[PART I. FINANCIAL INFORMATION](index=6&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Consolidated Financial Statements](index=6&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents Urban One, Inc.'s unaudited consolidated financial statements for the three and nine months ended September 30, 2020, and 2019, along with detailed notes on accounting policies [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) Urban One reported a net loss of $12.8 million in Q3 2020 and $34.5 million for the nine months, primarily due to revenue declines and significant impairment charges Consolidated Statements of Operations (Unaudited, In thousands) | | Three Months Ended Sep 30, 2020 | Three Months Ended Sep 30, 2019 | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :--- | :--- | :--- | :--- | :--- | | **Net Revenue** | $91,912 | $111,055 | $262,795 | $331,075 | | **Operating Income (Loss)** | $3,968 | $31,117 | $(2,937) | $75,034 | | **Impairment of long-lived assets** | $29,050 | $0 | $82,700 | $3,800 | | **Consolidated Net (Loss) Income** | $(12,277) | $5,687 | $(33,693) | $9,845 | | **Net (Loss) Income Attributable to Common Stockholders** | $(12,772) | $5,359 | $(34,539) | $8,846 | | **Diluted EPS** | $(0.29) | $0.12 | $(0.77) | $0.19 | [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased slightly to $1.21 billion as of September 30, 2020, primarily due to impairments, while cash and cash equivalents significantly increased to $102.2 million Consolidated Balance Sheet Highlights (Unaudited, In thousands) | | Sep 30, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $102,223 | $33,073 | | **Total current assets** | $233,543 | $186,039 | | **Goodwill** | $223,872 | $239,772 | | **Radio Broadcasting Licenses** | $516,372 | $582,697 | | **Total assets** | $1,210,537 | $1,249,919 | | **Total current liabilities** | $122,743 | $101,038 | | **Long-term debt, net** | $827,128 | $850,308 | | **Total liabilities** | $1,036,995 | $1,056,280 | | **Total stockholders' equity** | $162,425 | $183,075 | [Consolidated Statements of Cash Flows](index=12&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities increased to $64.4 million for the nine months ended September 30, 2020, supported by financing activities and a draw on the ABL facility Cash Flow Summary (Unaudited, In thousands) | | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :--- | :--- | :--- | | **Net cash flows provided by operating activities** | $64,443 | $51,048 | | **Net cash flows (used in) provided by investing activities** | $(3,651) | $9,553 | | **Net cash flows provided by (used in) financing activities** | $8,358 | $(44,588) | | **Increase in cash, cash equivalents and restricted cash** | $69,150 | $16,013 | | **Cash, cash equivalents and restricted cash, end of period** | $102,696 | $31,903 | [Notes to Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, business segments, debt structure, and significant events, including COVID-19 impacts, impairment charges, and subsequent debt and asset exchanges - The company operates as a multi-media entity targeting African-American and urban consumers across four segments: radio broadcasting, Reach Media, digital, and cable television [32](index=32&type=chunk)[35](index=35&type=chunk) - Due to COVID-19, the company recorded significant non-cash impairment charges of **$15.9 million for goodwill** and **$66.8 million for radio broadcasting licenses** for the nine months ended September 30, 2020 [64](index=64&type=chunk)[95](index=95&type=chunk) - In August 2020, the company raised approximately **$14.8 million** in net proceeds from an "at-the-market" stock offering by issuing **2.9 million Class A shares** [143](index=143&type=chunk) - Subsequent to quarter-end, the company successfully exchanged **$347.0 million** (99.15% of outstanding) of its 7.375% Senior Secured Notes for new 8.75% notes with a later maturity to enhance financial flexibility [180](index=180&type=chunk)[184](index=184&type=chunk)[185](index=185&type=chunk) - In November 2020, the company signed an asset exchange agreement with Entercom Communications Corp., trading stations in St. Louis, Philadelphia, and Washington, D.C. for stations in Charlotte, NC [188](index=188&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=44&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the significant negative impact of COVID-19 on revenues, particularly in radio, leading to net losses, but notes improved operating cash flow and bolstered liquidity through cost-cutting and financing actions [Results of Operations](index=50&type=section&id=Results%20of%20Operations) Net revenue declined 17.2% in Q3 2020 and 20.6% for the nine months, primarily due to reduced radio advertising, partially offset by political advertising and significant cost-cutting measures Net Revenue by Source - Q3 2020 vs Q3 2019 (In thousands) | Revenue Source | Q3 2020 | Q3 2019 