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]

Urban One, Inc. (NASDAQ:UONE) Q4 2022 Earnings Conference Call July 7, 2023 10:00 AM ET Company Participants Alfred C. Liggins - CEO Peter D. Thompson - CFO Conference Call Participants Aaron Watts - Deutsche Bank Ben Briggs - StoneX Financial Incorporated Matt Swope - Baird Matthew Sandschafer - Mesirow Operator Ladies and gentlemen, thank you for standing by and welcome to Urban One's 2022 Year-end Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a ...

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, 2022 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 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Delawar ...

Financial Data and Key Metrics Changes - The company reported a net revenue growth of approximately 8.9% year-over-year, totaling around $121.4 million for Q3 2022 [13] - Adjusted EBITDA for the quarter was $44.3 million, an increase from $42.7 million in 2021 and $38.7 million in pre-pandemic 2019 [13] - The company updated its full-year EBITDA guidance to the mid-160s million range, indicating a strong performance in Q4 [6][28] Business Line Data and Key Metrics Changes - The Radio segment saw a net revenue increase of 4.8% year-over-year, with national ad sales up 19.7% [14] - The Digital segment experienced significant growth, with revenues increasing by 40.1% to $21 million [18] - Cable TV advertising revenue rose by 16.7%, while affiliate revenue decreased by 7.6% [20][21] Market Data and Key Metrics Changes - Political ad revenue for Q3 was $2.7 million, significantly higher than $711,000 in the previous year [15] - The fourth quarter is currently pacing up approximately 26.5% in the radio division, including political ads [16] - The company reported a decline in cable subscribers, with TV One at 43.6 million compared to 45 million at the end of Q2 [21] Company Strategy and Development Direction - The company is focused on deleveraging by buying back bonds in the open market, taking advantage of favorable market conditions [11] - There is an ongoing effort to enhance digital advertising capabilities, capitalizing on the demand for diverse media platforms [19][78] - The company is considering potential acquisitions but remains cautious about market valuations and the economic environment [60] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic headwinds affecting advertising demand, particularly in the TV sector, but expressed confidence in the radio segment's performance [51][56] - The company anticipates a decline in political ad revenue next year but expects growth from the Indianapolis acquisition and digital advertising [70] - Management feels well-positioned to navigate potential recession impacts, citing a strong balance sheet and reduced debt levels [57][60] Other Important Information - The company recorded a non-cash impairment charge of $14.5 million for broadcasting licenses due to overall market performance [27] - Total gross debt was reported at $775 million, with an unrestricted cash balance of $105.1 million, resulting in a net leverage ratio of 4.03x [29] Q&A Session Summary Question: Plans for continued debt buybacks - Management confirmed an additional $25 million authorization for debt buybacks, with approximately $7 million remaining [33][35] Question: MGM National Harbor investment valuation - The investment is valued at over $100 million based on a formula of 7x EBITDAR, with expectations of increased EBITDAR due to market share growth [41] Question: Subscriber trends for TV One - Management reported a gain of over 200,000 subscribers in November, indicating stabilization in subscriber numbers [47] Question: Advertiser reactions to macroeconomic conditions - Management noted a slowdown in national radio advertising but emphasized strong performance relative to competitors [53][56] Question: Sustainability of updated guidance - Management indicated that while political ad revenue will decline, growth from digital and the Indianapolis acquisition will help offset this [70][72]

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 Commission File No. 0-25969 URBAN ONE, INC. (Exact name of registrant as specified in its charter) Table of Contents SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q 14th Floor Silver Spring, Maryland 20910 (Address of principal executive offices) (301) 429-3200 Registrant's telephone number, including area code Securities registered pursuant to Section ...

For the quarterly period ended June 30, 2022 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.) 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 Delaware 52-1166660 1010 Wayne Avenue, 14th Floor Silver Spring, Maryland 20910 (Address of pr ...

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, 2022 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 (301) 429-3200 Registrant's telephone numbe ...

