted EBITDA, highlighting significant declines in profitability metrics [Per Share Data (Basic and Diluted)](index=6&type=section&id=Per%20Share%20Data%20(Basic%20and%20Diluted)) Net loss attributable to common stockholders per share (basic and diluted) increased significantly to **$(1.74)** for Q2 2025 and to **$(2.00)** for the six months ended June 30, 2025, reflecting a substantial widening of losses Net Loss Attributable to Common Stockholders Per Share (Basic and Diluted) | Period | 2025 | 2024 | Change | | :-------------------------- | :----- | :----- | :----- | | Three Months Ended June 30 | $(1.74) | $(0.94) | $(0.80) | | Six Months Ended June 30 | $(2.00) | $(0.78) | $(1.22) | - Weighted-average shares outstanding (basic) decreased from **48,483,639** in Q2 2024 to **44,738,306** in Q2 2025[7](index=7&type=chunk) [Broadcast and Digital Operating Income Reconciliation](index=6&type=section&id=Broadcast%20and%20Digital%20Operating%20Income%20Reconciliation) Broadcast and digital operating income decreased by **25.0%** to **$25.7 million** in Q2 2025 and by **26.5%** to **$48.7 million** for the six months ended June 30, 2025, primarily due to overall net revenue decline and increased impairment charges Broadcast and Digital Operating Income | Period | 2025 (in thousands) | 2024 (in thousands) | Change ($) | Change (%) | | :-------------------------- | :------------------ | :------------------ | :--------- | :--------- | | Three Months Ended June 30 | $25,664 | $34,196 | $(8,532) | (25.0)% | | Six Months Ended June 30 | $48,680 | $66,210 | $(17,530) | (26.5)% | - Broadcast and digital operating income is a non-GAAP measure used by management to evaluate the operating performance of core operating segments, excluding expenses associated with fixed assets, goodwill and intangible assets, income taxes, investments, impairment charges, debt financings and retirements, corporate overhead, and stock-based compensation[30](index=30&type=chunk) [Adjusted EBITDA Reconciliation](index=6&type=section&id=Adjusted%20EBITDA%20Reconciliation) Adjusted EBITDA decreased by **51.7%** to **$14.0 million** in Q2 2025 and by **47.6%** to **$26.8 million** for the six months ended June 30, 2025, reflecting challenging market conditions and revenue declines across most segments Adjusted EBITDA | Period | 2025 (in thousands) | 2024 (in thousands) | Change ($) | Change (%) | | :-------------------------- | :------------------ | :------------------ | :--------- | :--------- | | Three Months Ended June 30 | $13,960 | $28,922 | $(14,962) | (51.7)% | | Six Months Ended June 30 | $26,817 | $51,179 | $(24,362) | (47.6)% | - Adjusted EBITDA is a non-GAAP measure used by management to evaluate operating performance, excluding items such as depreciation and amortization, income taxes, interest expense, and impairment of intangible assets[30](index=30&type=chunk) - In 2024, an immaterial change was made to the definition of Adjusted EBITDA by adding back the loss from ceased non-core operations, with all historical periods recast to reflect this change[9](index=9&type=chunk) [Balance Sheet and Leverage](index=8&type=section&id=Balance%20Sheet%20and%20Leverage) This section provides an overview of Urban One's balance sheet and leverage position, highlighting decreases in cash, total assets, and equity, alongside a reduction in total debt [Selected Consolidated Balance Sheet Data](index=8&type=section&id=Selected%20Consolidated%20Balance%20Sheet%20Data) As of June 30, 2025, cash and cash equivalents decreased by **37.3%**, total assets declined by **22.8%** primarily due to reduced intangible assets, and total stockholders' equity saw a substantial **51.9%** reduction, alongside decreases in total debt and liabilities Selected Consolidated Balance Sheet Data (as of June 30, 2025 vs Dec 31, 2024) | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | Change ($) | Change (%) | | :------------------------------------ | :----------------------------- | :----------------------------- | :--------- | :--------- | | Cash and cash equivalents and restricted cash | $86,217 | $137,574 | $(51,357) | (37.3)% | | Intangible assets, net | $345,524 | $490,024 | $(144,500) | (29.5)% | | Total assets | $729,227 | $944,790 | $(215,563) | (22.8)% | | Total debt | $488,396 | $579,069 | $(90,673) | (15.7)% | | Total liabilities | $644,468 | $765,857 | $(121,389) | (15.9)% | | Total