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Radio Advertising | $34,919 | $50,813 | $(15,894) | (31.3)% | | Political Advertising | $4,324 | $300 | $4,024 | 1,341.3% | | Digital Advertising | $8,121 | $8,171 | $(50) | (0.6)% | | Cable Television Advertising | $19,603 | $20,649 | $(1,046) | (5.1)% | | Cable Television Affiliate Fees | $24,421 | $25,330 | $(909) | (3.6)% | | Event Revenues & Other | $524 | $5,792 | $(5,268) | (91.0)% | | **Total Net Revenue** | **$91,912** | **$111,055** | **$(19,143)** | **(17.2)%** | - Operating expenses for Q3 2020 significantly decreased across programming, technical, and SG&A categories due to extensive cost-cutting initiatives [214](index=214&type=chunk)[216](index=216&type=chunk) - A non-cash impairment charge of **$29.1 million** was recorded in Q3 2020, related to goodwill and radio broadcasting licenses [220](index=220&type=chunk) Broadcast and Digital Operating Income (Non-GAAP) (In thousands) | | Three Months Ended Sep 30, 2020 | Three Months Ended Sep 30, 2019 | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :--- | :--- | :--- | :--- | :--- | | **Broadcast and digital operating income** | $44,194 | $43,644 | $112,002 | $122,122 | | **Broadcast and digital operating income margin** | 48.1% | 39.3% | 42.6% | 36.9% | [Liquidity and Capital Resources](index=60&type=section&id=Liquidity%20and%20Capital%20Resources) The company bolstered liquidity through cost-cutting, a $27.5 million ABL facility draw, and a $14.8 million stock offering, projecting adequate cash and covenant compliance for the next 12 months - The company drew approximately **$27.5 million** on its ABL Facility in March 2020 to enhance liquidity amid pandemic uncertainty [250](index=250&type=chunk) - Management concluded the company has adequate cash reserves and will meet debt service requirements and covenants for at least the next 12 months, following reforecasts and cost-cutting [249](index=249&type=chunk)[250](index=250&type=chunk) Debt Covenant Compliance as of September 30, 2020 | Covenant | Actual Ratio | Covenant Limit | Status | | :--- | :--- | :--- | :--- | | **2017 Credit Facility** | | | | | Interest Coverage Ratio | 2.02x | > 1.25x | Compliant | | Senior Secured Leverage Ratio | 4.55x | < 5.85x | Compliant | | **2018 Credit Facility** | | | | | Total Gross Leverage Ratio | 6.36x | < 7.50x | Compliant | [Critical Accounting Policies and Estimates](index=63&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Critical accounting estimates include goodwill and radio broadcasting license valuations, which saw significant impairment charges in 2020, and the realizability of deferred tax assets - Goodwill and radio broadcasting licenses represent approximately **61.2% of total assets** as of September 30, 2020, making their valuation a critical estimate [263](index=263&type=chunk) Impairment Charges for Nine Months Ended Sep 30, 2020 (in millions) | Asset | Impairment Charge | | :--- | :--- | | Goodwill (Atlanta & Indianapolis) | $15.9 | | Radio Broadcasting Licenses (various markets) | $66.8 | - Management concluded that the company's deferred tax assets (DTAs) are more likely than not realizable, based on cumulative income and future profitability forecasts, avoiding a valuation allowance [273](index=273&type=chunk)[274](index=274&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=68&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk exposure has not materially changed since its December 31, 2019, Annual Report on Form 10-K disclosures - There have been no material changes to the company's market risk exposure since December 31, 2019 [293](index=293&type=chunk) [Item 4. Controls and Procedures](index=68&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were not effective as of September 30, 2020, due to previously identified material weaknesses, with remediation efforts ongoing - Management concluded that disclosure controls and procedures are not effective due to previously identified material weaknesses [294](index=294&type=chunk) - The company is actively remediating three material weaknesses identified in the 2019 Form 10-K, with completion expected in 2020 [298](index=298&type=chunk) [PART II. OTHER INFORMATION](index=70&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=70&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal proceedings not expected to materially affect its financial condition or results of operations - Urban One states that ongoing legal proceedings are routine and not expected to have a material adverse effect on the company [301](index=301&type=chunk) [Item 1A. Risk Factors](index=70&type=section&id=Item%201A.