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, 2025 1010 Wayne Avenue, 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 12(b) of the Act: Commission File No. 0-25969 URBAN ONE, INC. (Exact name of regist ...

Exhibit 99.1 NEWS RELEASE FOR IMMEDIATE RELEASE (301) 429-4638 May 13, 2025 Contact: Peter D. Thompson, EVP and CFO Silver Spring, MD URBAN ONE, INC. REPORTS FIRST QUARTER 2025 RESULTS Silver Spring, MD: - Urban One, Inc. (NASDAQ: UONEK and UONE) today reported its results for the three months ended March 31, 2025. For the three months ended March 31, 2025, net revenue was approximately $92.2 million, a decrease of 11.7% from the same period in 2024. The Company reported operating income of approximately $2 ...

Company Overview - Urban One, Inc. is the largest diversified media company targeting Black Americans and urban consumers in the United States [4] - The company owns TV One, LLC, which serves over 37 million households with a variety of original programming, classic series, and movies [4] - As of March 31, 2025, Urban One operates 72 independently formatted broadcast stations, including 57 FM or AM stations, 13 HD stations, and 2 low power television stations [4] - 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 [4] - The company owns iOne Digital, a digital platform serving the African American community through various websites and brands [4] Upcoming Events - Urban One will hold a conference call on May 13, 2025, at 10:00 a.m. EDT to discuss its results for the first fiscal quarter of 2025 [1] - A replay of the conference call will be available from May 13, 2025, at 2:00 p.m. EDT until May 20, 2025, at 11:59 p.m. EDT [2]

Financial Performance - For the three months ended December 31, 2024, net revenue was approximately $117.1 million, a decrease of 2.7% from the same period in 2023[1]. - The company reported an operating loss of approximately $1.9 million for Q4 2024, compared to operating income of approximately $6.8 million for Q4 2023[1]. - Net loss was approximately $35.7 million or $(0.78) per share for Q4 2024, compared to a net loss of $11.0 million or $(0.23) per share for the same period in 2023[1]. - Adjusted EBITDA for Q4 2024 was approximately $26.9 million, slightly down from approximately $27.1 million for Q4 2023[1]. - For the year ended December 31, 2024, total net revenue was $449,674,000, compared to $449,674,000 in 2023, showing no growth year-over-year[24]. - The total operating loss for the year ended December 31, 2024, was $(75,585,000), compared to an operating income of $6,764,000 in 2023, indicating a substantial decline in profitability[24]. - The company reported an impairment of goodwill and intangible assets amounting to $151,755,000 for the year ended December 31, 2024[24]. - Adjusted EBITDA for the year ended December 31, 2024, was $103,463,000, compared to $27,117,000 in 2023, representing a significant increase[24]. - The company reported an operating loss of $31,571,000, primarily driven by losses in the Radio Broadcasting segment ($99,437,000)[26]. Revenue Breakdown - Radio Broadcasting segment revenue increased to approximately $47.7 million, up by 14.4% from $41.7 million in Q4 2023, primarily due to increased political revenue[10]. - Political advertising revenue surged to $13.5 million, a significant increase of 591.9% compared to $1.9 million in Q4 2023[11]. - Digital segment revenue decreased to approximately $20.5 million, down 3.3% from $21.2 million in Q4 2023, driven by lower demand[10]. - Cable Television segment revenue fell to approximately $39.8 million, a decrease of 15.8% from $47.3 million in Q4 2023, attributed to reduced audience viewership[10]. - Total net revenue for the year ended December 31, 2023, was $477,690,000, with significant contributions from Radio Broadcasting ($156,214,000) and Cable Television ($196,207,000) segments[26]. Expenses and Liabilities - Total operating expenses for Q4 2024 were approximately $119.0 million, up from $113.6 million in Q4 2023[3]. - Operating expenses, excluding certain items, were approximately $91.1 million, down from $105.6 million in Q4 2023, reflecting lower expenses across most segments[12]. - Interest expense decreased to approximately $11.5 million in Q4 2024 from $14.2 million in Q4 2023, following a reduction in outstanding debt[16]. - Total debt as of December 31, 2024, was approximately $579.1 million, down from $716.2 million as of December 31, 2023[8]. - Interest expense for the year ended December 31, 2024, was $48,571,000, compared to $14,173,000 in 2023, indicating a substantial rise in interest costs[24]. Taxation - The provision for income taxes was approximately $27.6 million on a pre-tax loss of approximately $7.8 million, resulting in an effective tax rate of 352.0%[17]. - The provision for income taxes for the year ended December 31, 2024, was $9,759,000, compared to $(18,368,000) in 2023, reflecting a change in tax liabilities[24]. Company Position and Strategy - The company ended the year with $137.1 million in cash and cash equivalents, indicating a strong liquidity position[1]. - Urban One operates 72 broadcast stations and serves over 37 million households through its television network, TV One[30]. - The company is focused on expanding its digital platform, iOne Digital, to enhance engagement with the African American community[30]. - Future strategies include exploring new market opportunities and potential acquisitions to strengthen its media presence[30].

