Financial Data and Key Metrics Changes - Consolidated net revenues decreased by 6.3% year-over-year to approximately $110.4 million for Q3 2024 [9] - Consolidated adjusted EBITDA was $25.4 million, down 26.7% compared to the previous year [16] - Net loss for the quarter was approximately $31.8 million or $0.68 per share, an improvement from a net loss of $54.4 million or $1.20 per share in Q3 2023 [18] - Total gross debt was approximately $600 million, with a net leverage ratio of 4.68x based on $103.7 million of LTM reported adjusted EBITDA [19] Business Line Data and Key Metrics Changes - Radio broadcasting segment net revenue was $39.7 million, a decrease of 1.1% year-over-year, and down 3.6% on a same-station basis [9] - Reach Media segment net revenue was $10.2 million, down 8.2% from the prior year, while adjusted EBITDA increased to $3.7 million from $3.4 million [10] - Digital segment net revenues were flat at $20.4 million, with connected TV and podcast revenue showing growth [11] - Cable TV segment revenues decreased by 13%, with advertising revenue down 13.3% and affiliate revenue down 12.8% [12] Market Data and Key Metrics Changes - Local advertising sales were down 4.7% against markets that were down 5.7%, while national advertising sales decreased by 6.2% against markets that were down 0.6% [10] - Cable subscribers for TV One decreased to 39.1 million from 39.8 million at the end of Q2 2024, with CLEO TV having 37.3 million subscribers [12] Company Strategy and Development Direction - The company is focused on reducing indebtedness, having repurchased $14.5 million of outstanding bonds at 75% of par [7] - A modification of year-end EBITDA guidance from $110 million to a range of $102 million to $105 million was announced due to ongoing weakness in the Cable TV segment [8] Management Comments on Operating Environment and Future Outlook - Management acknowledged continued advertising headwinds in Q3 and forecasted flat revenues for Q4, driven by robust political spending [7] - The company plans to maintain a year-end cash balance of $140 million and continue prudent management towards debt reduction [8] Other Important Information - Operating expenses increased to approximately $87.4 million, up 3.5% from the prior year, primarily due to higher expenses in the Houston radio market and increased professional fees [13] - Noncash impairments of approximately $46.8 million were recorded for broadcasting licenses and trade names due to increased discount rates and projected declines in revenues [17] Q&A Session Summary - No specific questions or answers were documented in the provided content, as the call concluded without a detailed Q&A segment [20][21]

Core Insights - Urban One is experiencing a leadership transition as CEO of the Audio Division, David Kantor, retires after a successful career, which included significant contributions to the radio industry and the growth of Urban One [1][2] - The company is poised for future growth with Eddie Harrell, Jr. and Deon Levingston stepping up to co-lead the Audio Division, bringing extensive experience and a deep understanding of the brand and audience [3] Company Overview - Urban One, Inc. is the largest diversified media company targeting Black Americans and urban consumers in the U.S., owning TV One and CLEO TV, which reach over 46 million and almost 41 million households respectively [4] - The company operates 72 broadcast stations, including 57 FM or AM stations, across 13 major African American markets, and has a controlling interest in Reach Media, which syndicates popular shows [4] - Urban One also owns iOne Digital, a digital platform that serves the African American community through various content and entertainment websites [4]

Company Overview - Urban One, Inc. is the largest diversified media company targeting Black Americans and urban consumers in the United States [3] - The company owns TV One, LLC, which serves over 59 million households with a variety of original programming, classic series, and movies [3] - As of October 25, 2024, Urban One operates 72 independently formatted broadcast stations, including 57 FM or AM stations and 13 HD stations, branded under "Radio One" in 13 urban markets [3] - 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 [3] - The company owns iOne Digital, a digital platform serving the African American community through various social content, news, and entertainment websites [3] Upcoming Events - Urban One will hold a conference call on November 7, 2024, at 10:00 a.m. EST to discuss its third fiscal quarter results [1] - U.S. callers can participate by dialing 1-877-226-8189, while international callers can dial (+1) 409-207-6980 [1] - A replay of the conference call will be available from 1:00 p.m. EST on November 7, 2024, until 12:00 a.m. EST on November 14, 2024 [1]