%20Risk%20Factors) The primary risk factor is the significant and uncertain impact of the COVID-19 pandemic on advertising demand and event revenues, despite the company's cost-cutting and liquidity measures - The COVID-19 outbreak is causing significant disruption, with advertisers reducing or eliminating spending, particularly impacting the radio segment's reliance on local advertisers [302](index=302&type=chunk) - The pandemic has led to the postponement or cancellation of special events, including the 2020 Tom Joyner Foundation Fantastic Voyage cruise, impacting alternative revenue sources [302](index=302&type=chunk) - To mitigate financial impact, the company implemented cost-cutting measures and drew **$27.5 million** on its ABL facility to enhance liquidity [304](index=304&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=71&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None [307](index=307&type=chunk) [Item 3. Defaults Upon Senior Securities](index=71&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None [308](index=308&type=chunk) [Item 4. Mine Safety Disclosures](index=71&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable [309](index=309&type=chunk) [Item 5. Other Information](index=71&type=section&id=Item%205.%20Other%20Information) The company reported no other information for this item - None [310](index=310&type=chunk) [Item 6. Exhibits](index=71&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications and XBRL financial data - Exhibits filed include CEO/CFO certifications under Sarbanes-Oxley Sections 302 and 906, and the XBRL Interactive Data File [311](index=311&type=chunk)

Financial Data and Key Metrics Changes - Net revenue decreased by 37.5% in Q2 2020, totaling approximately $76 million [6] - Consolidated adjusted EBITDA fell by 38.1% year-over-year to $24.5 million [15] - Net income was approximately $1.4 million or $0.03 per share, down from $6.6 million or $0.15 per share in Q2 2019 [18] - Operating expenses decreased by 37.6% to approximately $53 million [11] Business Line Data and Key Metrics Changes - Radio segment net revenue declined by 58.4%, with national ad sales down 49.1% and local advertising sales down 61.2% [7] - Reach Media's net revenue fell by 66.6%, largely due to the postponement of the Tom Joyner Fantastic Voyage cruise [8] - Digital segment net revenues decreased by 20.4% [9] - Cable television segment revenue was approximately $43.8 million, down 5.7% [9] Market Data and Key Metrics Changes - The worst affected advertising categories included entertainment (down 90%), food and beverage (down 83%), and travel and transportation (down 72%) [7] - Cable subscribers decreased from 51.8 million at the end of Q1 to 51.4 million at the end of Q2 [10] Company Strategy and Development Direction - The company is focusing on local radio recovery as a key driver for future performance [21] - TV One is expected to achieve approximately $90 million in EBITDA for 2020, up from $82-83 million in 2019 [23] - The company is engaging in deep conversations with political campaigns to leverage advertising opportunities [22] Management's Comments on Operating Environment and Future Outlook - Management noted that Q2 was the bottom of the downturn, with sequential improvement expected in Q3 [5] - There is cautious optimism regarding recovery, with July showing improvement in ad revenue pacing [21] - The company is experiencing increased advertiser interest, particularly from major brands focusing on African-American owned media [26] Other Important Information - The MGM National Harbor casino reopened at 50% capacity, contributing to revenue recovery [24] - The company saved approximately $7.1 million in employee compensation through layoffs and furloughs [12] Q&A Session Summary Question: How does the overall radio ad environment compare to the marketplace? - Management believes they are outperforming the market based on channel checks and pacing data [32][34] Question: Will the increased focus on African-American owned businesses benefit across the platform? - Advertisers are engaging in cross-platform conversations, benefiting both radio and TV [36] Question: What is needed for advertising to recover alongside traffic volume improvements? - A stabilization of the operating environment and a reduction in COVID-19 cases are necessary for recovery [38][40] Question: What is the current liquidity position? - The company reported around $76 million in cash, indicating a strong liquidity position [45] Question: Are there any thoughts on capital structure during the COVID-19 crisis? - The company is actively managing capital structure and engaging with debt holders to ensure compliance and explore options [46] Question: Can events pivot to virtual formats? - While possible, virtual events cannot match the profitability of in-person events due to reliance on ticket sales [50] Question: What are the expectations for revenue sharing from MGM National Harbor? - Revenue will not reach previous levels, but performance is expected to be better than initially anticipated at 50% capacity [51]

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, 2020 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 principal executive ...

