Financial Performance - For Q3 2025, Urban One, Inc. reported net revenue of approximately $92.7 million, a decrease of 16.0% from Q3 2024[1] - Operating income for Q3 2025 was approximately $2.5 million, compared to an operating loss of approximately $26.2 million in Q3 2024[1] - Adjusted EBITDA for Q3 2025 was approximately $14.2 million, down from approximately $25.4 million in Q3 2024[1] - The net loss for Q3 2025 was approximately $2.8 million, compared to a net loss of approximately $31.8 million in Q3 2024[2] - Adjusted EBITDA for the nine months ended September 30, 2025, was $41.018 million, down from $76.593 million in the same period of 2024, reflecting a decline of approximately 46.4%[6] - Net loss attributable to common stockholders for the nine months ended September 30, 2025, was $(2.07) per share, compared to $(1.43) per share in 2024[6] - The net loss attributable to common stockholders for the three months ended September 30, 2025, was $2,830,000, compared to a net income of $3,454,000 in 2024[20] - The net loss attributable to common stockholders for the nine months ended September 30, 2025, was $92,474,000[22] - The company experienced a net loss of $69,736,000 attributable to common stockholders for the nine months ended September 30, 2024[23] Revenue Breakdown - Revenues from Reach Media and Digital segments fell by 40.0% and 30.0% respectively, which was at the lower end of expectations[1] - Revenue from the Radio Broadcasting segment decreased to approximately $34.7 million, down from $39.7 million, reflecting a decline of about 12.6% due to weaker market demand[9] - Revenue from the Reach Media segment fell to approximately $6.1 million, a decrease of approximately 40.2% from $10.2 million, primarily due to reduced national sales[9] - Digital segment revenue decreased to approximately $12.7 million, down from $18.3 million, representing a decline of about 30.6% driven by lower direct and political revenue streams[9] - Cable Television segment revenue was approximately $39.8 million, down from $42.8 million, a decrease of about 7.0% attributed to subscriber churn and lower advertising sales[9] - For the nine months ended September 30, 2025, net revenue reached $276,543,000, with Cable Television contributing $124,053,000[22] - For the nine months ended September 30, 2024, total net revenue was $332,547,000, with significant contributions from Cable Broadcasting and Media[23] Operating Expenses - The total operating expenses for Q3 2025 were approximately $90.2 million, down from $136.6 million in Q3 2024[2] - Operating expenses for the three months ended September 30, 2025, were approximately $83.7 million, a decrease from approximately $87.4 million in the same period of 2024[11] - Total operating expenses for the nine months ended September 30, 2025, were $392,619,000, resulting in an operating loss of $116,076,000[22] - Total operating expenses for the same period were $136,590,000, leading to an operating loss of $26,197,000[21] Debt and Shareholder Actions - During Q3 2025, Urban One repurchased $4.5 million of its 2028 Notes at an average price of approximately 52.0% of par, reducing outstanding debt to $487.8 million[1] - Total debt as of September 30, 2025, was $484.278 million, down from $579.069 million as of December 31, 2024[7] - The company repurchased approximately $0.3 million of Class A Common Stock and $0.4 million of Class D Common Stock during the three months ended September 30, 2025[18] - For the three months ended September 30, 2025, Urban One had 44,366,979 shares of common stock outstanding on a weighted average basis (basic), a decrease from 47,105,290 shares for the same period in 2024[29] - The weighted average shares outstanding for the nine months ended September 30, 2025, was 44,631,511, down from 48,614,438 shares for the same period in 2024[29] Asset and Impairment Information - Total assets as of September 30, 2025, were $723.476 million, a decrease from $944.790 million as of December 31, 2024[7] - The company recognized non-recurring litigation settlement costs of approximately $3.1 million related to royalty rate increases due to settled litigation in August 2025[6] - The company recorded no impairment of goodwill and intangible assets for the three months ended September 30, 2025, compared to an impairment of approximately $46.8 million in 2024[12] - The company reported an impairment of goodwill and intangible assets amounting to $46,823,000 for the three months ended September 30, 2024[21] Business Operations and Strategy - Urban One's digital platform, iOne Digital, serves the African American community through various websites, enhancing its reach and engagement with urban consumers[26] - The company operates syndicated programming through its controlling interest in Reach Media, which includes popular shows like the Rickey Smiley Morning Show[26] - Urban One's broadcast and digital operating income is a key metric for assessing the performance of its core operating segments, reflecting the diverse nature of its business[29] - The company provides advertisers with a unique delivery mechanism to reach African American and urban audiences, leveraging its multimedia operations[26] - Urban One's revenue-generating assets include a television network, TV One, which serves over 35 million households with original programming and classic series[26] - The company is focused on expanding its market presence and enhancing its product offerings to better serve its target audience[26]
Urban One(UONEK) - 2025 Q3 - Quarterly Results