stockholders' equity | $82,182 | $170,945 | $(88,763) | (51.9)% | - Intangible assets, net, include Goodwill, Radio Broadcasting Licenses, net, Other Intangible Assets, net, and Launch Assets[10](index=10&type=chunk) [Selected Leverage Data](index=8&type=section&id=Selected%20Leverage%20Data) As of June 30, 2025, the company's total debt primarily consisted of **$488.4 million** in **7.375%** senior secured notes due February 2028 Selected Leverage Data (as of June 30, 2025) | Debt Instrument | Amount (in thousands) | Applicable Interest Rate | | :------------------------------------------------------------------------------------------------ | :-------------------- | :----------------------- | | 7.375% senior secured notes due February 2028, net of issuance costs of approximately $3.9 million | $488,396 | 7.375% | [Corporate Information and Disclosures](index=8&type=section&id=Corporate%20Information%20and%20Disclosures) This section provides essential corporate information, including cautionary notes on forward-looking statements, a company overview, definitions of non-GAAP financial measures, and conference call details [Cautionary Note Regarding Forward-Looking Statements](index=8&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section advises that the press release contains forward-looking statements based on management's current expectations, which involve known and unknown risks and uncertainties that could cause actual results to differ materially, and refers readers to Urban One's SEC filings for important factors - The press release includes forward-looking statements based on management's current expectations[11](index=11&type=chunk) - These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially[11](index=11&type=chunk) - Readers are referred to Urban One's reports on Forms 10-K, 10-Q, 8-K and other SEC filings for important factors[11](index=11&type=chunk) - Urban One does not undertake any duty to update any forward-looking statements[11](index=11&type=chunk) [Company Overview](index=15&type=section&id=Company%20Overview) Urban One, Inc. is the largest diversified media company primarily targeting Black Americans and urban consumers in the U.S., with assets including TV One, **74 broadcast stations**, syndicated programming via Reach Media, and digital platforms like iOne Digital - Urban One, Inc. is the largest diversified media company primarily targeting Black Americans and urban consumers in the United States[29](index=29&type=chunk) - The Company owns TV One, LLC, a television network serving over **35 million households**[29](index=29&type=chunk) - As of June 30, 2025, the Company owned and/or operated **74 independently formatted, revenue producing broadcast stations** in **13 of the most populous African-American markets**[29](index=29&type=chunk) - Through its controlling interest in Reach Media, Inc., the Company operates syndicated programming including the Rickey Smiley Morning Show and the DL Hughley Show[29](index=29&type=chunk) - Urban One owns iOne Digital, a wholly owned digital platform serving the African American community through social content, news, information, and entertainment websites, including Cassius, Bossip, HipHopWired, and MadameNoire[29](index=29&type=chunk) [Non-GAAP Financial Measures Definitions](index=15&type=section&id=Non-GAAP%20Financial%20Measures%20Definitions) This section defines and explains the non-GAAP financial measures "Broadcast and digital operating income" and "Adjusted EBITDA," clarifying their use by management to evaluate core operating performance while excluding certain non-operating, non-cash, or corporate overhead items - Broadcast and digital operating income is a non-GAAP measure used by management to evaluate the operating performance of core operating segments, excluding items such as depreciation and amortization, income taxes, interest expense, and impairment of intangible assets[30](index=30&type=chunk) - Adjusted EBITDA is a non-GAAP measure that consists of net (loss) income plus depreciation and amortization, income taxes, interest expense, impairment of intangible assets, stock-based compensation, gain/loss on retirement of debt, corporate development costs, severance-related costs, investment income, loss from unconsolidated joint venture, loss from ceased non-core business initiatives, less other income, net and interest and investment