Cautionary Note Regarding Forward-Looking Statements The conference call is scheduled for Monday, June 10, 2024 at 4:30 p.m. EDT. To participate on this call, U.S. callers may dial toll-free 1-844-291-5494; international callers may dial direct (+1) 409-207-6995. The Access Code is 9666446. The Company cautions you certain of the statements in this press release may represent "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of th ...

Table of Contents SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 Commission File No. 0-25969 URBAN ONE, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Delaware 52-1166660 1010 Wayne Avenue, 14th Floor Silver Spring, Maryland 20910 (Address of p ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED) For the transition period from to Commission File No. 0-25969 URBAN ONE, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R ...

Silver Spring, Md., June 07, 2024 (GLOBE NEWSWIRE) -- Today, Urban One, the largest Black owned media company in the country, received an astounding twenty-one wins are this year's 2024 Telly Awards, which represent the best in video and television across all screens. Led by One Solution, Urban One's awardwinning integrated marketing, strategic partnerships and branded content studio division and flagship cable network TV One. "We are, once again, beyond excited to be receiving a total of twenty-one additio ...

The Show Must Go On with partner Advil WINNER: BRONZE TELLY AWARD – BRANDED CONTENT BUSINESS TO CONSUMER Platform: iOne Digital The pharmaceutical brand aimed to drive awareness of their new powerful pain fighting product Dual Action Back Pain. Fighting pain twoways, with Acetaminophen blocking pain signals, and Advil targeting pain atthe site of inflammation – the duo combination quickly relieves tough back pain and lasts for 8 hours. Wanting to showcase how un-pausing and instinctively reaching for Advil ...

Urban One, Inc. (NASDAQ:UONE) Q3 2023 Earnings Conference Call January 11, 2024 10:00 AM ET Company Participants Alfred Liggins - Chief Executive Officer Peter Thompson - Chief Financial Officer Karen Wishart - Chief Administrative Officer Kris Simpson - General Counsel Jody Drewer - Chief Financial Officer TV One Conference Call Participants Hal Steiner - BNP Paribas Operator Ladies and gentlemen, thank you for standing by. During this conference call, Urban One will be sharing with you certain projections ...

Table of Contents SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 Silver Spring, Maryland 20910 (Address of principal executive offices) (301) 429-3200 Registrant's telephone number, including area code Commission File No. 0-25969 URBAN ONE, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer inc ...

Financial Data and Key Metrics Changes - Consolidated net revenue for the first half of 2023 increased by 3.8% year-over-year, with the Indianapolis radio acquisition contributing approximately $7.6 million and the Reach cruise event generating $10.1 million [12][19] - Net income was approximately $67.4 million or $1.42 per share, compared to $32.8 million or $0.64 per share for the same period last year [19] - Adjusted EBITDA was $8.1 million for the first half, down from $8.6 million last year [30] Business Line Data and Key Metrics Changes - Net revenue for the cable television segment was $102.1 million for the first half of the year, a decrease of 6.8% [6] - Net revenue for the radio segment increased by 8.3% year-over-year, with a decrease of 1.3% on a same-station basis [12] - Net revenue for Reach Media was $31 million for the first half, including $10.1 million from the cruise event, compared to $21.1 million last year [13] Market Data and Key Metrics Changes - Local ad sales were down 4.6% against a market that was down 2.7%, while national ad sales were down 2.4% against a market that was down 7.7% [29] - Cable subscribers for TV One decreased to 45.1 million at the end of Q2 2023 from 46.5 million at the end of 2022 [32] Company Strategy and Development Direction - The company is focused on debt paydown as a top consideration following the failed Richmond referendum for casino investment [2] - Management is exploring opportunities for cash deployment, including potential acquisitions that align with their core business [21][39] - The company aims to maintain a defensive posture by continuing to deleverage while seeking opportunities that can yield a 20% return [24] Management's Comments on Operating Environment and Future Outlook - Management noted that the radio business showed softness in the second half of the year, while the cable television business struggled but stabilized going into the latter half [27] - The company anticipates a softer Q4 due to a lack of political advertising, projecting around $10 million in political revenue for the radio business [65] - Management expressed confidence in the potential for future growth in the digital segment, which has been performing better than expected [27] Other Important Information - The company repurchased $25 million of its 2028 notes, resulting in a net gain on retirement of debt of approximately $2.4 million [7] - As of June 30, 2023, gross debt was $725 million, with unrestricted cash of $230.7 million, resulting in a net debt of approximately $494.3 million [53] Q&A Session Summary Question: How does the company view the IRR on open market debt purchases versus other cash uses? - Management indicated that while a 12% IRR is attractive, finding opportunities for 20% returns is challenging in the current environment [21] Question: What is the company's commitment to the media business versus diversifying ventures? - The company prefers to invest in tangential businesses that leverage existing assets and expertise, maintaining a focus on media [39] Question: What are the expectations for political advertising revenue in 2024? - Management expects political advertising revenue to be around $10 million, down from $18 million in 2022 due to fewer significant races [65] Question: What is the company's leverage target? - Management aims to reduce leverage to the low-3s, currently projecting a year-end leverage of around 3.8 [68] Question: Is the casino investment idea completely off the table? - Management remains open to future opportunities in gaming, particularly with potential iGaming developments in Maryland [73]

Table of Contents SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 Commission File No. 0-25969 URBAN ONE, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Delaware 52-1166660 1010 Wayne Avenue, 14th Floor Silver Spring, Maryland 20910 (Address of pr ...