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, 2020 Commission File No. 0-25969 URBAN ONE, INC. (Exact name of registrant as specified in its charter) 1010 Wayne Avenue, 14th Floor Silver Spring, Maryland 20910 (Address of principal executive of ices) (301) 429-3200 Registrant's telephone number, including area code Securities registered pursuant to Section 12 ...

Financial Data and Key Metrics Changes - Net revenue decreased by 3.6% to approximately $94.9 million for Q1 2020 [21] - Consolidated adjusted EBITDA increased by 16.4% year-over-year to $32.3 million [30] - Net loss was approximately $23.2 million or $0.51 per share, compared to a net loss of approximately $3.1 million or $0.07 per share for Q1 2019 [33] Business Line Data and Key Metrics Changes - Radio segment net revenue decreased by 5% in Q1 2020, with national advertising sales up by 1.9% and local ad sales down by 5.7% [21] - Reach Media's net revenue decreased by 4.1%, but adjusted EBITDA increased by approximately $226,000 year-over-year [22] - Digital segment net revenues decreased by 15.4%, with adjusted EBITDA down by approximately $909,000 due to the absence of major events [22] - Cable television segment revenue was approximately $47.5 million, a decrease of 0.7%, with advertising revenue down by 4.2% [23] Market Data and Key Metrics Changes - Cable subscribers decreased to 51.8 million from 52.2 million at the end of Q4 2019 [24] - The company recorded a 17.2% decrease in income from the MGM National Harbor property due to casino closures [24] Company Strategy and Development Direction - The company aims to continue de-levering and paying down debt, with a focus on maintaining liquidity and cost control [9][14] - Management is exploring opportunities for synergies and potential consolidations in the industry, particularly in radio [15][18] - There is an expectation of increased radio consolidation due to higher leverage in the industry post-COVID [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about recovery but acknowledged uncertainty regarding the pace of recovery [11][14] - The company has taken measures to ensure compliance with debt covenants and maintain liquidity during the pandemic [8][36] - Management is prepared for potential future challenges, including a possible resurgence of COVID-19 [77][78] Other Important Information - Operating expenses decreased by 12.4% to approximately $65.6 million in Q1 2020 [25] - The company executed a stock-based tax repurchase of approximately $1 million [34] - The company recorded a non-cash impairment charge of approximately $47.7 million for broadcast licenses due to changing market assumptions [32] Q&A Session Summary Question: Concerns about capital structure and refinancing - Management is considering refinancing options and believes the revolver will not be an issue to renew, but the seven and 38 notes due in 2022 may pose challenges [42][44] Question: Cable TV contracted affiliate rates - Contracted affiliate rates are expected to increase annually at a mid-single-digit growth rate [52] Question: Internal risk assessments regarding COVID-19 - The company does not have significant coverage under business interruption policies for the pandemic and is operating under the assumption that it won't be covered [72][75] Question: Political advertising revenue expectations - Management is optimistic about capturing political advertising dollars, despite changes in the political landscape [88][90]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 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.S. Employer incor ...

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, 2019 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 principal execu ...

Urban One, Inc. (NASDAQ:UONE) Q2 2019 Earnings Conference Call August 1, 2019 10:00 AM ET Company Participants Alfred C. Liggins – Chief Executive Officer Peter D. Thompson – Chief Financial Officer Conference Call Participants Aaron Watts – Deutsche Bank Michael Kupinski – NOBLE Capital Markets Operator Welcome to the Urban One’s 2019 Second Quarter Earnings Call. I’ve been asked to begin this call with the following Safe Harbor statement. During this conference call, Urban One will be sharing with you ce ...

(Exact name of registrant as specified in its charter) 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, 2019 Commission File No. 0-25969 URBAN ONE, INC. (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 principal executive ...