income[30](index=30&type=chunk) - Both Broadcast and digital operating income and Adjusted EBITDA do not represent operating income or cash flow from operating activities as defined under GAAP and should not be considered as alternatives to those measurements[30](index=30&type=chunk) [Conference Call Information](index=15&type=section&id=Conference%20Call%20Information) Urban One, Inc. scheduled a conference call for August 13, 2025, at 10:00 a.m. EDT to discuss its Q2 2025 results, with replay information and web access details provided - A conference call to discuss Q2 2025 results was scheduled for Wednesday, August 13, 2025, at **10:00 a.m. EDT**[27](index=27&type=chunk) - U.S. callers could dial toll-free **(+1) 888-596-4144**; international callers could dial direct **(+1) 646-968-2525**, with Access Code **3660282**[27](index=27&type=chunk) - A replay of the conference call was available from August 13, 2025, until August 20, 2025, via phone and on Urban One's corporate website at **www.urban1.com**[28](index=28&type=chunk)

Financial Data and Key Metrics Changes - Consolidated net revenue for the quarter was approximately $91.6 million, down 22.2% year over year [8] - Net loss was approximately $77.9 million or $1.74 per share, compared to a net loss of $45.4 million or $0.94 per share for the previous year [18] - Consolidated adjusted EBITDA was $14 million for the second quarter, down 51.7% [15] Business Line Data and Key Metrics Changes - Radio Broadcast segment net revenue was $36.7 million, a decrease of 12.6% year on year [8] - Reach Media segment net revenue was $5.3 million, down 71.9% from the prior year [10] - Digital segment revenues were down 27.1% at $10.3 million, impacted by the loss of an exclusive third-party audio streaming deal [11] - Cable Television segment revenue was approximately $40.1 million, a decrease of 7.5% [12] Market Data and Key Metrics Changes - Local advertising sales were down 5.6% against a market that was down 11% [9] - National ad sales were down 23.6% against a market that was down 13.1% [9] - Cable subscribers for TV One decreased to 34.3 million from 35.6 million at the end of Q1 [12] Company Strategy and Development Direction - The company revised its full-year guidance down from $75 million to $60 million due to headwinds [6] - Management is focused on cost cuts and rightsizing, with plans to implement changes by the end of Q3 [6][7] - The company is prioritizing debt reduction and expense management, with a focus on maintaining cash flow [27] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a tough quarter but noted that the TV business is performing better than originally budgeted [5][6] - The company is experiencing significant headwinds in radio and digital businesses, particularly in national advertising [7][40] - Management indicated that the decline in revenue is partly due to the pullback in DEI dollars and the impact of AI on marketing strategies [40][43] Other Important Information - The company repurchased $64 million of its 2028 notes, reducing overall debt balances [17] - Total gross debt was approximately $492.3 million, with unrestricted cash of $85.7 million, resulting in a net leverage ratio of 5.14x [18] Q&A Session Summary Question: Are the improved EBITDA margins in the cable TV segment due to cost-cutting initiatives? - Management indicated that the margin improvement is primarily a timing issue rather than a direct result of cost cuts [20][21] Question: What should be expected from the second round of cost cuts? - Management stated that the impact of the second round of cost cuts will likely be seen in 2026, and they are still in the process of determining the specifics [22][23] Question: How is the company approaching debt buybacks given the recent bond price increases? - Management confirmed that their focus remains on debt reduction and expense management, with no immediate plans for further debt buybacks [26][27] Question: Will the reduction in sales and marketing expenses be the new normal? - Management noted that while there is a timing difference affecting expenses, they are tightening their belts and do not expect a major rebound in those costs [34][35] Question: What is the status of the company's available credit line? - Management confirmed that the credit line is fully available and they are in compliance with the maintenance covenant [44][45]