Financial Performance - For Q2 2024, Urban One, Inc. reported net revenues of approximately $117.7 million, a decrease of 9.2% from Q2 2023[1] - The company experienced an operating loss of approximately $60.4 million in Q2 2024, compared to an operating income of approximately $9.7 million in Q2 2023[1] - Adjusted EBITDA for Q2 2024 was approximately $28.4 million, down from approximately $37.5 million in the same period last year[1] - The net loss for Q2 2024 was approximately $45.4 million, or $(0.94) per share, compared to a net income of $70.4 million, or $1.48 per share, in Q2 2023[1] - Operating expenses for the three months ended June 30, 2024, were approximately $93.3 million, a slight decrease of 0.4% from $93.7 million in the same period of 2023[10] - Total operating expenses for Q2 2024 were $178,165, an increase of 48.4% from $119,997 in Q2 2023[15] - The impairment of goodwill and intangible assets in Q2 2024 was $80,758, with no such impairment reported in Q2 2023[15] - Interest expense for Q2 2024 was $12,404, compared to $13,972 in Q2 2023, indicating a decrease of 11.3%[15] Revenue Breakdown - The radio division's same station revenue declined by 5.6% excluding political advertising, and 3.0% including political[2] - The radio broadcasting segment generated approximately $42.0 million in revenues, an increase of 7.1% from $39.2 million in the prior year, primarily due to the acquisition of a Houston station[8] - The cable television segment experienced a significant revenue decline, reporting $41.5 million, down 20.8% from $52.4 million in the same quarter of 2023, attributed to decreased audience viewership[8] - For the six months ended June 30, 2024, net revenues totaled $222,154, down from $259,304 in the same period of 2023[17] Debt and Cash Management - Urban One repurchased an additional $35.5 million of its 2028 notes at 78.0% during Q2 2024[2] - The company ended Q2 2024 with approximately $132.4 million in cash[2] - Urban One repurchased approximately $35.5 million of its 2028 Notes at an average price of 78.0% of par, resulting in a net gain on retirement of debt of approximately $7.4 million[11] - Interest expense decreased to approximately $12.4 million for the three months ended June 30, 2024, down from $14.0 million in the same period of 2023, due to lower overall debt balances[11] Tax and Impairment - The company recorded a benefit from income taxes of approximately $18.5 million for the three months ended June 30, 2024, with an effective tax rate of 29.1%[12] - Impairment of goodwill and intangible assets was approximately $80.8 million for the second quarter of 2024, compared to $22.1 million in the same quarter of 2023, primarily related to broadcasting licenses[10] Stock and Capital Expenditures - During the three months ended June 30, 2024, Urban One repurchased 449,277 shares of Class A Common Stock for approximately $0.9 million at an average price of $2.06 per share[13] - Capital expenditures were approximately $2.2 million for the three months ended June 30, 2024, compared to $2.1 million in the same period of 2023[13] Future Outlook - Q3 core radio revenue is currently pacing down 6.9% on a same station basis, but up 7.0% overall[2] - The conference call to discuss Q2 2024 results is scheduled for August 8, 2024, at 10:00 a.m. EDT[20] Company Overview - The company operates 72 broadcast stations, including 57 FM or AM stations, across 13 urban markets in the U.S.[21] - Urban One's digital platform, iOne Digital, serves the African American community through various entertainment and information websites[21]

