Revenue Performance - Net revenue for the three months ended June 30, 2025, was approximately $91.6 million, a decrease of 22.2% from $117.7 million in the same period of 2024[152]. - Revenue from the Radio Broadcasting segment decreased to approximately $36.7 million in Q2 2025 from $42.0 million in Q2 2024, primarily due to weaker market demand from national advertisers[152]. - Reach Media segment revenue dropped to approximately $5.3 million in Q2 2025 from $18.9 million in Q2 2024, attributed to decreased demand and timing of events[152]. - Digital segment revenue fell to approximately $10.3 million in Q2 2025 from $14.1 million in Q2 2024, driven by a decline in national digital sales[152]. - Cable Television segment revenue decreased to approximately $40.1 million in Q2 2025 from $43.3 million in Q2 2024, primarily due to subscriber churn[152]. - Net revenue for the three months ended June 30, 2025, was $91.6 million, a decrease of 22.1% compared to $117.7 million in the same period of 2024[185]. - Net revenue for the six months ended June 30, 2025, was approximately $183.9 million, a decrease of 17.2% from $222.2 million in 2024[166]. Operating Expenses - Total operating expenses for Q2 2025 were approximately $212.3 million, an increase of 19.2% from $178.2 million in Q2 2024[151]. - Selling, general and administrative expenses were approximately $49.5 million for the three months ended June 30, 2025, down by $10.6 million or 17.6% compared to the prior year[154]. - Total operating expenses for the six months ended June 30, 2025, increased by 12.1% to approximately $302.5 million compared to $269.7 million in 2024[165]. - Selling, general and administrative expenses decreased to approximately $99.6 million for the six months ended June 30, 2025, down from approximately $115.7 million in the same period of 2024, a decrease of 13.9%[168]. Impairment and Losses - Impairment of goodwill and intangible assets increased to $130.1 million in Q2 2025 from $80.8 million in Q2 2024, reflecting a significant rise of 61.1%[151]. - The net loss attributable to common stockholders for Q2 2025 was $77.9 million, a 71.5% increase compared to a net loss of $45.4 million in Q2 2024[151]. - Impairment of goodwill and intangible assets increased by 61.1% to approximately $130.1 million for the three months ended June 30, 2025, compared to $80.8 million in 2024[157]. - The Company recognized an impairment loss of approximately $127.8 million within the Radio Broadcasting segment for the six months ended June 30, 2025, due to declining projected gross market revenues[218]. - The Company recorded impairment losses of approximately $4.9 million for the Digital reporting unit and $3.9 million for the Radio Broadcasting reporting unit during the three months ended June 30, 2025[228]. Cash Flow and Financing - As of June 30, 2025, the company had cash, cash equivalents, and restricted cash of approximately $86.2 million, with no borrowings outstanding on its asset-backed credit facility[187]. - Net cash flows provided by operating activities increased to approximately $8.3 million for the six months ended June 30, 2025, compared to $3.7 million in 2024, primarily due to increased collection of accounts receivable[210]. - Net cash flows used in financing activities were approximately $55.4 million for the six months ended June 30, 2025, down from $104.6 million in 2024, with $49.5 million paid to repurchase approximately $92.2 million of 2028 Notes[212]. - The Company closed on an asset backed credit facility providing up to $50.0 million in revolving loan borrowings, with no balance outstanding as of June 30, 2025[203]. Stock and Shareholder Activities - The company repurchased approximately $64.0 million of its 2028 Notes during the three months ended June 30, 2025, resulting in a net gain on retirement of debt of approximately $30.3 million[201]. - The company executed Stock Vest Tax Repurchases of 394,439 shares of Class D Common Stock for approximately $0.3 million at a price of $0.78 per share during the six months ended June 30, 2025[196]. - The company repurchased 675,293 shares of Class A Common Stock under the 2024 Stock Repurchase Program for approximately $1.0 million at an average price of $1.53 per share during the six months ended June 30, 2025[193]. Economic and Market Conditions - Macroeconomic conditions, including inflation and interest rates, may adversely affect the company's revenues[188]. - Credit ratings by Standard & Poor's and Moody's are speculative-grade and subject to change, which could impact borrowing costs and financing availability[213]. Other Financial Metrics - Adjusted EBITDA for the three months ended June 30, 2025, was $13.96 million, down 51.7% from $28.92 million in the same period of 2024[185]. - Interest and investment income decreased by 65.3% to approximately $0.6 million for the three months ended June 30, 2025, from approximately $1.8 million in 2024[158]. - Interest expense decreased by 21.8% to approximately $9.7 million for the three months ended June 30, 2025, compared to $12.4 million in 2024[159]. - Gain on retirement of debt was approximately $30.3 million for the three months ended June 30, 2025, significantly up from $7.4 million in the same period of 2024[160]. - Gain on retirement of debt was approximately $41.9 million for the six months ended June 30, 2025, compared to approximately $15.3 million in 2024, an increase of 173.5%[174].
Urban One(UONEK) - 2025 Q2 - Quarterly Report