Urban One(US:UONE)2024-08-09 20:07Financial Performance - Net revenues for Q2 2024 were approximately $117.7 million, a decrease of 9.2% from Q2 2023[1] - The company reported an operating loss of approximately $60.4 million for Q2 2024, compared to operating income of approximately $9.7 million in Q2 2023[1] - Net loss was approximately $45.4 million or $(0.94) per share, compared to income of $70.4 million or $1.48 per share for the same period in 2023[1] - Adjusted EBITDA for Q2 2024 was approximately $28.4 million, down from approximately $37.5 million in Q2 2023[1] - For the three months ended June 30, 2024, Urban One reported net revenues of approximately $117.7 million, a decrease of 9.2% compared to $129.7 million for the same period in 2023[8] - 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 last year[10] - Total operating expenses for Q2 2024 were $178,165, an increase of 48.4% from $119,997 in Q2 2023[15] - For the six months ended June 30, 2024, net revenues totaled $222,154, a decrease of 10.5% from $248,000 in the same period of 2023[17] - Total operating expenses for the six months ended June 30, 2024, were $269,687, up from $239,997 in the same period of 2023, reflecting a 12.4% increase[17] Revenue Segments - The radio division's same station revenue decreased 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 21.0% from $52.4 million in the previous year, attributed to decreased audience viewership[8] Impairment and Expenses - 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] - The impairment of goodwill and intangible assets in Q2 2024 was $80,758, with no such impairment reported in Q2 2023[15] - Interest expense decreased to approximately $12.4 million for the three months ended June 30, 2024, down from $14.0 million in the prior year, due to lower overall debt balances[11] - Interest expense for Q2 2024 was $12,404, compared to $13,972 in Q2 2023, indicating a decrease of 11.3%[15] - Interest expense totaled $28,040,000, highlighting the company's debt obligations[18] Share Repurchase and Cash Position - The company repurchased an additional $35.5 million of its 2028 notes at 78.0% during Q2[2] - The company ended the quarter 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] - 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 during the second quarter of 2024[13] Tax and Capital Expenditures - 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] - 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] 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 content channels, enhancing its market reach[21] - The conference call to discuss Q2 2024 results is scheduled for August 8, 2024, indicating ongoing communication with stakeholders[20]