Financial Performance - Net revenues for Q2 2024 were $117.744 million, a decrease of 9.3% from $129.652 million in Q2 2023[12]. - The company reported an operating loss of $60.421 million for Q2 2024, compared to an operating income of $9.655 million in Q2 2023[12]. - Net loss attributable to common stockholders for Q2 2024 was $45.431 million, compared to a net income of $70.366 million in Q2 2023[12]. - Basic loss per share for Q2 2024 was $(0.94), down from earnings of $1.48 per share in Q2 2023[13]. - For the three months ended June 30, 2024, Urban One reported a net loss of $45,097,000 compared to a net income of $71,157,000 for the same period in 2023, representing a significant decline[14]. - For the six months ended June 30, 2024, Urban One experienced a net loss of $37,362,000 compared to a net income of $68,747,000 for the same period in 2023[26]. - The comprehensive loss attributable to common stockholders for the six months ended June 30, 2024, was $37,938,000, compared to a loss of $5,783,000 for the same period in 2023[14]. - Total current assets decreased from $421,966,000 as of December 31, 2023, to $308,682,000 as of June 30, 2024, reflecting a decline of approximately 26.8%[17]. - Total liabilities decreased from $920,588,000 as of December 31, 2023, to $771,179,000 as of June 30, 2024, a reduction of about 16.2%[17]. - Urban One's accumulated deficit increased to $771,309,000 as of June 30, 2024, compared to $733,371,000 at the end of 2023[18]. Operating Expenses - Total operating expenses increased to $178.165 million in Q2 2024, up 48.5% from $119.997 million in Q2 2023[12]. - The company incurred an impairment of goodwill and intangible assets amounting to $80.758 million in Q2 2024, compared to $22.081 million in Q2 2023[12]. - The company reported a stock-based compensation expense of $1,384,000 for the six months ended June 30, 2024[20]. - The company incurred an impairment of goodwill totaling $80.758 million for the six months ended June 30, 2024, compared to $38.856 million in the same period of 2023[107]. - The impairment of goodwill, intangible assets, and long-lived assets for the three months ended June 30, 2024, was $80.8 million, compared to $22.1 million for the same period in 2023[171]. Cash Flow and Liquidity - The company had cash and cash equivalents of $131,890,000 as of June 30, 2024, down from $233,090,000 at the end of 2023, indicating a decrease of approximately 43.4%[17]. - Cash and cash equivalents decreased to $131,890 thousand as of June 30, 2024, compared to $230,731 thousand at the same time in 2023, a decline of about 42.9%[39]. - Net cash flows provided by operating activities decreased to approximately $3.7 million for the six months ended June 30, 2024, down from $41.8 million in the same period of 2023, primarily due to decreased profitability and lower collections of accounts receivable[187]. - Net cash flows used in investing activities were approximately $(0.3) million for the six months ended June 30, 2024, compared to $113.3 million in 2023, with the prior year benefiting from the sale of the MGM investment[188]. - Net cash flows used in financing activities increased to approximately $(104.6) million for the six months ended June 30, 2024, compared to $(25.7) million in 2023, driven by significant repurchases of 2028 Notes[189]. Debt and Financing - Interest expense for Q2 2024 was $12.404 million, a slight decrease from $13.972 million in Q2 2023[12]. - The company reported a gain on retirement of debt of $7.425 million in Q2 2024, with no such gain reported in Q2 2023[12]. - Long-term debt as of June 30, 2024, was reported at $607.865 million, down from $716.246 million as of December 31, 2023[78]. - The Company expects new accounting standards related to segment reporting and income tax disclosures to impact only its disclosures, with no effect on operations or financial condition[64][65]. - The Company recorded a benefit from income taxes of approximately $16.0 million on a pre-tax loss from consolidated operations of approximately $53.0 million for the six months ended June 30, 2024, resulting in an effective tax rate of approximately 30.0%[94]. Revenue Segments - The radio broadcasting segment generated net revenues of $78.350 million for the six months ended June 30, 2024, up from $74.376 million in 2023, representing a growth of 2.6%[107]. - The cable television segment reported net revenues of $87.723 million for the six months ended June 30, 2024, down 14.1% from $102.108 million in 2023[107]. - The digital segment's net revenues decreased to $29.854 million for the six months ended June 30, 2024, from $33.979 million in 2023, reflecting a decline of 12.2%[107]. - Political advertising revenue increased significantly to $2.152 million, up 424.9% from $410, while digital advertising revenue decreased by 17.7% to $15.529 million[123]. - Revenue from the radio broadcasting segment increased to approximately $42.0 million, up from $39.2 million, primarily due to the Houston station acquisition[132]. Strategic Initiatives - The company is focusing on diversification strategies, including expansion into gaming markets[8]. - Urban One's strategy includes diversifying revenue streams through acquisitions and investments in complementary media properties[30]. - The company has increased its interest in Reach Media to 90% after purchasing a 10% interest for approximately $7.6 million from non-controlling interest shareholders[114]. - The company is currently negotiating with BMI and SESAC for new licensing agreements[113]. Stock Repurchase and Equity - The company repurchased 396,052 shares of Class D common stock during the first half of 2024, resulting in a reduction of $1,386,000 in additional paid-in capital[20]. - The company authorized a share repurchase program to repurchase up to $20.0 million of its outstanding Class A and/or Class D common stock, effective for up to 24 months[96]. - During the six months ended June 30, 2024, the company repurchased 449,277 shares of Class A Common Stock for approximately $0.9 million at an average price of $2.06 per share[97]. - The company executed Stock Vest Tax Repurchases of 396,391 shares of Class D Common Stock for approximately $1.3 million at a price of $3.35 per share during the six months ended June 30, 2024[177]. Impairment and Valuation - The company incurred an impairment of goodwill and intangible assets amounting to $80.758 million for the six months ended June 30, 2024[26]. - The Company performed a qualitative impairment assessment for goodwill at four reporting units, with no impairment losses recognized for the period ended June 30, 2024[197]. - The Company recognized an impairment loss of approximately $80.8 million associated with nine radio markets within the radio broadcasting segment during the three and six months ended June 30, 2024[194].