Financial Data and Key Metrics Changes - Consolidated net revenue decreased by 9.2% year-over-year to approximately $117.7 million for Q2 2024 [7] - Consolidated adjusted EBITDA was $28.4 million, down 24.2% [11] - Net loss was approximately $45.4 million or $0.94 per share, compared to net income of $70.4 million or $1.48 per share for Q2 2023 [12] Business Line Data and Key Metrics Changes - Radio broadcasting segment net revenue was $42 million, an increase of 7.2% year-over-year, but down 3% on a same-station basis [7] - Reach Media segment net revenue was $18.9 million, down 5.6% from the prior year [8] - Digital segment net revenues decreased by 16% to $15.9 million, with adjusted EBITDA down 52.5% [8] - Cable television segment revenue was approximately $41.5 million, a decrease of 20.9%, with advertising revenue down 26.7% [8] Market Data and Key Metrics Changes - Local advertising sales were down 8.5% against a market that was down 7.1% [7] - National ad sales were down 1.6% against a market that was up 7% [7] - Cable subscribers for TV One decreased from 40.7 million at the end of Q1 to 39.8 million at the end of Q2 [8] Company Strategy and Development Direction - The company is optimistic about political advertising, expecting stronger performance than previously forecasted [5] - A new ad server for connected TV is expected to go live in August, which will enhance monetization capabilities [22][23] - The company is focused on managing leverage and opportunistically buying back debt [17][28] Management's Comments on Operating Environment and Future Outlook - Management indicated that the company is likely to finish 2024 at the lower end of its EBITDA guidance of $110 million to $120 million [6] - There is ongoing softness in the cable television segment that needs to be addressed [5] - The management is cautious about M&A activities, emphasizing the need for deals to be both accretive and deleveraging [26] Other Important Information - The company repurchased $35.5 million of its 2028 notes at a price of 78% of par [12] - An impairment charge of $80.8 million was recorded, primarily from broadcasting licenses [12] - Total gross debt was $614.5 million, with a net leverage ratio of 4.37x [13] Q&A Session Summary Question: Comments on the digital segment's performance and future expectations - Management acknowledged weaker demand in digital due to national advertising pullback but remains optimistic for the second half of the year [14][15] Question: Confirmation of EBITDA guidance - Management confirmed that they are maintaining their EBITDA guidance but expect to be at the lower end [16] Question: Future debt buyback strategy - Management indicated that debt buybacks will depend on market conditions but emphasized the importance of managing leverage [17] Question: Update on potential M&A activities - Management stated that they are involved in a process but could not provide updates at this time [18] Question: Strategies to improve TV audience delivery - Management is exploring different measurement solutions and is engaged in negotiations regarding audience measurement [20][21] Question: Impact of political advertising - Management confirmed interest from both parties and noted that the company has significant exposure in key markets [36][37] Question: Revenue impact from TV One and CLEO joining Xfinity - Management clarified that the impact is positive but not significantly large as the service is still growing [42]

