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]

Urban One, Inc. (NASDAQ:UONE) Q3 2021 Earnings Conference Call November 4, 2021 10:00 AM ET Company Participants Alfred Liggins - Chief Executive Officer Peter Thompson - Chief Financial Officer Kristopher Simpson - General Counsel Karen Wishart - Chief Administrative Officer Jody Drewer - Chief Financial Officer, TV One Conference Call Participants Patrick Wang - Voya Investments Matthew Sandschafer - Mesirow Operator Ladies and gentlemen, thank you for standing by and welcome to the Urban One 2021 Third Q ...