Company Overview - Urban One, Inc. is the largest diversified media company targeting Black Americans and urban consumers in the United States [3] - The company owns TV One, LLC, which serves over 59 million households with a variety of original programming, classic series, and movies [3] - As of August 1, 2024, Urban One operates 72 independently formatted broadcast stations, including 57 FM or AM stations and 13 HD stations, branded under "Radio One" in 13 urban markets [3] - Urban One has a controlling interest in Reach Media, Inc., which operates syndicated programming such as the Rickey Smiley Morning Show and the DL Hughley Show [3] - The company also owns iOne Digital, a digital platform serving the African American community through various websites and brands [3] Upcoming Events - Urban One will hold a conference call on August 8, 2024, at 10:00 a.m. EDT to discuss its second fiscal quarter results [1] - The call will be accessible to U.S. callers via a toll-free number and to international callers through a direct line [1] - A replay of the conference call will be available from August 8, 2024, at 5:00 p.m. EDT until August 15, 2024, at 12:00 a.m. EDT [1]

Financial Performance - For the year ended December 31, 2023, net revenue was approximately $477.7 million, a decrease of 1.4% from 2022[1]. - The company reported an operating loss of approximately $31.6 million for the year ended December 31, 2023, compared to an operating income of approximately $91.1 million in 2022[1]. - Adjusted EBITDA for FY23 was approximately $128.4 million, exceeding the high-end of previous guidance[4]. - For Q1 2024, net revenue was approximately $104.4 million, a decrease of 5.0% from Q1 2023[3]. - The company reported net income of approximately $7.5 million or $0.15 per share for Q1 2024, compared to a loss of $2.9 million or $0.06 per share in Q1 2023[3]. - Total revenue for Q1 2024 was approximately $104.4 million, down from $109.9 million in Q1 2023, representing a decrease of about 5.0%[13]. - Net revenue for the three months ended December 31, 2023, was $120.3 million, compared to $132.6 million for the same period in 2022, a decrease of approximately 9.5%[36]. - The net loss attributable to common stockholders for the three months ended December 31, 2023, was approximately $10.9 million, compared to a net loss of approximately $1.9 million for the same period in 2022[37]. - The company reported a net loss attributable to common stockholders of $2,050,000 for 2023, compared to a net income of $34,343,000 in 2022[38][39]. Revenue Breakdown - Broadcast and digital operating income for FY23 was approximately $168.4 million, a decrease of 16.5% from 2022[1]. - Cable television affiliate fees were down 12.8% year over year in Q1 2024, continuing to impact overall performance[4]. - National direct digital revenue was down double digits in Q1 2024, partially offset by growth in VOD, streaming audio, and podcasts[4]. - Revenue from the radio broadcasting segment increased to $36.4 million in Q1 2024, up from $35.2 million in Q1 2023, an increase of approximately 3.4%[13]. - Revenue from the Reach Media segment decreased to $8.5 million in Q1 2024 from $10.9 million in Q1 2023, a decline of approximately 22.0%[13]. - The company recognized a decrease in cable television revenue to $46.2 million in Q1 2024 from $49.7 million in Q1 2023, a decline of approximately 7.1%[13]. Expenses and Losses - Operating expenses for Q1 2024 increased to approximately $88.3 million, up 11.6% from $79.1 million in Q1 2023[17]. - Total operating expenses increased to $509,261,000 in 2023, up from $393,515,000 in 2022, reflecting a significant rise of 29.4%[38][39]. - Adjusted EBITDA for Q1 2024 was $21.545 million, down from $30.285 million in Q1 2023, a decrease of approximately 28.8%[8]. - Adjusted EBITDA for 2023 was $128,379,000, down from $165,180,000 in 2022, indicating a decline of 22.3%[38][39]. - The company reported a gain on retirement of debt amounting to $2,356,000 in 2023, compared to $6,718,000 in 2022[38][39]. Debt and Cash Management - Total debt decreased to $642.579 million as of March 31, 2024, down from $716.246 million at the end of 2023, a reduction of approximately 10.3%[9]. - Cash and cash equivalents decreased to $155.746 million as of March 31, 2024, compared to $233.570 million at the end of 2023, a decline of approximately 33.3%[9]. - The company repurchased $75.0 million of its 2028 notes at 88.3% during Q1 2024[4]. - The Company repurchased approximately $25.0 million of its senior secured notes during the year ended December 31, 2023, at an average price of approximately 89.1% of par[23]. Impairment and Taxation - Impairment of goodwill and intangible assets increased to approximately $129.3 million for the year ended December 31, 2023, compared to $40.7 million in 2022, an increase of approximately 217%[20]. - The provision for income taxes was approximately $7.9 million on pre-tax income of $17.6 million for the year ended December 31, 2023, resulting in an effective tax rate of 45.0%[28]. Operational Highlights - The company remains optimistic about political advertising revenues for the remainder of the year, which is expected to benefit both radio and digital divisions[4]. - Urban One operates 72 independently formatted broadcast stations, including 57 FM or AM stations, across 13 urban markets in the United States[44]. - The company emphasizes its focus on serving Black Americans and urban consumers through its diversified media platforms[44]. - A conference call to discuss the year-end and first fiscal quarter results for 2024 is scheduled for June 10, 2024[42].