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $103.5 million for 2024, which is a decrease from the guidance of $75 million for 2025, primarily due to weaker radio performance and a lack of recurring political advertising [12][10][11] - Consolidated net revenues for Q4 2024 were approximately $171 million, down 2.7% year-over-year [14] - The net loss for Q4 2024 was approximately $35.7 million, or 78 cents per share, compared to a net loss of $11 million, or 23 cents per share, for Q4 2023 [27] Business Line Data and Key Metrics Changes - Radio broadcast segment net revenue was $47.7 million, an increase of 14.5% year-over-year, but excluding political advertising, it was down 5.1% [14][15] - The REACH media segment reported net revenue of $9.6 million, down 10.7% from the prior year, with adjusted EBITDA of $2.9 million, a decrease of 15.4% [16] - Digital segment net revenue was down 3.1% in Q4 at $20.5 million, although political advertising contributed $2.4 million, and connected TV and podcast revenue increased [17][18] Market Data and Key Metrics Changes - Cable television segment revenue was approximately $39.8 million, a decrease of 15.9%, with advertising revenue down 21.4% and affiliate revenue down 9.9% due to increased subscriber churn [19][20] - Subscriber churn for the cable segment was reported at minus 9.5%, with TV1 subscribers decreasing from 39.1 million to 37.2 million [20] Company Strategy and Development Direction - The company is focusing on cost containment and debt reduction, with a staff reduction of about 5% in Q4, saving approximately $5 million annually [11][12] - Management indicated a proactive approach to potential acquisitions in the radio sector, emphasizing the need for consolidation in a declining industry [49][50] Management's Comments on Operating Environment and Future Outlook - Management noted broad softness in advertising demand, particularly in radio, attributed to an uncertain economy [39][40] - The company anticipates improvements in local advertising in Q2, although overall radio performance remains negative [41][42] Other Important Information - The company recorded $24.2 million in non-cash impairment charges in Q4, primarily related to the TV-1 brand and goodwill [26] - As of December 31, total gross debt was approximately $584.6 million, with an unrestricted cash balance of $137.1 million, resulting in a net leverage ratio of 4.33 times [29] Q&A Session Summary Question: Clarification on Q1 radio pacing - Management confirmed that excluding political advertising, Q4 radio revenue was down 5.1% [34][37] Question: Insight into weakness in radio performance - Management indicated broad softness across local, national, and network radio, with negative double-digit pacing observed [39][40] Question: Capital allocation plans for fiscal 2025 - Management stated that 95% of capital will focus on debt reduction, with a small plan for stock repurchases [60][61] Question: Update on digital segment revenue - Management explained that connected TV revenue will now be reported under the TV segment, affecting digital revenue numbers [71][72] Question: Free cash flow expectations - Management projected around $25 million of free cash flow generation based on the $75 million EBITDA guidance [86] Question: Potential asset sales - Management indicated that while there may be non-core assets, the current market lacks buyers for such assets [95][96] Question: Cash balance strategy - Management clarified that there is no minimum cash target, and cash deployment is opportunistic based on market conditions [102][103] Question: Thoughts on cable network spin-offs - Management expressed skepticism about the impact of spin-offs on market consolidation, citing valuation concerns [108][109]

Revenue Generation - For the year ended December 31, 2024, approximately 35.0% of net revenue was generated from the sale of advertising in the core radio business, excluding Reach Media[99]. - Seven of the 13 markets accounted for approximately 77.2% of radio station net revenue for the year ended December 31, 2024[99]. - Revenue from Reach Media and the seven significant contributing radio markets accounted for approximately 38.9% of total consolidated net revenue for the year ended December 31, 2024[99]. Financial Reporting and Compliance - The company has identified material weaknesses in internal control over financial reporting as of December 31, 2023, and December 31, 2024, which could lead to material misstatements in financial statements[80]. - Delayed filings of annual reports have made the company ineligible to use a registration statement on Form S-3, potentially affecting future capital raising and acquisitions[86]. - The company has fallen out of compliance with NASDAQ Listing Rule 5250(c) due to delayed filings of periodic financial reports in 2023 and 2024[138]. - The company's Class D common stock has closed below the $1.00 minimum bid price requirement for continued NASDAQ inclusion for the last 30 consecutive business days[138]. - The company has until August 11, 2025, to regain compliance with the Minimum Bid Price Requirement by maintaining a closing bid price of at least $1.00 for ten consecutive business days[138]. - If compliance is not regained, the company may seek additional time by meeting other NASDAQ listing requirements, potentially including a reverse stock split[138]. - The company intends to monitor the closing bid price and may consider stockholder approval for a reverse stock split to address the Minimum Bid Price Requirement[139]. - Failure to meet NASDAQ listing requirements could lead to delisting proceedings, adversely affecting liquidity and market price[139]. Economic and Market Risks - Economic fluctuations and downturns could negatively impact advertising expenditures, which are cyclical and may lead to reduced revenue[87]. - Inflation may adversely affect liquidity and overall cost structure, impacting financial condition and results of operations[89]. - The company is exposed to credit risk on accounts receivable, which is heightened during uncertain economic conditions[90]. - A disproportionate share of revenue comes from a small number of geographic markets, making the company vulnerable to adverse events in those areas[99]. - The company faces increased competitive pressures due to consolidation among competitors, which limits the availability of licensable content and enhances competition for audiences and advertising revenue[101]. - Increased competition from digital media providers is impacting audience sizes and subscriber bases, affecting revenue[132]. Operational and Technological Challenges - The company must adapt to rapid technological changes, including the integration of AI and data analytics, to remain competitive in the media and entertainment industry[102]. - The digital segment's growth is contingent on offering compelling and differentiated content, products, and services, with significant costs and time required for development[105]. - The company is required to test goodwill and indefinite-lived intangible assets for impairment at least annually, with potential adverse effects on financial performance if impairments occur[110]. - The company faces significant risks from technical disruptions, which could negatively impact revenue and harm business operations[122]. - Natural disasters and catastrophic events could materially affect the company's ability to conduct business and meet customer demands[123]. - Climate change poses risks that could disrupt operations and supply chains, impacting financial performance[124]. Regulatory and Compliance Risks - The company’s ability to maintain its FCC licenses is critical, with licenses expiring between October 2027 and August 2030, subject to renewal challenges[118]. - Regulatory risks from the FCC could restrict the company's ability to acquire radio stations and affect its operations[126]. - Enforcement of indecency rules by the FCC could lead to fines or license revocation, adversely impacting financial condition[127]. - Changes in federal regulations regarding royalties could increase operational costs and negatively affect profitability[128]. Business Expansion and Diversification - The company is entering new lines of business, such as gaming, which may expose it to different operational risks and may not increase shareholder value[125].

Core Insights - Urban One, Inc. reported a net revenue of approximately $117.1 million for the three months ended December 31, 2024, a decrease of 2.7% from the same period in 2023 [1][5] - The company experienced an operating loss of approximately $1.9 million for the same period, compared to an operating income of approximately $6.8 million in 2023 [1][5] - The net loss for the quarter was approximately $35.7 million or $(0.78) per share, compared to a net loss of $11.0 million or $(0.23) per share in the prior year [1][3] Financial Performance - Adjusted EBITDA for the three months ended December 31, 2024, was approximately $26.9 million, slightly down from $27.1 million in the same period in 2023 [1][3] - The company reported a significant increase in political advertising revenue, which contributed to the radio segment's performance, while cable TV segment revenues declined due to lower audience delivery [2][5] - Total operating expenses for the quarter were approximately $119.0 million, an increase from $113.6 million in the same period in 2023, driven by higher impairment charges [1][5][8] Revenue Breakdown - Revenue from the Radio Broadcasting segment was approximately $47.7 million, an increase from $41.7 million in the same period in 2023, primarily due to political advertising [5][6] - The Reach Media segment saw a decrease in revenue to approximately $9.6 million from $10.8 million, attributed to lower demand and advertiser attrition [5][6] - The Cable Television segment's revenue decreased to approximately $39.8 million from $47.3 million, impacted by reduced audience viewership and subscriber churn [5][6] Impairment and Expenses - Impairment of goodwill and intangible assets was approximately $24.2 million for the quarter, significantly higher than $5.0 million in the same period in 2023, primarily affecting the TV One reporting [8] - Interest expense decreased to approximately $11.5 million from $14.2 million, reflecting a reduction in outstanding debt following the repurchase of notes [10][11] - The company maintained a strong liquidity position with $137.1 million in cash and cash equivalents at year-end [2][5] Shareholder Actions - During the quarter, the company repurchased approximately 1.4 million shares of Class A Common Stock for about $2.1 million and 703,292 shares of Class D Common Stock for approximately $0.7 million [13]