Financial Performance - Net revenues for Q2 2024 were approximately $117.7 million, a decrease of 9.2% from Q2 2023[1] - The company reported an operating loss of approximately $60.4 million for Q2 2024, compared to operating income of approximately $9.7 million in Q2 2023[1] - Net loss was approximately $45.4 million or $(0.94) per share, compared to income of $70.4 million or $1.48 per share for the same period in 2023[1] - Adjusted EBITDA for Q2 2024 was approximately $28.4 million, down from approximately $37.5 million in Q2 2023[1] - For the three months ended June 30, 2024, Urban One reported net revenues of approximately $117.7 million, a decrease of 9.2% compared to $129.7 million for the same period in 2023[8] - Operating expenses for the three months ended June 30, 2024, were approximately $93.3 million, a slight decrease of 0.4% from $93.7 million in the same period last year[10] - Total operating expenses for Q2 2024 were $178,165, an increase of 48.4% from $119,997 in Q2 2023[15] - For the six months ended June 30, 2024, net revenues totaled $222,154, a decrease of 10.5% from $248,000 in the same period of 2023[17] - Total operating expenses for the six months ended June 30, 2024, were $269,687, up from $239,997 in the same period of 2023, reflecting a 12.4% increase[17] Revenue Segments - The radio division's same station revenue decreased by 5.6% excluding political advertising, and 3.0% including political[2] - The radio broadcasting segment generated approximately $42.0 million in revenues, an increase of 7.1% from $39.2 million in the prior year, primarily due to the acquisition of a Houston station[8] - The cable television segment experienced a significant revenue decline, reporting $41.5 million, down 21.0% from $52.4 million in the previous year, attributed to decreased audience viewership[8] Impairment and Expenses - Impairment of goodwill and intangible assets was approximately $80.8 million for the second quarter of 2024, compared to $22.1 million in the same quarter of 2023, primarily related to broadcasting licenses[10] - The impairment of goodwill and intangible assets in Q2 2024 was $80,758, with no such impairment reported in Q2 2023[15] - Interest expense decreased to approximately $12.4 million for the three months ended June 30, 2024, down from $14.0 million in the prior year, due to lower overall debt balances[11] - Interest expense for Q2 2024 was $12,404, compared to $13,972 in Q2 2023, indicating a decrease of 11.3%[15] - Interest expense totaled $28,040,000, highlighting the company's debt obligations[18] Share Repurchase and Cash Position - The company repurchased an additional $35.5 million of its 2028 notes at 78.0% during Q2[2] - The company ended the quarter with approximately $132.4 million in cash[2] - Urban One repurchased approximately $35.5 million of its 2028 Notes at an average price of 78.0% of par, resulting in a net gain on retirement of debt of approximately $7.4 million[11] - Urban One repurchased 449,277 shares of Class A Common Stock for approximately $0.9 million at an average price of $2.06 per share during the second quarter of 2024[13] Tax and Capital Expenditures - The company recorded a benefit from income taxes of approximately $18.5 million for the three months ended June 30, 2024, with an effective tax rate of 29.1%[12] - Capital expenditures were approximately $2.2 million for the three months ended June 30, 2024, compared to $2.1 million in the same period of 2023[13] Company Overview - The company operates 72 broadcast stations, including 57 FM or AM stations, across 13 urban markets in the U.S.[21] - Urban One's digital platform, iOne Digital, serves the African American community through various content channels, enhancing its market reach[21] - The conference call to discuss Q2 2024 results is scheduled for August 8, 2024, indicating ongoing communication with stakeholders[20]