Core Insights - Urban One, Inc. reported a net revenue of approximately $104.4 million for the three months ended March 31, 2024, a decrease of 5.0% from $109.9 million in the same period in 2023 [10] - The company achieved an operating income of approximately $12.9 million for Q1 2024, compared to $8.1 million in Q1 2023, indicating improved operational efficiency despite revenue decline [10] - Net income for the three months ended March 31, 2024, was approximately $7.5 million or $0.15 per share, a significant recovery from a net loss of $2.9 million or $0.06 per share in the same period last year [10] Financial Performance - For the year ended December 31, 2023, net revenue was approximately $477.7 million, a decrease of 1.4% from $484.6 million in 2022 [10] - The company reported an operating loss of approximately $31.6 million for the year ended December 31, 2023, compared to an operating income of approximately $91.1 million for the year ended December 31, 2022 [10] - Adjusted EBITDA for FY23 was approximately $128.4 million, down from $165.2 million in FY22 [10] Segment Performance - Broadcast and digital operating income for Q1 2024 was approximately $32.0 million, a decrease of 18.5% from $39.3 million in Q1 2023 [10] - Revenue from the radio broadcasting segment for Q1 2024 was approximately $36.4 million, an increase from $35.2 million in Q1 2023, primarily due to the acquisition of a Houston station [10] - The digital segment revenue decreased to approximately $14.0 million in Q1 2024 from $15.1 million in Q1 2023, driven by lower demand from advertisers [10] Cost Management - Total operating expenses for Q1 2024 were approximately $91.5 million, down from $101.7 million in Q1 2023, reflecting effective cost management strategies [10] - The company reported a decrease in stock-based compensation from $3.3 million in Q1 2023 to $1.4 million in Q1 2024 [10] - Interest expense decreased to $13.0 million in Q1 2024 from $14.1 million in Q1 2023, contributing to improved net income [10] Market Trends - The company noted a continuing decline in cable television subscribers, impacting affiliate fees and advertising sales [10] - Political advertising revenues are expected to improve in the second quarter, which may benefit both radio and digital divisions [10] - The overall demand for digital products was soft in Q1, with a noted decline in national direct digital revenue [10]

A replay of the conference call will be available from 7:30 p.m. EDT June 10, 2024 until 12:00 a.m. EDT June 17, 2024. Callers may access the replay by calling 1-866-207-1041; international callers may dial direct (+1) 402-970-0847. The replay Access Code is 1372800. Access to live audio and a replay of the conference call will also be available on Urban One's corporate website at www.urban1.com. The replay will be made available on the website for seven days after the call. About Urban One: The conference ...

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

Table of Contents ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K For the transition period from to ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR 1010 Wayne Avenue, 14th Floor Silver Spring, Maryland 20910 (Address of principal executive of ices) Registrant's telephone number, inc ...

Table of Contents SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 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 ...

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