Company Overview - Urban One, Inc. is the largest diversified media company targeting Black Americans and urban consumers in the United States [4] - The company owns TV One, LLC, which serves over 59 million households with a variety of original programming, classic series, and movies [4] - As of December 31, 2024, Urban One operated 72 revenue-producing broadcast stations, including 57 FM or AM stations and 13 HD stations, across 13 urban markets [4] - The company 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 [4] - Urban One owns iOne Digital, a digital platform serving the African American community through various websites and brands [4] Upcoming Events - Urban One will hold a conference call on March 27, 2025, at 10:00 a.m. EDT to discuss its results for the fourth fiscal quarter of 2024 [1] - The call can be accessed by U.S. callers at +1-888-596-4144 and international callers at +1-646-968-2525, with an Access Code of 3407726 [1] - A replay of the conference call will be available from March 27, 2025, at 2:00 p.m. EDT until April 3, 2025, at 11:59 p.m. EDT [2]

Revenue Performance - For the three months ended September 30, 2024, net revenues were approximately $110.4 million, a decrease of $7.4 million or 6.3% compared to $117.8 million for the same period in 2023[169]. - The Radio Broadcasting segment generated approximately $39.7 million in revenue for the three months ended September 30, 2024, down from $40.2 million in 2023, primarily due to a decrease in national advertising[169]. - Reach Media segment revenue decreased to approximately $10.2 million in the three months ended September 30, 2024, from $11.2 million in 2023, driven by lower demand and advertiser attrition[169]. - Digital segment revenue remained stable at approximately $20.4 million for both periods, with a decrease in national digital sales noted[169]. - Cable television segment revenue decreased to approximately $40.7 million for the three months ended September 30, 2024, down from $46.8 million in 2023, attributed to reduced audience viewership and subscriber churn[169]. - Political advertising revenue surged to $3.5 million in the three months ended September 30, 2024, compared to $1.1 million in 2023, reflecting a 222.2% increase[159]. - Net revenue for the nine months ended September 30, 2024, was approximately $332.5 million, a decrease of $24.8 million or 6.9% compared to $357.3 million for the same period in 2023[187]. - Revenue from the Radio Broadcasting segment increased by approximately $3.5 million to $118.1 million, driven by local political advertising and the acquisition of a Houston station[187]. - Revenue from the Reach Media segment decreased by approximately $4.5 million to $37.6 million, primarily due to decreased overall demand and advertiser attrition[187]. Operating Expenses and Losses - Total operating expenses for the three months ended September 30, 2024, were approximately $136.6 million, a decrease of $37.3 million or 21.5% from $173.9 million in 2023[167]. - The operating loss for the three months ended September 30, 2024, improved to $26.2 million from a loss of $56.1 million in 2023, representing a 53.3% reduction[167]. - Net loss attributable to common stockholders for the three months ended September 30, 2024, was $31.8 million, a decrease of $22.6 million or 41.6% compared to a loss of $54.4 million in 2023[167]. - Total operating expenses for the nine months ended September 30, 2024, were approximately $406.3 million, an increase of $10.6 million or 2.7% compared to $395.7 million in 2023[187]. - Operating loss for the nine months ended September 30, 2024, was approximately $73.7 million, an increase of $35.4 million or 92.3% compared to a loss of $38.3 million in 2023[187]. Impairment and Gains - The company recognized a gain of $3.5 million on the retirement of debt during the three months ended September 30, 2024, marking a significant financial maneuver[167]. - Impairment of goodwill, intangible assets, and long-lived assets was approximately $46.8 million for the three months ended September 30, 2024, down from approximately $85.4 million in the same period of 2023, a decrease of 45.2%[176]. - The company reported a gain on retirement of debt of approximately $18.8 million for the nine months ended September 30, 2024, compared to $2.4 million for the same period in 2023, representing a 696.7% increase[196]. - The Company recognized an impairment loss of approximately $37.7 million associated with 9 radio markets within the Radio Broadcasting segment for the three months ended September 30, 2024[244]. - As of September 30, 2024, the Company recorded an impairment charge of $37.7 million for broadcasting licenses and an impairment loss of approximately $9.1 million for the TV One