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]

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]

Company Overview - Urban One, Inc. is the largest diversified media company primarily targeting Black Americans and urban consumers in the United States [8] - The company owns TV One, LLC, which serves over 59 million households with a variety of original programming, classic series, and movies aimed at adult Black viewers [8] - As of June 8, 2024, Urban One operates 72 independently formatted, revenue-producing broadcast stations, including 57 FM or AM stations, 13 HD stations, and 2 low power television stations branded as "Radio One" across 13 urban markets in the U.S. [8] - 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 [8] - The company owns iOne Digital, a digital platform serving the African American community through various social content, news, and entertainment websites [8] Conference Call Details - Urban One will hold a conference call on June 10, 2024, at 4:30 p.m. EDT to discuss its results for the fourth fiscal quarter of 2023 and the first fiscal quarter of 2024 [6] - Callers can access the conference call by dialing 1-844-291-5494 for U.S. participants or (+1) 409-207-6995 for international callers, with an access code of 9666446 [3] - A replay of the conference call will be available from June 10, 2024, at 7:30 p.m. EDT until June 17, 2024, at 12:00 a.m. EDT [1]