Financial Performance - Net revenues for Q2 2024 were $117.744 million, a decrease of 9.3% from $129.652 million in Q2 2023[12]. - The company reported an operating loss of $60.421 million for Q2 2024, compared to an operating income of $9.655 million in Q2 2023[12]. - Net loss attributable to common stockholders for Q2 2024 was $45.431 million, compared to a net income of $70.366 million in Q2 2023[12]. - For the six months ended June 30, 2024, Urban One experienced a net loss of $37,362,000 compared to a net income of $68,747,000 for the same period in 2023[26]. - The company reported net revenues of $222.154 million for the six months ended June 30, 2024, a decrease of 7.2% compared to $239.521 million for the same period in 2023[107]. Operating Expenses - Total operating expenses increased to $178.165 million in Q2 2024, up 48.5% from $119.997 million in Q2 2023[12]. - Total operating expenses rose to approximately $269.7 million, an increase of $47.9 million or 21.6% from $221.7 million in the previous year[146]. Impairment and Losses - The impairment of goodwill and intangible assets was $80.758 million in Q2 2024, significantly higher than $22.081 million in Q2 2023[12]. - The company recognized an impairment loss of approximately $80.8 million related to broadcasting licenses across nine radio markets for the six months ended June 30, 2024[74]. - The impairment of goodwill and intangible assets increased significantly by 265.7% to $80.758 million from $22.081 million year-over-year[130]. Cash Flow and Assets - The company had cash and cash equivalents of $131,890,000 as of June 30, 2024, down from $233,090,000 at the end of 2023, indicating a decrease of approximately 43.4%[17]. - Total current assets decreased to $308,682,000 as of June 30, 2024, from $421,966,000 as of December 31, 2023, reflecting a decline of approximately 26.7%[17]. - As of June 30, 2024, the company's cash, cash equivalents, and restricted cash balance was approximately $132.4 million, with no borrowings outstanding on the Current ABL Facility, which has a capacity of $50.0 million[173]. Debt and Liabilities - Total liabilities decreased to $771,179,000 as of June 30, 2024, from $920,588,000 as of December 31, 2023, representing a reduction of about 16.2%[17]. - Urban One's long-term debt decreased to $607,865,000 as of June 30, 2024, from $716,246,000 as of December 31, 2023, a reduction of about 15.1%[17]. - The Company had approximately $614.5 million of its 2028 Notes outstanding within its corporate structure[201]. Share Repurchase and Equity - The company repurchased 396,052 shares of Class D common stock during the six months ended June 30, 2024, at a cost of $1,386,000[20]. - The company authorized a share repurchase program to repurchase up to $20.0 million of its outstanding Class A and/or Class D common stock, effective for up to 24 months[96]. - The company repurchased 449,277 shares of Class A Common Stock for approximately $0.9 million at an average price of $2.06 per share during the six months ended June 30, 2024[176]. Revenue Segments - The Radio Broadcasting segment generated net revenues of $78.350 million for the six months ended June 30, 2024, up from $74.376 million in 2023, reflecting a growth of 2.6%[107]. - The Cable Television segment reported net revenues of $87.723 million for the six months ended June 30, 2024, down 14.1% from $102.108 million in 2023[107]. - Digital advertising revenue for the three months ended June 30, 2024, was $15,529 thousand, compared to $18,861 thousand in 2023, representing a decrease of approximately 17.3%[40]. Tax and Benefits - The company recorded a benefit from income taxes of approximately $16.0 million on a pre-tax loss from consolidated operations of approximately $53.0 million for the six months ended June 30, 2024, resulting in an effective tax rate of approximately 30.0%[94]. - The company recorded a benefit from income taxes of approximately $18.5 million for the three months ended June 30, 2024, compared to a provision of $23.2 million in the prior year, reflecting a change of $41.7 million[143]. Market and Strategic Outlook - The company anticipates continued challenges due to economic volatility and increased competition in advertising revenues[7]. - Urban One's strategy includes diversifying revenue streams through acquisitions and investments in complementary media properties[30].

Company Overview - Urban One, Inc. is the largest diversified media company targeting Black Americans and urban consumers in the United States [3] - The company owns TV One, LLC, which serves over 59 million households with a variety of original programming, classic series, and movies [3] - As of August 1, 2024, Urban One operates 72 independently formatted broadcast stations, including 57 FM or AM stations and 13 HD stations, branded under "Radio One" in 13 urban markets [3] - Urban One has a controlling interest in Reach Media, Inc., which operates syndicated programming such as the Rickey Smiley Morning Show and the DL Hughley Show [3] - The company also owns iOne Digital, a digital platform serving the African American community through various websites and brands [3] Upcoming Events - Urban One will hold a conference call on August 8, 2024, at 10:00 a.m. EDT to discuss its second fiscal quarter results [1] - The call will be accessible to U.S. callers via a toll-free number and to international callers through a direct line [1] - A replay of the conference call will be available from August 8, 2024, at 5:00 p.m. EDT until August 15, 2024, at 12:00 a.m. EDT [1]

Speaking on the importance of this series, Kirsten West Savali, iONE Digital's VP of Content shared: "The Black Ballot is a series that understands that Black people are neither monolithic, nor interested in propping up a political duopoly that refuses to prioritize the most targeted, marginalized communities among us. Voters must not only be informed about a candidate's politics, their values, and who and what they are willing to fight for and against, but the institutions and systems that shape the landsc ...