trade name[252][253]. Cash Flow and Financing Activities - Net cash flows provided by operating activities were approximately $1.9 million for the nine months ended September 30, 2024, a decrease from $43.3 million in the same period of 2023[236]. - Net cash flows used in investing activities were approximately $(1.7) million for the nine months ended September 30, 2024, compared to $79.3 million in 2023, primarily driven by the sale of the MGM investment[238]. - Net cash flows used in financing activities were approximately $(118.2) million for the nine months ended September 30, 2024, compared to $(28.3) million in 2023, including repurchases of approximately $104.8 million of 2028 Notes[239]. - The company repurchased approximately $125.0 million of its 2028 Notes at an average price of approximately 83.8% of par during the nine months ended September 30, 2024, resulting in a net gain on retirement of debt of approximately $18.8 million[227]. - The company reported a net gain on retirement of debt of approximately $3.6 million from repurchasing $14.5 million of its 2028 Notes at an average price of approximately 75.0% of par during the three months ended September 30, 2024[226]. Expenses Breakdown - Programming and technical expenses were approximately $33.9 million for both the three months ended September 30, 2024, and 2023, indicating no change[170]. - Selling, general and administrative expenses increased by approximately $1.0 million to $41.1 million for the three months ended September 30, 2024, compared to $40.1 million in the same period of 2023, a rise of 2.4%[172]. - Corporate selling, general and administrative expenses rose by approximately $1.9 million to $12.4 million for the three months ended September 30, 2024, compared to $10.4 million for the same period in 2023, an increase of 18.6%[173]. - Stock-based compensation expense decreased by approximately $1.1 million to $1.2 million for the three months ended September 30, 2024, compared to $2.2 million in the same period of 2023, a decline of 48.1%[174]. - Depreciation and amortization expense decreased by approximately $0.6 million to $1.2 million for the three months ended September 30, 2024, compared to $1.8 million for the same period in 2023[175]. - Interest income decreased by approximately $1.2 million to $1.1 million for the three months ended September 30, 2024, compared to $2.3 million in the same period of 2023, a decline of 51.8%[177]. - Interest expense decreased by approximately $2.3 million to $11.6 million for the three months ended September 30, 2024, compared to $14.0 million in the same period of 2023, a decrease of 16.7%[178]. - Stock-based compensation expense decreased by approximately $4.2 million to $3.6 million, primarily due to the timing of vesting of stock awards[191]. - Corporate selling, general and administrative expenses increased by approximately $7.7 million to $38.0 million, primarily due to higher third-party consulting and audit expenses[190]. Future Considerations and Risks - The company is considering the impact of macroeconomic conditions, including inflation and interest rates, which may adversely affect revenues[216]. - The Company is engaged in renewal negotiations for performing rights organization licenses, which could impact music license fees[260][261]. - As of September 30, 2024, the fair value of one reporting unit exceeded its carrying value by less than 10%, indicating potential risk for future impairment[250]. - Cash flows from operations and other sources of liquidity are expected to be sufficient to meet foreseeable cash requirements[237]. Other Notable Information - The Company transitioned to a new secured overnight financing rate as the benchmark rate for future borrowings under the Current ABL Facility[234]. - The Company entered into multiple waivers and amendments to the Current ABL Facility due to delays in delivering financial reports, with the latest amendment setting a due date of June 17, 2024[231]. - The Current ABL Facility matures five years from its effective date or 91 days prior to the maturity of the Company's 2028 Notes, whichever occurs first[235]. - The Company had approximately $600.0 million of 2028 Notes outstanding as of September 30, 2024, with no other indebtedness reported[259]. - Total scheduled contractual obligations as of September 30, 2024, amounted to approximately $936.5 million, with $86.3 million not recorded on the balance sheet[268]. - Reach Media increased its ownership interest to 90% after repurchasing 50% of the non-controlling interest shareholders' shares on March 8, 2024[266]. - The Company has non-cancelable operating leases expiring over the next forty-eight years for various facilities[263]. - The fair value of the Employment Agreement Award was estimated at approximately $13.5 million as of September 30, 2024, down from $23.0 million as of December 31, 2023[256]. - The Company has entered into a new agreement regarding the Fantastic Voyage, effective August 12, 2024, for cruises starting in 2025[269]. - The Company has a letter of credit capacity of up to $5.0 million under its Current ABL Facility, subject to certain limitations[270].

