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].
Urban One(UONEK) - 2024 Q4 - Annual Results