Financial Performance - Net revenue for the three months ended March 31, 2019, was $98,449,000, a decrease of 1.2% from $99,621,000 in 2018[178] - Broadcast and digital operating income increased to $34,491,000, up 6.1% from $32,497,000 in the same period last year[178] - Broadcast and digital operating income margin improved to 35.0%, compared to 32.6% in 2018[178] - Radio advertising revenue decreased by 4.9% to $42,439,000 from $44,622,000 in 2018[168] - Digital advertising revenue fell by 8.7% to $7,437,000, down from $8,146,000 in the previous year[168] - Cable television advertising revenue increased by 6.6% to $20,193,000, compared to $18,936,000 in 2018[168] - Consolidated net loss attributable to common stockholders improved to $(6,663,000) from $(22,555,000) in the prior year[178] - Adjusted EBITDA for the three months ended March 31, 2019, was $29,037,000, compared to $28,489,000 in 2018[178] - Revenue from the radio broadcasting segment decreased by 7.0% compared to the same period in 2018, while the cable television segment saw an increase to approximately $47.8 million from $46.2 million[181] - Total operating expenses decreased by 10.8% to $82.3 million for the three months ended March 31, 2019, compared to $92.3 million in the same period in 2018[180] - Operating income increased significantly by 120.3% to $16.1 million for the three months ended March 31, 2019, compared to $7.3 million in the same period in 2018[180] - Consolidated net loss decreased to $6.5 million for the three months ended March 31, 2019, compared to a net loss of $22.5 million in the same period in 2018, representing a 71.0% improvement[180] Cash Flow and Debt - Net cash flows provided by operating activities were approximately $16.3 million for the three months ended March 31, 2019, down from $22.0 million in the same period of 2018[202] - Net cash flows used in financing activities were approximately $25.0 million for the three months ended March 31, 2019, compared to $14.8 million for the same period in 2018[204] - The company repaid approximately $25.3 million in outstanding debt during the three months ended March 31, 2019[204] - The company has senior bank debt of $350.0 million maturing on April 18, 2023, and approximately $350.0 million outstanding in its 2022 Notes[223] - The company has a new $192.0 million unsecured credit facility and a $50.0 million loan secured by its interest in the MGM National Harbor Casino[223] Assets and Liabilities - As of March 31, 2019, the company had approximately $600.1 million in broadcast licenses and $245.6 million in goodwill, totaling $845.7 million, which represented approximately 66.5% of total assets[207] - The company recorded an increase in right of use (ROU) assets of approximately $49.8 million and an increase in lease liabilities of approximately $54.1 million upon the adoption of ASC 842[220] - Scheduled contractual obligations total $1,426.431 million as of March 31, 2019, with significant payments due in 2023 amounting to $621.073 million[230] - Approximately $122.5 million of other operating contracts and agreements has not been recorded on the balance sheet as of March 31, 2019[231] - The company has letters of credit totaling $788,000 under a reimbursement and security agreement for certain operating leases and insurance policies[233] Operational Highlights - The percentage of core radio business generated from local advertising increased to 62.7% from 61.4% in 2018[167] - The cable television segment accounted for 48.6% of consolidated net revenue, up from 46.4% in the previous year[166] - The company experienced net revenue declines in several markets, including Baltimore, Charlotte, and Detroit, while Atlanta and Washington DC markets showed growth[181] - The company generated approximately $1.4 million of broadcast and digital operating income from Reach Media during the three months ended March 31, 2019, compared to $794,000 in the same period of 2018[194] - The digital segment generated a broadcast and digital operating loss of $91,000 for the three months ended March 31, 2019, an improvement from a loss of approximately $2.2 million in the same period of 2018[194] Tax and Legal Matters - Provision for income taxes decreased significantly by 82.5% to approximately $2.2 million for the three months ended March 31, 2019, compared to $12.8 million in the same period in 2018[192] - The company achieved three years of cumulative pre-tax income as of March 31, 2019, which positively impacted the realizability of deferred tax assets[215] - The company has been named as a defendant in several legal actions, but management believes the outcomes will not materially affect financial position[232] Market and Risk Factors - Interest expense increased by 14.9% to approximately $22.2 million for the three months ended March 31, 2019, compared to $19.3 million in the same period in 2018[189] - Stock-based compensation decreased by 62.9% to $511,000 for the three months ended March 31, 2019, compared to $1.4 million in the same period in 2018[186] - Noncontrolling interests in income of subsidiaries increased by 278.8% to $125,000 for the three months ended March 31, 2019, compared to $33,000 in the same period in 2018[193] - Market risk exposure has not changed materially since December 31, 2018, as detailed in the Annual Report[234] - The company is in negotiations with BMI for a new royalty agreement, with potential adverse effects on costs if an agreement is not reached[225] - The company has non-cancelable operating leases expiring over the next 12 years, impacting future cash flows[226] - The company has various operating contracts and agreements, including employment and talent contracts, expiring over the next seven years[227]