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Urban One(UONEK) - 2024 Q4 - Annual Results
UONEKUrban One(UONEK)2025-03-27 15:55

Financial Performance - For the three months ended December 31, 2024, net revenue was approximately 117.1million,adecreaseof2.7117.1 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 6.8millionforQ42023[1].−Netlosswasapproximately6.8 million for Q4 2023[1]. - Net loss was approximately 35.7 million or (0.78)pershareforQ42024,comparedtoanetlossof(0.78) per share for Q4 2024, compared to a net loss of 11.0 million or (0.23)pershareforthesameperiodin2023[1].−AdjustedEBITDAforQ42024wasapproximately(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 27.1millionforQ42023[1].−FortheyearendedDecember31,2024,totalnetrevenuewas27.1 million for Q4 2023[1]. - For the year ended December 31, 2024, total net revenue was 449,674,000, compared to 449,674,000in2023,showingnogrowthyear−over−year[24].−ThetotaloperatinglossfortheyearendedDecember31,2024,was449,674,000 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 6,764,000in2023,indicatingasubstantialdeclineinprofitability[24].−Thecompanyreportedanimpairmentofgoodwillandintangibleassetsamountingto6,764,000 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,comparedto103,463,000, compared to 27,117,000 in 2023, representing a significant increase[24]. - The company reported an operating loss of 31,571,000,primarilydrivenbylossesintheRadioBroadcastingsegment(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 47.7million,upby14.447.7 million, up by 14.4% from 41.7 million in Q4 2023, primarily due to increased political revenue[10]. - Political advertising revenue surged to 13.5million,asignificantincreaseof591.913.5 million, a significant increase of 591.9% compared to 1.9 million in Q4 2023[11]. - Digital segment revenue decreased to approximately 20.5million,down3.320.5 million, down 3.3% from 21.2 million in Q4 2023, driven by lower demand[10]. - Cable Television segment revenue fell to approximately 39.8million,adecreaseof15.839.8 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,withsignificantcontributionsfromRadioBroadcasting(477,690,000, with significant contributions from Radio Broadcasting (156,214,000) and Cable Television (196,207,000)segments[26].ExpensesandLiabilities−TotaloperatingexpensesforQ42024wereapproximately196,207,000) segments[26]. Expenses and Liabilities - Total operating expenses for Q4 2024 were approximately 119.0 million, up from 113.6millioninQ42023[3].−Operatingexpenses,excludingcertainitems,wereapproximately113.6 million in Q4 2023[3]. - Operating expenses, excluding certain items, were approximately 91.1 million, down from 105.6millioninQ42023,reflectinglowerexpensesacrossmostsegments[12].−Interestexpensedecreasedtoapproximately105.6 million in Q4 2023, reflecting lower expenses across most segments[12]. - Interest expense decreased to approximately 11.5 million in Q4 2024 from 14.2millioninQ42023,followingareductioninoutstandingdebt[16].−TotaldebtasofDecember31,2024,wasapproximately14.2 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 716.2millionasofDecember31,2023[8].−InterestexpensefortheyearendedDecember31,2024,was716.2 million as of December 31, 2023[8]. - Interest expense for the year ended December 31, 2024, was 48,571,000, compared to 14,173,000in2023,indicatingasubstantialriseininterestcosts[24].Taxation−Theprovisionforincometaxeswasapproximately14,173,000 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 7.8million,resultinginaneffectivetaxrateof352.07.8 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)in2023,reflectingachangeintaxliabilities[24].CompanyPositionandStrategy−Thecompanyendedtheyearwith(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].