Financial Performance - For Q3 2024, Urban One, Inc. reported net revenues of approximately $110.4 million, a decrease of 6.3% from Q3 2023[1] - The operating loss for Q3 2024 was approximately $26.2 million, an improvement from the operating loss of approximately $56.1 million in Q3 2023[1] - Adjusted EBITDA for Q3 2024 was approximately $25.4 million, down from approximately $34.7 million in Q3 2023, representing a decrease of 26.7%[1] - The net loss for Q3 2024 was approximately $31.8 million or $(0.68) per share, compared to a net loss of $54.4 million or $(1.14) per share in Q3 2023[1] - Revenue from the Radio Broadcasting segment was approximately $39.7 million in Q3 2024, down from $40.2 million in Q3 2023, primarily due to a decrease in national advertising[7] - The Cable Television segment generated approximately $40.7 million in revenue for Q3 2024, a decrease of 13.0% from $46.8 million in Q3 2023, attributed to lower audience viewership[7] - Total operating expenses amounted to $173,937,000, up from $136,590,000, indicating a rise of approximately 27.4%[20] - The company reported an operating loss of $56,112,000 compared to a loss of $26,197,000 in the previous quarter, reflecting a significant increase in losses[20] - The net loss attributable to common stockholders was $54,411,000, worsening from a loss of $31,798,000 in the previous quarter[20] - The company experienced a net loss income before income taxes of $(67,764,000), compared to $(33,212,000) in the previous quarter, indicating a worsening financial position[20] Revenue Trends - The radio division experienced a same station revenue decline of 7.7% excluding political revenues, but saw a 23.9% increase in political revenues in Q4[2] - Digital advertising revenues decreased by 4.1% due to weaker advertising demand compared to the previous year[2] - Urban One reported net revenues of approximately $110.4 million for Q3 2024, a decrease of 6.3% from $117.8 million in Q3 2023[7] - Cash and cash equivalents decreased to approximately $115.5 million as of September 30, 2024, from $233.6 million as of December 31, 2023[5] - Net revenue for the quarter was $332.5 million, a decrease from $357.3 million in the previous quarter, representing a decline of approximately 7%[24] Operating Expenses and Losses - Operating expenses, excluding certain costs, increased by 3.5% to approximately $87.4 million in Q3 2024 from $84.5 million in Q3 2023[10] - Interest expense decreased to approximately $11.6 million in Q3 2024 from $14.0 million in Q3 2023, reflecting a reduction in outstanding debt[14] - The company reported interest expense for the quarter was $13,983,000, compared to $11,649,000 in the previous quarter, indicating an increase of approximately 20%[20] - The impairment of goodwill and intangible assets was recorded at $127.6 million, consistent with the previous quarter's $124.3 million[24] Shareholder Information - The company repurchased 1,015,023 shares of Class A Common Stock for approximately $2.0 million at an average price of $2.01 per share during Q3 2024[17] - For the three months ended September 30, 2024, Urban One had 47,105,290 shares of common stock outstanding on a weighted average basis (basic), compared to 47,722,263 shares for the same period in 2023, indicating a decrease of approximately 1.3%[1] - For the nine months ended September 30, 2024, Urban One had 48,614,438 shares of common stock outstanding on a weighted average basis (basic), compared to 47,592,010 shares for the same period in 2023, reflecting an increase of approximately 2.1%[1] Management Insights - Urban One's broadcast and digital operating income is a significant measure used by management to evaluate the operating performance of core segments, although it is not a GAAP measure[1] - The company emphasizes that adjusted EBITDA and EBITDA should not be considered alternatives to operating income or cash flow from operating activities as defined under GAAP[1] - Urban One's management believes that adjusted EBITDA provides useful information about the operating performance of the business, apart from fixed asset-related expenses[1] - The company made an immaterial change to the definition of adjusted EBITDA during the quarter, which was recasted for all historical periods[1] Future Outlook - The next earnings conference call is scheduled for November 12, 2024, at 10:00 a.m. EST[28]