Financial Performance - Net revenue for the three months ended March 31, 2023, was approximately $109.9 million, a decrease of 2.0% from $112.1 million in the same period of 2022[204] - The company experienced a net loss of $2.9 million attributable to common stockholders in Q1 2023, compared to a net income of $16.5 million in Q1 2022, representing a decline of 117.7%[203] - Broadcast and digital operating income decreased to approximately $39.3 million for the three months ended March 31, 2023, down from approximately $48.4 million in 2022, a decrease of 18.8%[227] - Adjusted EBITDA decreased to approximately $30.3 million for the three months ended March 31, 2023, compared to approximately $42.0 million in 2022, a decrease of approximately 28.0%[229] Revenue Segments - The radio broadcasting segment generated $43.1 million in advertising revenue for Q1 2023, an increase of 10.2% compared to $39.1 million in Q1 2022[195] - The cable television segment reported a revenue decline to $49.7 million in Q1 2023 from $56.2 million in Q1 2022, a decrease of approximately 11.5%[206] - The Reach Media segment's revenue increased to approximately $10.9 million in Q1 2023, up from $10.0 million in Q1 2022, an increase of approximately 9.0%[205] - Digital segment revenue slightly decreased to $15.1 million in Q1 2023 from $15.5 million in Q1 2022, a decline of approximately 2.6%[207] Expenses - Programming and technical expenses increased by 18.7% to $33.9 million in Q1 2023, up from $28.5 million in Q1 2022[208] - Selling, general and administrative expenses rose to approximately $36.7 million in Q1 2023, an increase of 4.3% from $35.2 million in Q1 2022[211] - Corporate selling, general and administrative expenses decreased to approximately $8.5 million for the three months ended March 31, 2023, down from $9.4 million in the same period of 2022, representing a decrease of 9.4%[212] - Stock-based compensation expense increased to approximately $3.3 million for the three months ended March 31, 2023, compared to $0.1 million for the same period in 2022, marking an increase of approximately $3.2 million[213] - Depreciation and amortization expense rose to approximately $2.6 million for the three months ended March 31, 2023, up from approximately $2.4 million in 2022, an increase of 8.0%[215] Impairments and Gains - The company recognized a significant impairment of goodwill and intangible assets amounting to $16.8 million in Q1 2023[203] - Impairment of goodwill and intangible assets was approximately $16.8 million for the three months ended March 31, 2023, with no impairment recorded in the same period of 2022, indicating a 100% increase[216] - Gain on retirement of debt was approximately $2.4 million for the three months ended March 31, 2023, compared to $0.0 million in the same period of 2022, reflecting a 100% increase[218] Cash Flow and Investments - Cash, cash equivalents, and restricted cash totaled approximately $71.9 million as of March 31, 2023, with no borrowings outstanding on the Current ABL Facility[231] - Net cash flows provided by operating activities increased to $17.1 million in Q1 2023 from $15.5 million in Q1 2022, reflecting a growth of approximately 10.4%[246] - Net cash flows used in investing activities rose significantly to $21.5 million in Q1 2023 from $1.6 million in Q1 2022, primarily due to derecognition of $26.0 million of restricted cash[247] Debt and Obligations - The company repurchased approximately $25.0 million of its 2028 Notes at an average price of 89.1% of par during Q1 2023, resulting in a net gain on retirement of debt of approximately $2.4 million[238] - As of March 31, 2023, the company had approximately $725.0 million of its 2028 Notes outstanding[257] - The company has scheduled contractual obligations totaling $1,205.6 million, with $129.2 million due in the remainder of 2023[262] - The company’s total contractual obligations include $983.4 million related to 7.375% Subordinated Notes[262] Licensing and Agreements - The fair value of radio broadcasting licenses was approximately $163.4 million as of March 31, 2023, with a risk of impairment if financial performance continues to decline[251] - The company has a letter of credit reimbursement agreement with a capacity of up to $1.2 million, expiring on October 8, 2024[266] - The company’s radio broadcasting licenses expire at various times from October 2027 through August 1, 2030[256] - The company has arrangements with ASCAP, SESAC, and GMR for musical works rights, with a four-year license effective from April 1, 2022, to March 31, 2026[258] Other Financial Information - Other expense was approximately $0.3 million for the three months ended March 31, 2023, compared to other income of approximately $2.0 million in 2022, a decrease of 115.7%[219] - The company recorded a benefit from income taxes of approximately $1.2 million for the three months ended March 31, 2023, compared to a provision of approximately $5.5 million in 2022, a change of 121.2%[220] - The noncontrolling interest shareholders of Reach Media did not exercise their Put Right for the 30-day period ending January 31, 2023[261] - The company is not aware of any facts that would prevent the renewal of its current radio broadcasting licenses[256]