Exhibit 99.1 NEWS RELEASE FOR IMMEDIATE RELEASE (301) 429-4638 Washington, DC June 10, 2024 Contact: Peter D. Thompson, EVP and CFO URBAN ONE, INC. REPORTS YEAR END 2023 AND FIRST QUARTER 2024 RESULTS Washington, DC: - Urban One, Inc. (NASDAQ: UONEK and UONE) today reported its results for the year ended December 31, 2023 and for the three months ended March 31, 2024. For the year ended December 31, 2023 net revenue was approximately $477.7 million, a decrease of 1.4% from the same period in 2022. The Compa ...

Financial Data and Key Metrics Changes - Consolidated net revenue for Q4 2023 was approximately $120.3 million, down 9.2% year-over-year [11] - Consolidated net revenue for Q1 2024 was approximately $104.4 million, down 5% year-over-year [16] - Adjusted EBITDA for Q4 2023 was $26.4 million, down 30.5% [28] - Adjusted EBITDA for Q1 2024 was $21.5 million, down 28.9% [28] - Net loss for Q4 2023 was approximately $11 million or $0.23 per share, compared to a net loss of $1.9 million or $0.04 per share for Q4 2022 [32] - Net income for Q1 2024 was approximately $7.5 million or $0.15 per share, compared to a net loss of $2.9 million or $0.06 per share for Q1 2023 [32] Business Line Data and Key Metrics Changes - Radio segment net revenue for Q4 2023 was $41.7 million, a decrease of 12.4% year-over-year [11] - Reach segment net revenue for Q4 2023 was $10.8 million, down 9.7% from the prior year [12] - Digital segment net revenue for Q4 2023 decreased by 12.5% to $21.2 million [13] - Cable television segment revenue for Q4 2023 was approximately $47.3 million, a decrease of 4.9% [13] - Radio segment net revenue for Q1 2024 was $36.4 million, an increase of 3.3% year-over-year [16] - Reach segment net revenue for Q1 2024 was $8.5 million, down 22.4% from the prior year [17] - Digital segment net revenue for Q1 2024 decreased by 7.3% to $14 million [17] - Cable television segment revenue for Q1 2024 was approximately $46.2 million, a decrease of 6.9% [18] Market Data and Key Metrics Changes - Local ad sales were down 6.8% against the market, which was down 7.2% [12] - National ad sales were down 37.2% against the market, which was down 24.5% [12] - In Q1 2024, local ad sales were down 1.9% against the market, which was down 7.9% [16] - National ad sales were down 18% against a market that was down 4.3% [16] Company Strategy and Development Direction - The company aims to manage leverage down and does not have any M&A plans currently, focusing on opportunistic evaluations [36] - The company is looking to consolidate operations in Indianapolis, which is expected to save approximately $1 million annually in operating expenses [46] - The company is budgeting $10 million for political advertising in 2024, which is considered conservative [53] Management's Comments on Operating Environment and Future Outlook - The management noted that the political landscape is expected to be robust, which could positively impact advertising revenue [9] - There is a recognition of a national ad recession affecting traditional media, with a shift towards digital advertising [61] - Management expressed cautious optimism about Q2 2024, acknowledging softness in various segments but highlighting potential political ad revenue [56][57] Other Important Information - The company repurchased approximately 256,000 shares of Class D common stock in Q1 2024 for about $1.3 million [33] - As of March 31, 2024, total gross debt was $650 million, with unrestricted cash of $155.3 million [40] - The company signed an NDA to participate in the process for acquiring Bounce TV, indicating interest in potential synergies [71] Q&A Session Summary Question: What are the expected fixed charges for 2024, specifically CapEx and taxes? - The company expects CapEx to be around $9 million and cash taxes to be approximately $3 million for the year [45] Question: Can you provide insights on the softness in national ad sales? - Management noted that national ad sales have underperformed compared to the market, with some clients not returning at previous volumes [54] Question: How is the company addressing the softness in digital and Reach segments? - Management acknowledged a decline in diversity advertising dollars and a general ad recession impacting performance, with strategies still being developed [62][63] Question: What is the current cash balance and thoughts on potential acquisitions? - The current cash balance is $162.9 million, and the company is exploring acquisition opportunities that provide synergies [72]