Financial Data and Key Metrics Changes - The first quarter of 2022 saw consolidated adjusted EBITDA of $42 million, up from $30.2 million in 2021, and $27.7 million in prepandemic 2019 [17] - Revenue increased by 22.9% year-over-year to approximately $112.3 million [17] - Net income was approximately $16.4 million or $0.32 per share compared to $7,000 or $0.00 per share for the first quarter of 2021 [30] Business Line Data and Key Metrics Changes - Net revenue for the radio segment increased by 13.3% year-over-year in Q1 [17] - Digital segment net revenue increased by 49.6% to $15.5 million, with adjusted EBITDA up by 94% [21] - Cable television segment revenue was approximately $56.4 million, a 22% increase, with advertising revenue up 46.9% excluding political [22] Market Data and Key Metrics Changes - Local ad sales in the radio segment, excluding political, were up 14.8%, while national ad sales increased by 6.9% [17] - The entertainment advertising category saw a significant increase of 116% [18] - Cable subscribers for TV One decreased to 46.8 million from 49.3 million at the end of Q4 [23] Company Strategy and Development Direction - The company plans to exceed the high end of its EBITDA guidance for 2022, which is set between $145 million and $150 million [7][33] - The company is optimistic about the second referendum in Richmond, although there are potential legislative hurdles [10][12] - The company is exploring strategic M&A opportunities in the radio business while maintaining a cautious approach to leverage [67] Management's Comments on Operating Environment and Future Outlook - Management noted a moderation in growth rates, particularly in radio, due to economic slowdown and tougher comparisons from the previous year [8][9] - There is uncertainty regarding the macroeconomic environment, but management remains optimistic about the company's performance [9][33] - The company is focused on maintaining strong performance in its digital and cable segments despite challenges in traditional media [55] Other Important Information - Operating expenses increased to approximately $73.3 million in Q1 compared to $65.2 million in Q1 of 2021, driven by various factors including programming content and marketing [24][25] - Total gross debt was reported at $825 million, with a net leverage ratio of 4.07x [31] Q&A Session Summary Question: Clarification on ad environment and pacing - Management indicated that digital pacing is moderating due to strong previous year performance, while radio is experiencing moderation due to economic slowdown [36][37] Question: Share within local marketplace - Management stated they do not have specific data on radio's share versus other media but noted that their national platforms are outperforming traditional terrestrial radio [39][40] Question: Outlook and guidance adjustments - Management chose not to provide a new guidance number due to economic uncertainty but confirmed they expect to exceed previous guidance [43][44] Question: Expected expenses for the second referendum - Management anticipates expenses to increase for the second referendum, potentially exceeding the $4 million spent last year [45][46] Question: Dynamics for TV One - TV One is projected to generate over $100 million in EBITDA, with strong ratings and ad revenue growth expected [54][61]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (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) Delaware 52-1166660 incorporation or ...

Financial Data and Key Metrics Changes - The company reported a consolidated adjusted EBITDA of $32.5 million for Q4 2021, down from $41.7 million in Q4 2020, but up from $27.5 million in Q4 2019 [8] - Full-year adjusted EBITDA was $150.2 million compared to $138 million in 2020 and $133.5 million in 2019, exceeding the full-year adjusted EBITDA guidance for 2021 [8][18] - Net revenue for Q4 2021 was approximately $131 million, up 15.3% year-over-year [8] Business Line Data and Key Metrics Changes - The Radio segment's net revenue decreased by 11.6% year-over-year in Q4 2021 due to a decline in political advertising revenue, with political revenue down $10 million in the Radio segment [9] - Excluding political advertising, net revenue for the Radio segment increased by 15.5%, with local ad sales up 11% and national ad sales up 12% [9] - The Digital segment's revenues increased by $4.7 million in Q4 2021, driven by strong demand for black-owned and targeted brands [10] Market Data and Key Metrics Changes - The automotive advertising category was down 21.8% due to supply chain challenges, while the entertainment category saw the largest increase, up 166% year-over-year [9] - Government and public sector advertising remained the largest category, driven by government-funded pandemic outreach initiatives [9] Company Strategy and Development Direction - The company is focusing on the growing demand for minority-targeted audiences, with management noting a paradigm shift in how advertisers view these demographics [4] - The company plans to be opportunistic regarding share repurchases and expects to authorize a stock buyback program as part of its capital allocation strategy [18] - Management is exploring potential station swaps in the radio business to achieve economies of scale, although no definitive deals are currently in place [34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the continued demand for their platforms and audiences, expecting this trend to persist for the foreseeable future [4] - The company anticipates full-year 2022 adjusted EBITDA to be between $145 million to $150 million, with potential upside if political and digital revenues exceed expectations [18] - Management acknowledged the uncertainty in the geopolitical environment and its potential impact on the economy, but emphasized the company's diversified business model as a protective factor [54][55] Other Important Information - The company recorded approximately $2 million of cost method income from its investment in the MGM National Harbor property for the quarter, with the put option currently valued at around $100 million [12] - Total gross debt was reported at $825 million, with a net leverage ratio of 4.48 times based on the last twelve months reported adjusted EBITDA [17] Q&A Session Summary Question: What is the current debt balance? - The gross debt is $825 million, with a cash balance of approximately $137 million [27] Question: What is the timeline for the casino project development? - The company expects to know within 30 days whether a referendum can be run in 2022 or if it will be postponed to 2023 [30] Question: What is the likelihood of Petersburg getting the casino? - Management indicated that it is uncertain and emphasized the political complexities involved [32] Question: What is the strategy regarding radio station acquisitions? - The company is focused on opportunities that allow for end-market scale and is currently analyzing several options [34] Question: How does the company view its leverage targets? - Management aims to keep the leverage ratio below four and is open to strategic transactions that may temporarily increase it [63]